The Terra ecosystem has witnessed a massive surge in its native tokens, USTC, LUNC, and LUNA after the community passed a crucial proposal to resolve a sequence mismatch issue. The proposal, which was submitted by the Terra Luna Classic core developer L1TF, sought to deploy a new version of the Terra client that fixes a bug affecting some validators during commission edits.
The proposal received overwhelming support from the community, with 99.96% votes in favor and 30 out of 30 validators voting “Yes”. The sequence mismatch issue was reported by L1TF last week after the community approved the previous proposal to introduce the dyncomm module, which integrates protocol logic for determining minimum validator commissions based on voting power.
The issue caused some accounts to be barred from further interaction with the chain, affecting the network’s stability and security. The new proposal aims to restore the normal functioning of the chain and enable validators to adjust their commissions dynamically.
The Impact of the Latest Proposal on the Stability and Growth of the Terra Ecosystem
The successful passing of the proposal has boosted the confidence and enthusiasm of the Terra community, as well as the market sentiment for its tokens. USTC, the stablecoin of the Terra ecosystem, has gained over 249% in the past 24 hours, reaching a new all-time high of $0.054. LUNC, the native token of Terra Luna Classic, the forked version of Terra, has soared over 46% in the same period, hitting $0.000114. LUNA, the original token of Terra, has also increased by 19.60%, reaching $0.83.
The Terra ecosystem is one of the most innovative and ambitious projects in the crypto space, aiming to create a decentralized and scalable platform for stablecoins and DeFi applications. The ecosystem leverages the power of blockchain, smart contracts, and Oracle networks to provide fiat-pegged stablecoins that are backed by LUNA or LUNC.
The ecosystem also offers various DeFi services, such as lending, borrowing, swapping, staking, and governance. The Terra ecosystem has attracted many users and partners, such as Mirror Protocol, Anchor Protocol, Orion Money, and more.
The recent rally of Terra-related assets shows the strong potential and resilience of Terra, as well as the dedication and collaboration of its community. The Terra ecosystem is expected to continue to grow and innovate, bringing more value and utility to its users and the crypto industry.