Terra Classic Community Turns Down Major Proposal; LUNC Price Retraces

The Terra Luna Classic (LUNC) community proposal to restore the number of validators to 130 was officially rejected. It became one of the two key proposals turned down by the community that would have helped boost the utility and security of the Terra Classic chain. Validators voted against the proposal reasoning it as selfish and unethical.

Terra Classic Proposal Restore Validators Failed

Proposal 11966 “Restore Validator List to 130“ is rejected by the Terra Classic community. The proposal aimed to streamline the process and prioritize restoring 130 validators on Terra Classic chain. “Our objective is to ensure the continued decentralization and robustness of the network while minimizing the burden on developers.”

The proposal received 27% “Yes” votes and 50% “No” votes, along with 1% No with veto and 21% Abstain votes. The proposal failed to pass the threshold after the top validator with 15% voting power Allnodes and other validators voted “No” on the proposal.

Among 57 validators who participated in the voting, 17 validator such as JESUSisLORD, HappyCattyCrypto, and TerraCVita voted in favor of the proposal, while 23 including Allnodes, Interstake One, Luna Station 88, StakeBin, PFC, and Lunanauts voted against.

Some validators said that bundling the restoration of validators with the minimum validator delegation adjustment raises concerns. They believe these “issues should be addressed separately to ensure transparency and avoid potential red flags.”

Others cited selfish and unethical as key reasons for their “No” votes on the proposal, despite considering the benefits of the large active size of validators.

Read More: Here’s Why Terra Luna Classic EVM & Validator Proposals Failed

LUNC and USTC Loses Upside Momentum

A potential delisting of LUNC from crypto exchange crypto com has raised concerns in the community. Notably, LUNC trading volumes are marginally lower on the exchange. The crypto exchange hasn’t responded yet to CoinGape about its authenticity.

LUNC price fell 2% in the last 24 hours, with the price currently trading at $0.000111. The 24-hour high and low are $0.000103 and $0.000113, respectively. Moreover, trading volume has decreased by 15% in the last 24 hours.

Meanwhile, USTC price is currently trading at $0.0270, down 2% in the last 24 hours. The 24-hour high and low are $0.0257 and $0.0280, respectively. The trading volume has tumbled by 53%.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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