Terra Classic's Proposed Deposit Hike to Tackle Spam Proposals

Bombolo | News and Media

The Terra Classic community is currently in the midst of important decision-making, as it votes on several key proposals. These decisions have gained significant attention due to concerns surrounding a surge in spam activities, coinciding with a decline in Luna Classic (LUNC) prices. One noteworthy proposal, labeled Proposal 11780 and titled the “Initiative to Address Spam Proposals by Raising Minimum Deposit to 5M LUNC,” is now under consideration. This proposal aims to elevate the minimum deposit requirement from 1 million LUNC to 5 million LUNC, with hopes of bolstering the token's price as an anticipated outcome.

Also Read: Terra Classic's Game-Changing Proposal: Shaping the Future of LUNC

Understanding Proposal 11780

Proposal 11780, aptly named the “Initiative to Address Spam Proposals by Raising Minimum Deposit to 5M LUNC,” is gaining traction for its ambitious objectives. The central goal of this proposal is to increase the minimum deposit requirement from the current 1 million LUNC to 5 million LUNC. By doing so, it seeks to establish a more formidable barrier against scam proposals, preventing them from progressing beyond the deposit phase. The primary motivation behind this measure is the growing influx of spam and irrelevant proposals that have inundated the Terra Classic community's voting system.

The Issue at Hand

Many validators within the Terra Classic community concur that the existing threshold of 1 million LUNC is insufficient in deterring undesirable proposals. Notably, Hexxagon, the development team responsible for the community-owned Station wallet, has observed a noticeable surge in spam proposals. The current voting status of the proposal is as follows: 34% of votes in favor, 64% of votes against, and 2% of votes marked as “No with veto.” Interestingly, nine validators, including Hexxagon, Lunanauts, and Coinpayu, have expressed their support for the proposal.

Also Read : Terra Classic's LUNC Token Burns Its Way to Potential Gains

Upcoming Developments

While the Terra Classic community grapples with these important proposals, the developers are simultaneously preparing for the v2.2.1 core upgrade, scheduled for September 12th at 9:57 am UTC. This upgrade represents a significant milestone in the community's evolution. Furthermore, the TerraUSD Classic (USTC) quant team has initiated discussions with centralized exchanges in an attempt to reestablish the peg of USTC. These developments underscore the Terra ecosystem's commitment to growth and stability.

Market Dynamics

In recent times, both LUNA and LUNC tokens have experienced a notable increase in trading volumes. This surge can be attributed to the approval of crucial community proposals. LUNA, spearheaded by Terraform Labs, has witnessed a remarkable growth of over 5% in the past week. Simultaneously, LUNC is displaying upward momentum in anticipation of the core upgrade orchestrated by its developer team.

In conclusion, the Terra Classic community is at a crossroads, actively working to combat the influx of spam proposals while preparing for significant upgrades and initiatives. These developments are crucial for the long-term health and stability of the Terra ecosystem, making it an exciting time for both investors and participants.

Also Read: LUNC Crypto Price Predictions and Terra Classic's Revival Prospects

FAQs

1. Why is Proposal 11780 essential for the Terra Classic community?

Proposal 11780 aims to address the growing issue of spam proposals, which have been a concern lately. By raising the minimum deposit requirement, it seeks to deter scam proposals effectively.

2. How does the voting stand on Proposal 11780?

As of now, Proposal 11780 has garnered 34% of votes in favor, 64% of votes against, and 2% of votes marked as “No with veto.”

3. What can we expect from the upcoming Terra Classic core upgrade?

The Terra Classic community is gearing up for the v2.2.1 core upgrade, scheduled for September 12th. This upgrade represents a significant milestone in the community's development.

4. What is driving the recent surge in trading volumes for LUNA and LUNC tokens?

Both LUNA and LUNC tokens have witnessed increased trading volumes due to the approval of important community proposals and anticipation of core upgrades.

5. How can I learn more about Terra Classic and its developments?