The Terra Luna Classic community has successfully passed a crucial proposal aimed at enhancing security by raising the minimum deposit requirement to $5 million, effectively countering potential scam proposals.
The Terra Luna Classic community has given the green light to a significant proposal aimed at reducing the influx of “spam” proposals, which have surged following a decline in LUNC prices over the past few months.
LUNC Introduces Fresh Proposal
A fresh proposal has been introduced for voting, seeking to elevate the minimum deposit requirement from 1 million LUNC to 5 million LUNC. Traders did not provide an immediate response to the proposal’s approval.
The Terra Luna Classic proposal, aimed at preventing spam proposals, has been successfully approved. Proposal 11780, titled “Initiative to combat spam proposals by increasing the minimum deposit amount to 5M LUNC,” has met the pass threshold.
According to a previous report by Fxcryptonews, their objective is to raise the minimum deposit requirement from 1 million LUNC to 5 million LUNC. This adjustment is intended to create a higher barrier for scam proposals to advance beyond the deposit stage, effectively addressing the issue of excessive and unrelated proposals that come up for voting within the Terra Luna Classic community.
The proposal has garnered strong support within the community, with 94.30% of “Yes” votes indicating a clear majority in favor. Additionally, it received 5.43% of votes, including “No with veto” and “Abstain” votes.
Out of the 40 validators, an impressive 37 supported the proposal, with notable validators such as Allnodes, Interstellar Lounge, Orion HappyCattyCrypto, and TCB among them. However, JESUSisLORD and StellarDrift rejected the proposal, and Vegas Node opted to “Abstain.” Validators reached a consensus that the previous minimum deposit of 1 million LUNC was no longer effective in discouraging these unwanted proposals.
In the meantime, the L1 Terra Classic Task Force has effectively finished the v2.2.1 core upgrade, which consumed over 8 hours of work. Although a few validators are still not online, Terra Classic Station and Finder have been restored to working order.
Despite recent improvements and the successful approval of important proposals, the price of LUNC continues to face substantial downward pressure. Currently, it is being traded at $0.00005762, with a decline of 0.24% in the last 24-hour.
Read article: Terra Classic (LUNC) Price Prediction for September: Insights from Machine Learning Algorithms
