“The Terra Luna Classic community is presently participating in numerous proposal votes. However, there is growing concern that the number of “spam” proposals has surged following a decline in LUNC prices in recent months. A fresh proposal has been introduced for voting, aiming to raise the minimum deposit requirement from 1 million LUNC to 5 million LUNC. The market is showing signs of potential upward momentum as the upgrade approaches.”
“Terra Luna Classic Community Launches Initiative to Counteract Spam Proposals”
“Proposal 11780, titled ‘Initiative to Deter Spam Proposals by Raising Minimum Deposit to 5M LUNC,’ is currently open for voting. The proposal’s objective is to increase the minimum deposit requirement from 1 million LUNC to 5 million LUNC, thereby enhancing the barrier against fraudulent proposals passing the deposit stage. This measure aims to combat the proliferation of ‘spam’ and irrelevant proposals within the Terra Luna Classic community’s voting system.
Validators within the network concur that the existing 1 million LUNC threshold is no longer sufficient to deter such unwelcome proposals. Hexxagon, the developer group responsible for the community-owned Station wallet, has observed a notable increase in the number of spam proposals.”
“Currently, the proposal has garnered 34% “Yes” votes, 64% “No” votes, and 2% “No with veto” votes. The proposal enjoys support from nine validators, including Hexxagon, Lunanauts, and Coinpayu. However, JESUSisLORD opposes the proposal, citing concerns about its significant negative impact on regular community members’ ability to submit their own proposals due to the proposed 5x increase in the minimum deposit requirement.
In the meantime, the L1 Terra Classic Task Force is gearing up for the v2.2.1 core upgrade. According to the countdown, the upgrade is scheduled for September 12 at 9:57 UTC. Additionally, the USTC Quant team has reached out to centralized exchanges to share the Buy Back Report, advancing their efforts to re-peg USTC.”
“LUNC and LUNA Demonstrating Resilience”
“LUNC and LUNA have experienced a substantial surge in trading volumes recently, coinciding with the approval of significant community proposals. LUNA, led by TFL, has gained over 5% in the past week, while LUNC is also displaying upward momentum as the L1TF developer team prepares for the core upgrade.
As of the last 24 hours, LUNC is trading at $0.000061, maintaining a sideways movement. In contrast, LUNA is currently priced at $0.41, retracting some of its earlier gains over the same 24-hour period.”