Terra Classic Users Now Need 1,000,000 LUNC Deposit to Vote on Proposals

Terra Classic Proposal 6082 has been overwhelmingly passed and is currently active on the blockchain. The new development was shared by a community influencer, Classy Crypto, the author of the proposal.

According to Classy Crypto, the proposal was launched to render scammers on the blockchain ineffective. This implies that Terra Classic users now need to deposit 1,000,000 LUNC to vote on proposals on the chain.

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He also disclosed that the proposal was supported by over 99.9% of voters and over 60% of all staked LUNC said Yes to the proposal.

Classy Crypto tweeted, “MY PROPOSAL 6082 IS OFFICIALLY LIVE ON THE $LUNC BLOCKCHAIN. With over 99.9% on YES & over 60% of all staked LUNC saying Yes we’ve officially begun the first step in stopping scams on our blockchain! So proud of all of you! We did it Retweet to spread the word!”

Going further into details, Proposal 6082 changes the minimum requirements to propose and vote on Terra Classic proposals.

With that development, community members now need to deposit 500,000 LUNC in order to submit a governance proposal on the Terra Station and each member has to deposit 1,000,000 LUNC to vote on proposals.

It’s worth noting that before this proposal, both requirements were respectively set at 0 and 345,000 LUNC.

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Why the Proposal Was Launched

Classy Crypto, the author of the proposal revealed that complaints have been coming to him from the members of the community who lost thousands of dollars to scammers in the community.

As a result of the losses, he started working with some core members of the community to initiate a means to raise the minimum requirements needed to launch and vote on proposals at the Terra Station.

Means To Silence the Poor in Terra Classic Community

Although the proposal received overwhelming support from some famous members of the community, some saw it as a means to silence the poor.

Reacting to the approval of the proposal, an aggrieved user wrote, “Congratulations, the proposal to silence the poor. That means the rich know better. Everyone should vote 1 vote. An antidemocratic nonsense proposal.”

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Also, StrathCole, a pseudonymous member of the LUNCPenguins, another group in the Terra Classic community that helps in related developments, showcased his discontentment with the newly passed proposal.

In a tweet, he said he voted NO because he saw that it will only kill the voice of small LUNC holders in the Terra Classic community. He pointed out that it would have been better if more scam warnings were created on the Terra Station to inform users.

StrathCole tweeted, “I just decided to vote “no” on #LUNC governance proposal 6082. Why? Don’t think it prevents scammers from doing what they do. Might prevent smallholders with potentially good ideas bringing them forward (losing deposit if quorum not reached). Price/cost very volatile.

“But I appreciate the intention and get the point why it was brought up. Maybe there can be other measures added to TS (of course this takes more effort) to warn people about potential scam (not clicking links etc.) Don’t follow anyone blindly in their voting decision. Always DYOR.”

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