Terra Classic Proposal For Dynamic Minimum Commission Passed

The Terra Luna Classic community has officially passed the key proposal to implement dynamic minimum commissions for validators based on voting power. Validators on the LUNC network have expressed support and agreed with the proposal to improve decentralization and safeguard the Terra Luna Classic network against potential vulnerabilities.

Terra Luna Classic Proposal For Dynamic Minimum Commission Passed

Proposal 11738 “Dynamic Minimum Commission based on Voting Power” submitted by popular members StrathCole and HappyCattyCrypto has officially passed, according to the latest voting status.

Interestingly, validators have sounded support for the proposal that could impact their commissions. The proposal received 84% votes in favor, making it surpass the ‘pass threshold.’ Moreover, it has received 6% “Abstain” and 10% “No” votes.

Among the 44 validators that participated in the governance voting, 36 voted “Yes”. Allnodes, HappyCattyCrypto, Interstake One, T.MOM, TerraCVita, and others voted in favor of the proposal. Four validators including JESUSisLORD and SolidVote opposed the proposal.

The proposal aims to prevent centralized voting issues within the Terra Luna Classic network. It will improve decentralization, network security, and inherent flexibility. Now, validators with less voting power can charge a more appealing commission.

The community earlier approved a 5% minimum commission proposal to increase validators on the chain and reward validators, making the governance voting more decentralized. However, top validators have further consolidated their voting power leading to higher centralization than before.

Read More: Binance LUNC Burn Drops Below One Billion For The First Time, Community Reacts

LUNC and USTC Prices Under Pressure

Terra Luna Classic ecosystem tokens tumbled significantly last month, with LUNC falling 22% and USTC dropping 16%. The selloffs in the broader crypto market resulted in LUNC and USTC prices to remain under pressure.

LUNC price is moving sideways recovering from support. The price currently trades at $0.000060., with 24-hour low and high of $0.0000584 and $0.0000608, respectively.

Meanwhile, USTC price also tumbled 1% in the past 24 hours, with the price currently trading at $0.011. Moreover, the trading volume has decreased by 45% in the past 24 hours.

Also Read:

✓ Share:

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.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.