The Terra Classic community is currently engaged in important voting processes regarding several proposals, prompted by an uptick in spam activity coinciding with a decline in LUNC prices.
In response to this issue, an innovative proposal, known as Proposal 11780 or the “Initiative to Address Spam Proposals by Raising the Minimum Deposit to 5M LUNC,” has surfaced. This seems to be a potential remedy for this urgent problem.
What is the Objective of the Proposal?
In order to address the issue of scam proposals progressing beyond the initial deposit stage, the community has put forth a proposal to raise the minimum deposit requirement from 1 million LUNC to 5 million LUNC.
The primary goal is to combat the influx of spam and unnecessary proposals that have inundated the voting system of the Terra Classic community.
There is a consensus among the community members that the current threshold of 1 million LUNC is inadequate in deterring these detrimental plans.
The development team responsible for the community-owned Station wallet, Hexxagon, observed a significant rise in spam proposals, prompting the need for this suggested enhancement.
Read article: Significant USTC Proposal Puts Terra Classic (LUNC) Community at the Forefront
Terra Classic Community Votes
At the time of writing, Proposal 11780 has received support from 93.93% of the community members, while 5.78% have voted against it, and only a tiny portion of 0.23% have chosen to vote “No with veto.”
The proposal has received the support of nine validators, demonstrating their confidence in its potential success. These notable entities include Hexxagon, Lunanauts, and Coinpayu.
The Terra Classic development team is actively preparing for the upcoming v2.2.1 core upgrade, scheduled for September 12 at 9:57 am UTC.
Simultaneously, the TerraUSD Classic (USTC) quant team is taking proactive measures by reaching out to centralized exchanges to restore the peg of USTC.
Furthermore, both LUNC and Terra have witnessed a substantial increase in trading volume, which can be attributed to important initiatives approved by the community.
Under the guidance of Terraform Labs, LUNA has experienced a growth rate of more than 5% in the past week. LUNC is also displaying signs of growth as it gears up for an upcoming core upgrade led by its development team.
These developments highlight the dynamic nature of the Terra Classic community, which actively addresses challenges and embraces promising opportunities.
Read Also: Terra Classic (LUNC) Price Prediction for September: Insights from Machine Learning Algorithms
