Terra Classic Community Rejects Gas Fee Hike Proposal Overwhelmingly

The Terra Classic community has overwhelmingly rejected proposal #12095, which aimed to increase gas fees by 10x. Concerns over stifling ecosystem growth and burdening end-users led to widespread opposition, with 41.63% of voters rejecting or vetoing the proposal. This has impacted the price of the native LUNC token, which has declined by 36.57% over the past month.

Terra Classic Community Resoundingly Rejects Proposal for Exorbitant Gas Fee Hike

In a dramatic turn of events, the Terra Classic (LUNC) community has overwhelmingly rejected proposal #12095, a highly controversial proposal that sought to impose a tenfold increase in gas fees within the ecosystem. Despite initial support for the proposal, concerns over its detrimental impact ultimately doomed it to failure.

Outpouring of Community Opposition

The proposal to increase gas fees encountered fierce resistance from the Terra Classic community, who expressed their vehement opposition through various channels. Concerns were raised that the fee hike would stifle ecosystem growth by discouraging new users and developers from joining the network. The community also voiced concerns that it would limit the adoption of decentralized applications (dApps), making LUNC less attractive as a platform for smart contract development and dApp development.

The Voice of Dissent: Community Concerns

Members of the community expressed deep anxieties that the fee hike would:

• Hamper Ecosystem Growth: Increased gas fees could discourage new users and developers from embracing the Terra Classic network, impeding its overall growth potential.
• Hinder dApp Adoption: DApps built on Terra Classic could lose their appeal due to higher transaction costs, potentially leading to a decline in usage. This becomes particularly relevant as Stellar (XLM) has recently launched smart contracts on its mainnet, and the fee hike could put LUNC at a competitive disadvantage in attracting developers.
• Burden End-Users: Users would face a significant increase in the cost of interacting with the Terra Classic blockchain, making everyday transactions more expensive.

Resounding Rejection: Vote Results

These concerns resonated deeply with the community, as reflected in the final vote results:

• YES: 44.83%
• NO: 6.32%
• NO (VETO): 35.31%
• ABSTAIN: 13.54%

The proposal ultimately failed to garner sufficient support, with a combined 41.63% voting against the increase or vetoing it entirely. The community's resounding rejection of the proposal demonstrates the strength of its collective voice and its commitment to fostering a sustainable ecosystem.

Impact on LUNC Price: A Rollercoaster of Emotions

Initial positive reactions to the proposal had led to a temporary surge in LUNC's price. However, with the proposal's rejection, the price of LUNC has experienced a sharp reversal. At the time of writing, the digital asset is trading at $0.0001043, representing a 36.57% decline over the past month. LUNC has also dropped 6.29% in the last 24 hours, and its trading volume has decreased by 37.06%.

While the gas fee increase proposal did not pass, the Terra Classic community remains vibrant and engaged. The community has approved other key proposals, recognizing that this controversial proposal posed too many disadvantages to the ecosystem. With the proposal's rejection, the community can now focus on more beneficial proposals that will support its restoration efforts.

Moving Forward: A Community United

The Terra Classic community has demonstrated its resilience and its commitment to the long-term success of the ecosystem. The community's rejection of the gas fee increase proposal sends a clear message that it will not support measures that undermine the growth and sustainability of the network.

As the community continues to work towards its restoration goals, it is essential to maintain open and transparent communication between all stakeholders. Collaboration, constructive dialogue, and a shared vision for the future will be key to achieving sustainable growth and prosperity for Terra Classic.