It seems the Terra Luna Classic developers have submitted a joint governance proposal with a goal of obtaining support from the community and validators for allowing multiple interchain account (ICA) host message types for QuickSilver. The Terra Luna Classic community is striving for LUNC listing on the Quicksilver Protocol, and the current feedback from the community is positive.
Developer Parker Lowe submitted the proposal in question, titled “Allow Various ICA Host Message Types (For QuickSilver),” to Commonwealth and also shared it on Twitter. The proposal is signed by Fragwuerdig, Parker Lowe, Rexxaurus, Ohhbilbobaggins, and LuncBurnArmy. Fragwuerdig believes that the proposal can significantly enhance the LUNC staking ratio on the Terra Classic chain. CosmoSreXx posits that LUNC liquid staking derivatives (LSD) would help add value to the coin and Terra Luna Classic chain.
According to the proposal, the developers aim to change the allowed interchain account host messages, bringing support for QuickSilver, an interchain liquid staking protocol for the Cosmos ecosystem. This will enable the Quicksilver chain to create accounts on the Terra Luna Classic chain and execute allowed messages in a transparent manner. The result would enable interchain staking on any validators, maximizing liquidity, capital efficiency, and improving network security and decentralization. Additionally, the unbonding period wait requirement for position holders to sell their staked assets would be removed.
Such a system is reminiscent of liquid staking provider Lido on the Ethereum network, accounting for nearly 30% of all staked ETH tokens. The governance proposal is slated for voting within a week.
On another note, the LUNC price has shown a 3% increase in the past 24 hours, and it’s currently trading at $0.000094. The 24-hour low and high are $0.0000909 and $0.0000948 respectively. Trading volume appears to have grown somewhat, reflecting heightened interest in LUNC.
Moreover, the LUNC staking rate on the Terra Classic chain has seen an uptick after reaching the 1 trillion milestone, boosting investor confidence in the chain. The staked supply ratio now stands at nearly 15%, with 1.02 trillion LUNC staked. This development and the proposed changes to the ICA host messages highlight both the potential advantages and challenges encountered with new advancements in the cryptocurrency space.
Source: Coingape
