- The Terra Classic community is voting on proposals due to concerns about spam following the LUNC price decline.
- The blockchain will temporarily pause for the upcoming v2.2.1 core upgrade on September 12, contributing to ongoing high-development activity.
The Terra Classic community is currently voting on several proposals, and there are concerns about an increase in spam due to the decline in Luna Classic (LUNC) prices. The community is considering a new proposal to increase the minimum deposit requirement from 1 million LUNC to 5 million LUNC, hoping that this change will potentially lead to a price increase before the upgrade.
One of the proposals, known as Proposal 11780 and titled the “Initiative to Combat Spam Proposals by Increasing the Minimum Deposit to 5M LUNC,” aims to raise the minimum deposit requirement from 1 million LUNC to 5 million LUNC. The goal is to establish a higher barrier that scam proposals must overcome to move beyond the deposit phase. This step addresses the surge in spam and irrelevant proposals submitted for voting within the Terra Classic community.
Validators unanimously agree that the current threshold of 1 million LUNC is ineffective in deterring these proposals. Hexxagon, the developer team behind the community-owned Station wallet, has observed a 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
Currently, the proposal enjoys support from 34% of the votes, while 64% of the votes are against it, and 2% categorize it as ‘No with veto.’ Nine validators favor the proposal, including Hexxagon, Lunanauts, and Coinpayu.
Upcoming Terra Classic Developments
In the near future, developers of Terra Classic are getting ready for the v2.2.1 core upgrade, scheduled for September 12 at 9:57 a.m. UTC. At the same time, the TerraUSD Classic (USTC) analytics team is establishing connections with centralized exchanges to stabilize the USTC’s value peg. This reaffirms that the ecosystem is still expanding despite previous developments. Whether this growth will be sufficient to reignite interest in Terra Classic remains uncertain.
As part of the upcoming update, the blockchain will temporarily pause when it reaches a block height of 14,514,000. During this period, validators must replace the existing binary with the new proposed version. This proactive step has contributed to sustained high development activity within the Terra Classic ecosystem, as indicated by data from Santiment last week.
Nevertheless, LUNC did not respond as favorably to these developments, experiencing a significant price decrease, likely influenced by overall market conditions. According to Crypto News Flash, LUNC had declined by 2% in the past 24 hours. As of the time of writing, Terra Classic is trading at $0.00005852, boasting a market capitalization exceeding $339 million.
The unfavorable aspect was that the price decline coincided with a substantial increase in trading volume for LUNC. However, it’s worth noting that LUNC’s open interest declined with its price, potentially signaling a possible reversal of the trend in the upcoming days.
The destiny of LUNA parallels that of LUNC
Terra’s sister token, Terra (LUNA), exhibited a comparable price movement. LUNA had declined by over 2% in the past 24 hours.
However, unlike LUNC, LUNA did not experience an increase in trading volume. Nevertheless, there persisted a prevailing negative sentiment surrounding LUNA, which had a bearish impact.
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