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Market News Terra Luna Classic is Considering a Deposit Increase to Reduce Spam Submissions

Terra Luna Classic is Considering a Deposit Increase to Reduce Spam Submissions

LUNC made multiple proposals for upgrades. Among them, validators agreed to proposal 11780 and will launch more upgrades.

TOP1 Markets Analyst

2023-09-11

9052

Additional Enhancements to LUNC Are On the Horizon

The sudden increase in spam following the price drop of Luna Classic (LUNC) has prompted the Terra Luna Classic community to contemplate adopting deposit increases, among other alternatives suggested by community members.

Multiple proposals have been submitted, including Proposal 11780, titled "Initiative to Address Spam Proposals by Raising the Minimum Deposit to 5M LUNC."

This new proposal intends to increase the required minimum deposit from 1 million LUNC to 5 million LUNC.

The Validators Approve Proposal 11780

Some members of the LUNC community believe that integrating a deposit boost such as this would raise the threshold for spam proposals, preventing them from advancing past the deposit phase. The ultimate objective is to reduce the number of spam and irrelevant proposals submitted for voting within the Terra Luna Classic community.

Aside from that, it is anticipated that this will contribute to a potential price increase prior to the upgrade, and the proposal is currently under review.

Validators concur that the $1 million LUNC is insufficient to discourage these spam proposals. The developer team in charge of the community-owned Station wallet, Hexxagon, has verified an increase in spam proposals.

Responses favourable to Proposal 11780

More than 400 billion wallets have voted, which represents 40.24 percent of the total 1.03 trillion wallets. Proposal 11780 has received 90.79% "Yes" votes, 8.86% "No" votes, 0.355% "No with veto" votes, and 0% "Abstain" votes. The voting procedure is currently ongoing and will not conclude until September 15, 2023.

In addition, approximately 23 validators, such as Hexxagon, Coinpayu, and Lunanauts, have voted in favour of the proposal, while only two validators have voted against it.

Additional Enhancements to LUNC Are On the Horizon

LUNC developers, the L1 Terra Classic Task Force (L1TF), are still working on the v2.2.1 core upgrade, which is scheduled to occur within the next few days, despite the voting procedure. This upgrade has been highly anticipated and represents a significant achievement for the community. It is intended to provide the protocol with additional features and functionalities.

The USTC Quant team has initiated contact with centralised exchanges in order to provide them with the Buy Back Report, in accordance with its commitment to promptly address challenges. This is an endeavour to re-establish the USTC's parity.