Terra Luna Classic developers submitted a joint governance proposal seeking the support of the community and validators on allowing multiple interchain account (ICA) host message types for QuickSilver. The Terra Luna Classic community is actively trying to get LUNC listed for the Quicksilver Protocol. Currently, the proposal is receiving favorable feedback from the community.
Terra Luna Classic Dev Proposes Liquid Staking Derivatives
Developer Parker Lowe submitted a proposal “Allow Various ICA Host Message Types (For QuickSilver)” to Commonwealth and took to Twitter to bring community attention to it. The proposal is signed by Fragwuerdig, Parker Lowe, Rexxaurus, Ohhbilbobaggins, and LuncBurnArmy.
Fragwuerdig said the proposal can massively improve LUNC staking ratio on the Terra Classic chain. CosmoSreXx believes LUNC liquid staking derivatives (LSD) would help bring value to the coin and Terra Luna Classic chain.
“We introduce to the LUNC community our first proposal for liquid staking derivatives with 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
According to the proposal, developers seek to change the allowed interchain account host messages to bring QuickSilver support, an interchain liquid staking protocol for the Cosmos ecosystem. This allows the Quicksilver chain to transparently create and control accounts on the Terra Luna Classic chain and execute allowed messages.
It will also allow interchain staking on any validators, as well as maximize liquidity and capital efficiency by improving network security and decentralization. Moreover, it removes the unbonding period wait requirement before a position holder is able to sell his staked assets.
It is similar to liquid staking provider Lido on the Ethereum network, which dominates with almost 30% of all staked ETH tokens.
The governance proposal will open for voting within a week.
LUNC Price Jumps
LUNc price jumped 3% in the last 24 hours, with the price currently trading at $0.000094. The 24-hour low and high are $0.0000909 and $0.0000948, respectively. Furthermore, the trading volume has increased slightly, indicating a rise in interest.
In addition, the rate of LUNC staking on the Terra Classic chain has increased after achieving the 1 trillion milestone, increasing investor confidence in the chain. The stalked supply ratio has reached almost 15%, with 1.02 trillion LUNC staked.
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