Key Takeaways
- Terra Luna Classic addresses spam proposals by increasing the minimum deposit from 1 million to 5 million LUNA.
- Validator support for the proposal is at 90.77% “Yes” votes.
- LUNA’s price has faced fluctuations, but positive momentum is expected with an upcoming core upgrade.
As the number of spam proposals by The Terra Luna Classic community has risen drastically, LUNA’s price has faced a drop, and 1 million LUNA is no longer able to combat these proposals. So, to combat this situation, the minimum deposit amount is being changed from 1 million LUNA to 5 million LUNA. There is also an expectation for an increase in potential price ahead of the upgrade.
SPAM Proposal
Proposal 11780, titled “Initiative to Address Spam Proposals by Raising Minimum Deposit to 5M LUNC.” is currently under consideration. The objective is to elevate the minimum deposit requirement from 1 million LUNC to 5 million LUNC.
This way, it is expected that a higher barrier for scam proposals will be created to advance beyond the deposit phase. The purpose of this action is to address the surge of unsolicited and unimportant submissions for voting in the Terra Luna Classic community.
Validators concur that the current 1 million LUNC requirement is inadequate in dissuading such proposals. Hexxagon, the developer team behind the community-controlled Station wallet, has noticed an increase in spam proposals.
As of the current moment, the level of support the proposal has garnered among validators is at 90.77% of “Yes” votes, 8.88% of “No” votes, and 0.35% of “No with veto” votes. Among those supporting the proposal are nine validators, which include Hexxagon, Lunanauts, and Coinpayu. In parallel, the Terra Classic developers are preparing for the v2.2.1 core upgrade scheduled for September 12 at 9:57 a.m. UTC.
Furthermore, the TerraUSD Classic (USTC) quantitative team has initiated communication with centralized exchanges to restore the peg of USTC. Both LUNC and Terra LUNA tokens have recently witnessed a notable surge in trading volumes, driven by significant community-approved proposals. Over the past week, LUNA, under the leadership of Terraform Labs, has seen a growth of more than 5%, while LUNC is also showing positive momentum ahead of its developer team’s core upgrade.
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