LUNC and USTC Top Trends Table Amid Push to $1 as Terra Classic Passes Crucial Proposal

The Terra Classic community has passed a critical proposal to resolve the sequence mismatch issue, coinciding with increased social mentions for LUNC and USTC as the push to $1 gains steam.

Details of the Proposal

Proposal 11885, submitted on Nov. 26 by L1 Task Force project manager Vinh, aims to address a major problem contributing to a mismatch of sequences. Notably, this sequence mismatch negatively impacts some Terra Classic validators when they try making commission edits.

According to Vinh, the problem has resulted in the ban of some accounts from interacting with the Terra Classic network. The proposal revealed that the major trigger of the sequence mismatch issue is an erroneous ordering of the network code’s ante decorator.

Vinh disclosed that the L1 Team, having identified the cause of the issue, has come up with a resolution. He confirmed that if the development team adjusts the position of the dyncomm ante decorator to place it in the right spot within the code, the solution would be resolved.

The L1 Team manager emphasized that the team has made the necessary tests for this resolution. He stated that if the proposal passes, the code fix will come with the implementation of the Terra Classic v2.3.1 update.

As of press time Proposal 11885 has received overwhelming support from the Terra Classic community. Barely two days after submission, the proposal has clinched the Pass threshold, with up to 99.91% of the votes supporting it. Voting will end on Dec. 3.

Now that the community has passed the proposal, the L1 Team will implement the Terra Classic v2.3.1 update in two phases. In the first phase, the team will push the fix to the network’s code. The second phase will see introduce remediation for the validators that were affected by the issue.

LUNC and USTC Top Trend Tables

The latest move is one of several developments surrounding the Terra Classic network. These developments have positively impacted the price movements of LUNC and TerraClassicUSD (USTC). As a result, USTC rallied 301% to a new yearly high.

Santiment recently confirmed that the asset soared to as high as $0.0758 yesterday, marking a 478% increase from the low of $0.0131 it recorded four days ago. LUNC also spiked 75% from $0.00007365 on Nov. 24 to a high of $0.0001290 on Nov. 25.

📈 #TerraUSD & #TerraClassic are trending among traders after major price surges. $USTC in particular, originally designated to be a $1-pegged #stablecoin, has reached as high as $0.0758. After their 2021 collapses, #FOMO could be returning here in 2023. https://t.co/OGsEx03MlD pic.twitter.com/3CIIoEaqz6

— Santiment (@santimentfeed) November 27, 2023

According to Santiment, these rallies have triggered increase social mentions for USTC and LUNC, taking both assets atop the social trend table. The analytics platform asserted that the Terra ecosystem could be witnessing a resurgence of FOMO following the last May implosion.

Meanwhile, USTC and LUNC have dropped massively at the reporting time. With a discouraging 21.94% decline over the past 24 hours, LUNC now changes hands at $0.00009392. Meanwhile, USTC has collapsed 42% to $0.03846. Both assets are still trading above their Nov. 24 values.

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