Terra Luna Classic developers have made an important proposal to promote liquid staking derivatives. After this development, the altcoin price started to rise.
Terra Luna Classic developer proposes liquid staking variants
cryptocoin.com As we reported, altcoin developers submitted a governance proposal. Accordingly, developers are seeking support from the community and validators in allowing multiple cross-chain account (ICA) master message types for QuickSilver. The Terra Luna Classic community is actively trying to get LUNC listed for the Quicksilver Protocol. The offer is currently receiving positive feedback from the community.
Developer Parker Lowe has submitted a proposal to the Commonwealth entitled “Allow Various ICA Host Message Types (for QuickSilver)”. He also drew the community’s attention to this suggestion on Twitter. Fragwuerdig, Parker Lowe, Rexxaurus, Ohhbilbobaggins and LuncBurnArmy signed the bid. Fragwuerdig said that the proposal will greatly increase the LUNC stake on Terra Classic Blockchain. CosmoSreXx believes that LUNC liquid staking derivatives (LSD) will add value to the coin and the Terra Luna Classic Blockchain. Fragwuerdig shared the following on his Twitter account:
We present to the LUNC community our first offer for liquid staking derivatives with the Quicksilver Protocol.
Excellent proposal 👏
Can massively improve staking ratio on Terra Classic.
Please, read and comment!!! https://t.co/fHbeTc8TJp
— fragwuerdig (@frag_dude) June 24, 2023
What does the governance proposal bring?
According to the proposal, the developers aim to replace allowed cross-chain account hosting messages to bring support for QuickSilver, a cross-chain liquid staking protocol for the Cosmos ecosystem. This will allow Quicksilver Blockchain to create accounts on the Terra Luna Classic Blockchain in a transparent manner. It will also allow it to check accounts and execute allowed messages.
It will also allow cross-chain staking on any validator. In addition, it will improve network security and decentralization, maximizing liquidity and capital efficiency. Moreover, it will eliminate the need to wait for binding time before a position holder can sell their staked assets. That is, it is similar to Lido, the liquid staking provider on the Ethereum network. Lido controls almost 30% of all staked ETH tokens. Meanwhile, the governance proposal will be put to vote within a week.
Altcoin price responded to the proposal with an increase
The altcoin price rose 3% on a daily basis after the bid. LUNC is currently trading at $0.000094. The lowest and highest prices in 24 hours are $0.0000909 and $0.0000948, respectively. Also, the trading volume increased slightly. This indicates increased interest.
In addition, the LUNC staking rate on the Terra Classic Blockchain has reached the 1 trillion milestone. This increase also shows the increase in investors’ trust in Blockchain. The tracking rate has reached almost 15% with 1.02 trillion LUNC staked.
Terra Luna Classic (LUNC) Staking
