The Terra Classic community is currently engaged in a crucial voting process on proposal 11780, which aims to combat the rising number of spam proposals by increasing the minimum deposit amount required for proposals.
This initiative comes as the community seeks to address concerns over the surge in irrelevant proposals coinciding with a drop in LUNC prices. While the proposal is up for debate, the market displays signs of potential upside momentum ahead of an anticipated upgrade.
Community Initiative Against Spam Proposals
As shared by a core community member Hexagon, the “Initiative to combat spam proposals by increasing the minimum deposit amount to 5M LUNC” is a proposal currently under consideration by the Terra Luna Classic community. The objective of this proposal is to raise the minimum deposit requirement from 1 million LUNC to 5 million LUNC.
By doing so, it will be more challenging for scam proposals to progress beyond the deposit stage. This approach aims to mitigate the nuisance caused by spam and irrelevant proposals that find their way into community voting.
Validators have voiced their support for the initiative, believing that the current requirement of 1 million LUNC is no longer effective in deterring unwanted proposals. Hexxagon, the developer group responsible for the community-owned Station wallet, specifically highlighted the surge 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
However, the voting results thus far indicate a division within the community. As of now, the proposal has garnered 34% “Yes” votes, 64% “No” votes, and 2% “No with veto” votes. Noteworthy supporters of the proposal include Hexxagon, Lunanauts, and Coinpayu.
On the other hand, JESUSisLORD opposes the proposal, citing concerns about the potentially negative impact on regular community members who may face challenges in putting forth their proposals due to the 5x increase.
Simultaneously, the L1 Terra Classic Task Force is making preparations for the v2.2.1 core upgrade, scheduled for September 12 at 9.57 UTC. Additionally, the USTC Quant team has engaged a centralized exchange to collaborate on sharing the Buy Back Report as part of their efforts to repeg USTC.
LUNC and LUNA Show Resilience
LUNC and LUNA have recently experienced a significant increase in trading volumes following the successful passage of key proposals by the community. LUNA, propelled by TFL, has enjoyed a growth of more than 5% in the past week, while LUNC exhibits upward momentum in anticipation of the forthcoming core upgrade led by the L1TF developer team.
As of now, LUNC is trading at $0.00006088, with relatively stable movement during the last 24 hours. Conversely, LUNA is trading at $0.4202, revealing a slight decline from earlier gains within the same timeframe.