Terra Luna Classic (LUNC): Developers Propose Liquid Staking Derivatives with Quicksilver Network

Bombolo | News and Media

The developers behind Terra Luna Classic (LUNC) have recently submitted a joint governance proposal to the community and validators. This proposal aims to introduce liquid staking derivatives by integrating with the Quicksilver network. The potential advancements brought about by this proposal have generated significant enthusiasm within the LUNC community.

Also Read: The Surging Terra Luna Classic: Price Prediction and the Impact of Whale Accumulation

The Joint Governance Proposal for Liquid Staking Derivatives

The proposal, titled "Allow Various ICA Host Message Types (For QuickSilver)," was presented to Commonwealth by developer Parker Lowe. To gather community attention and create awareness, Lowe also took to Twitter. The document features the signatures of influential figures in the LUNC community, including Fragwuerdig, Parker Lowe, Rexxaurus, Ohhbilbobaggins, and LuncBurnArmy. The proposal has received overwhelmingly positive feedback, with supporters believing it can significantly improve the LUNC staking ratio on the Terra Classic chain.

Positive Feedback from the LUNC Community

The joint governance proposal has garnered positive feedback from the LUNC community. The integration of QuickSilver through various interchain account (ICA) host message types holds great potential for advancing the token's ecosystem. This positive response reflects the community's excitement about the proposed changes and their belief in the benefits it can bring to LUNC holders.

Enabling QuickSilver Support

One of the main objectives outlined in the proposal is to enable QuickSilver support by modifying the allowed interchain account host messages. This modification will enable seamless interaction between the LUNC chain and the QuickSilver chain, allowing for interchain staking on any validators. This enhancement is expected to maximize LUNC's liquidity, capital efficiency, network security, and decentralization. Additionally, it will eliminate the previously mandatory unbonding period, providing stakers with increased flexibility in selling their assets.

Maximizing Liquidity and Capital Efficiency

By introducing liquid staking derivatives with the Quicksilver network, the developers aim to maximize liquidity and capital efficiency within the LUNC ecosystem. This enhancement will create more opportunities for users to engage with LUNC tokens and participate in staking activities. The increased liquidity will also benefit the overall health and growth of the Terra Luna Classic ecosystem.

Also Read: From $100 to $1.12 Million: Unlocking the Millionaire Potential of #TerraClassic (#LUNC) Token Burns

Voting Process and Community Involvement

The governance proposal will go through a voting process in the coming days, allowing the community and validators to voice their opinions and contribute to the decision-making process. This democratic approach ensures that the changes made to the LUNC ecosystem align with the desires and expectations of the stakeholders. Community involvement is vital in shaping the future of Terra Luna Classic and ensuring its long-term success.

Recent Achievements of Terra Luna Classic

In recent months, Terra Luna Classic has achieved significant milestones. The staked LUNC surpassed the 1 trillion mark, with the staked supply ratio reaching over 14%. These achievements highlight the growing popularity and support for the LUNC ecosystem. The joint efforts of developers and community members have propelled Terra Luna Classic to new heights.

Ongoing Network Development and Maintenance

Apart from the proposal for liquid staking derivatives, the Terra Luna Classic core developer Joint L1 Task Force (L1TF) recently submitted a revised proposal for ongoing network development and maintenance in Q3. The proposal outlines plans to expedite LUNC supply reduction and collaborate with external teams for the TerraClassicUSD (USTC) repeg. These efforts demonstrate the commitment of the development team to enhance the ecosystem and provide a robust platform for users.

Also Read: Reviving Terra Luna Classic: L1TF's Revised Q3 Proposal and the Outlook for LUNC Price Reaching $1

Impact on LUNC Price

The recent developments, including the joint governance proposal and ongoing network development, have had an impact on the LUNC price. In the last 24 hours, LUNC experienced a 3% surge, reaching a trading value of $0.000094. At the time of writing, LUNC was changing hands at $0.00009246, representing a 0.4% decrease from previous levels. Over the past seven days, LUNC has shown a positive trend, with a 2.6% increase according to trackers. These price fluctuations demonstrate the market's response to the proposed changes and ongoing efforts to strengthen the LUNC ecosystem.

The joint governance proposal for liquid staking derivatives with the Quicksilver network has generated excitement and positive feedback within the Terra Luna Classic community. The proposal aims to enhance liquidity, capital efficiency, and network security, while also eliminating the mandatory unbonding period for stakers. With ongoing network development and maintenance efforts, Terra Luna Classic continues to grow and attract more stakeholders. Community involvement and the upcoming voting process ensure that the changes align with the desires of the community. These developments have also impacted the LUNC price, reflecting market sentiment and the positive outlook for the project.

Also Read: Bulls vs. Barrier: Analyzing Terra Classic's Price Surge and the Potential 20% Jump for $LUNC

FAQs

1. What is the joint governance proposal for liquid staking derivatives?
   The joint governance proposal aims to introduce liquid staking derivatives by integrating with the Quicksilver network. It seeks to enhance liquidity, capital efficiency, and network security within the Terra Luna Classic ecosystem.
2. Who presented the proposal to the LUNC community?
   Developer Parker Lowe presented the proposal to the LUNC community through Commonwealth and social media platforms like Twitter.
3. What are the benefits of enabling QuickSilver support?
   Enabling QuickSilver support allows seamless interaction between the LUNC and QuickSilver chains, facilitating interchain staking on any validators. It enhances liquidity, capital efficiency, network security, and decentralization.
4. How will the voting process work?
   The voting process allows the community and validators to voice their opinions and contribute to the decision-making process. It ensures democratic involvement in shaping the future of Terra Luna Classic.
5. How have recent developments affected the LUNC price?
   The recent developments, including the joint governance proposal and ongoing network development, have had an impact on the LUNC price. It experienced fluctuations, with a 3% surge in the last 24 hours and a 2.6% increase over the past seven days according to trackers.