Terra Classic Champions Network Security and Spam Reduction

Proposal #12094, submitted by Genuine Labs, seeks to mitigate spam on the Terra Classic network by reducing the block size from 5MB to 2MB. This move aims to combat P2P scams prevalent on Cosmos chains, Solana, and Polkadot. While this is a temporary solution, Genuine Labs plans to introduce a long-term solution in the next quarter. This change comes as Terra Classic's developer activity has declined, with the Santiment index indicating a calm period accompanied by a 32.7% drop in LUNC value. However, the community remains optimistic as the Terra Luna Classic (LUNC) burn rate continues to increase, with over 111 billion tokens removed from circulation.

Terra Classic Advocates for Enhanced Network Security and Reduced Spam

The Terra Classic community has unanimously approved Proposal #12094, a measure spearheaded by Genuine Labs, the technical upgrade architects for the Layer-1 network. Recognizing the recent surge in peer-to-peer (P2P) scams on Cosmos chains, Solana, and Polkadot, the proposal suggests reducing Terra Classic's block size from 5 megabytes (MB) to 2 MB.

This temporary solution aims to curb the influx of spam transactions that have plagued the network. Most chain validators, including All Nodes, Interstellar Lounge, and JESUS is LORD, anticipate a more comprehensive long-term strategy from Genuine Labs in the coming months. Additionally, some members propose further reducing the block size to 1 MB in the future.

Prioritizing Quality over Quantity for LUNC

Alongside the efforts to combat spam, Terra Classic's developer activity has witnessed a significant decline since March 29, 2024. According to Santiment, the development activity index has fallen to 2.95, coinciding with a 32.7% price drop in LUNC value over the past 30 days.

Social Metrics Overshadowed by Rivals

Terra Classic's social media presence has also been eclipsed by competing altcoins and meme coins. The token currently sits at a historically low position, ranking #140 in terms of global market cap. With a market capitalization of $644 million, LUNC remains far from its $1 billion mark reached in mid-March 2024.

Optimism Remains Amidst Token Burns

Despite these setbacks, Terra Classic holders maintain a positive outlook due to the rapidly increasing burn rate of Terra Luna Classic (LUNC). Total Terra Luna Classic burns are approaching the 111 billion mark, with a notable surge since the beginning of 2024.

Parallel Proposal Considers Gas Fee Increase

Concurrently, the Terra Classic community is considering a parallel proposal to increase gas fees on the network tenfold. This measure, if implemented, would further deter fraudulent activities by making spam transactions less economically viable.

LUNC's Resilience After the 2022 Crisis

Following the Terra Luna crisis of 2022, the LUNC community has taken ownership of the network, striving to resolve critical issues. This proposal and the ongoing burn rate demonstrate the community's determination to enhance the chain's stability and security.

Significance of these Developments

Terra Classic's commitment to improving network health and reducing spam is a testament to the community's unwavering dedication to the project. While the recent decline in development activity may be a concern, the anticipated long-term solutions and the unwavering support of token holders indicate the potential for a positive trajectory for Terra Classic in the future.