Cryptocurrency News

Terra Luna Classic contemplates deposit hike to curb spam proposals

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The Terra Luna Classic is presently voting on multiple proposals, with concerns raised about an uptick in “spam” proposals following a decline in LUNA prices. A new proposal seeks to raise the minimum deposit requirement from 1 million LUNA to 5 million LUNA, with expectations of a potential price increase ahead of the upgrade.

The proposal 11780, titled “Initiative to Address Spam Proposals by Raising Minimum Deposit to 5M LUNC,” is under consideration. Its objective is to elevate the minimum deposit requirement from 1 million LUNC to 5 million LUNC, creating a higher barrier for scam proposals to advance beyond the deposit phase. This measure is intended to counteract the influx of “spam” and irrelevant proposals submitted for voting within the Terra Luna Classic community.

Validators concur that the existing 1 million LUNC threshold is insufficient in deterring these undesirable proposals. Hexxagon, the developer team responsible for the community-owned Station wallet, has observed an uptick in spam proposals.

As of now, the proposal has garnered support from 34% of “Yes” votes, 64% of “No” votes, and 2% of “No with veto” votes. Nine validators, including Hexxagon, Lunanauts, and Coinpayu, are in favor of the proposal.

In the meantime, the L1 Terra Classic Task Force is gearing up for the v2.2.1 core upgrade, scheduled for September 12 at 9.57 UTC, as indicated by the countdown. Additionally, the USTC Quant team has initiated contact with the centralized exchange to provide them with the Buy Back Report in an effort to reestablish the peg of USTC.

Related: Prime Trust parent company lost $8M investing in TerraUSD

LUNC and LUNA have experienced a significant surge in trading volumes recently, propelled by important community-approved proposals. LUNA, led by TFL, has seen a growth of over 5% in the past week, while LUNC is also displaying upward momentum in anticipation of the core upgrade by the L1TF developer team.

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