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LUNC and LUNA show promise as Terra Luna faces crucial vote

JasperArt 2023 09 10 14.30.08 upscaled

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TL;DR

  • Terra Luna Classic is voting on Proposal 11780 to increase the minimum deposit for proposals from 1 million to 5 million LUNC.
  • The proposal aims to combat the rise in spam and irrelevant proposals.
  • The L1 Terra Classic Task Force is preparing for a core upgrade (v2.2.1) scheduled for September 12 at 9.57 UTC.

The Terra Luna Classic community is currently voting on Proposal 11780. This initiative aims to combat the surge in spam proposals by raising the minimum deposit amount from 1 million to 5 million LUNC. The proposal comes when the crypto market is buzzing with activity, especially ahead of the v2.2.1 core upgrade scheduled for September 12 at 9.57 UTC.

The community’s validators are in agreement. They believe that the existing 1 million LUNC deposit is no longer a deterrent for spam proposals. Developer group Hexxagon, responsible for the community-owned Station wallet, has also noted this uptick. So far, the proposal has garnered mixed reactions. It has received 34% “Yes” and 64% “No” votes. An additional 2% have voted “No with veto.”

Among the validators, nine key players like Hexxagon, Lunanauts, and Coinpayu are in favor. On the flip side, JESUSisLORD has voiced opposition. The concern is that the 5x increase could stifle the ability of regular community members to put forth their proposals.

In parallel, the L1 Terra Classic Task Force is gearing up for the v2.2.1 core upgrade. The USTC Quant team is also making strides. They’ve reached out to centralized exchanges to share the Buy Back Report. Their goal is to re-peg USTC, adding another layer of excitement to the community’s activities.

Market-wise, both LUNC and LUNA are showing promising signs. LUNA has seen a 5% growth in the past week, thanks to efforts by TFL. LUNC is also gaining momentum, currently trading at $0.00005987. This stability comes as the community anticipates the upcoming core upgrade by the L1TF developer team.

LUNA, on the other hand, is trading at $0.4095. Although it slightly dips from its earlier gains, the overall market sentiment remains optimistic.

The Terra Luna Classic community is at a crossroads. The vote on Proposal 11780 could redefine its governance structure. Meanwhile, market indicators for LUNC and LUNA are positive, adding to the community’s enthusiasm. As the clock ticks down to the core upgrade, all eyes are on how these developments will shape the future of Terra Luna Classic.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Mutuma Maxwell

Maxwell especially enjoys penning pieces about blockchain and cryptocurrency. He started his venture into blogging in 2020, later focusing on the world of cryptocurrencies. His life's work is to introduce the concept of decentralization to people worldwide.

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