Terra Classic Votes On Key Proposal, LUNC And LUNA Reversal?

The Terra Luna Classic currently votes on several proposals, but some think “spam” proposals have increased significantly after a drop in LUNC prices in recent months. A new proposal is put up for voting to increase the minimum deposit amount from 1 million LUNC to 5 million LUNC. Prices look to gain upside momentum ahead of the upgrade.

Terra Luna Classic Community Initiative to Combat Spam Proposals

Proposal 11780 “Initiative to combat spam proposals by increasing minimum deposit amount to 5M LUNC” is up for voting. It aims to increase the minimum deposit amount from 1 million LUNC to 5 million LUNC, making it difficult for scam proposals to pass the deposit stage. This will help combat “spam” and irrelevant proposals for voting by the Terra Luna Classic community.

Validators agree that 1 million LUNC is no longer sufficient to discourage these unwanted proposals. Hexxagon, the developer group assigned for community-owned Station wallet, noted the rise in spam proposals.

Initiative to combat spam proposals by increasing minimum deposit amount to 5M LUNC

We currently have seen an increase in “SPAM” proposals going up, since the price of LUNC has dropped, 1M LUNC is no longer effective in combatting these types of proposals, this proposal will…

— Hexxagon (@hexxagon_io) September 8, 2023

Until now, the proposal has received 34% “Yes” and 64% “No” votes, as well as 2% “No with veto” votes. Nine validators including Hexxagon, Lunanauts, and Coinpayu supports the proposal. However, JESUSisLORD opposes the proposal, saying that the “negative effect on regular community members being able to put up their own proposals is too great with a 5x increase.”

Meanwhile, the L1 Terra Classic Task Force prepares for the v2.2.1 core upgrade. According to the countdown, the upgrade is estimated on September 12 at 9.57 UTC. Also, the USTC Quant team has reached out centralized exchange to share the Buy Back Report, moving ahead with aim to repeg USTC.

LUNC and LUNA Showing Strength

LUNC and LUNA witnessed massive jump in trading volumes recently amid key proposals passed by the community. TFL-led LUNA is up more than 5% in a week and LUNC also records upside momentum ahead of the core upgrade by the L1TF developer team.

LUNC price trades at $0.000061, trading sideways in the last 24 hours. Meanwhile, LUNA price trades at $0.41, losing earlier gains in the last 24 hours.

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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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