🌖 Terra Luna Classic Votes to Increase Validator Commission

Tera Luna Classic (LUNC) takes a drastic approach to revolutionize its ecosystem with a series of approved proposals subject to voting. Over the years, developers have pointed out possible risks to the likes of Cosmos, Solana, and the Polkadot ecosystem, proposing proactive measures to mitigate any future spam attack.

To prevent such occurrence on the chain and to raise the minimum validators’ commission from 0% to 2.5%, Proposal 12097 has currently been subjected to voting with quorum and pass threshold reached. At press time, the proposal had received 35 “YES” votes in addition to 32% “NO”, 0.5% “NO WITH VETO”, and 32.50% “ABSTAIN” votes. From the vote, it is obvious most of the validators voted in favor of the proposal.

Commenting on this, one of the top validators Allnodes has observed that the VP of the top 15 validators has reduced drastically, and would be significantly less with the 2.5% commission implementation. As a result of this, he and six other validators voted “NO” compared to 33 validators who voted “YES”.

🌖 More on the Terra Luna Classic (LUNC) Proposals

According to an explanation in regards to this proposal,

“increasing the minimum commission is meant to increase the income especially for small validators to motivate them to invest in better infrastructure and increase resistance against attack.”

Interestingly, the same can be said of Proposal 12094 “Proposal to decrease MaxBlockSize”. This has been approved officially by the Terra Luna Classic community after surpassing the threshold. The developer team Genuine Labs was the chief architect of this proposal and is meant to decrease the MaxBlockSize from 5 MB to 2 MB to mitigate peer-to-peer spam.

With all of these approved to serve the best interest of the ecosystem, Proposal 12095 – 10x Gas Fees which Crypto News Flash extensively covered was voted against because it could severely damage DApps and threaten the existence of an auto-compound module.

In addition to these developments, the Terra Luna Classic community pool balance has also reached a new milestone at an all-time high of 5 billion LUNC. As of April 21, the community pool held 5,005,468,596 LUNC and 11,803,526 USTC. This implies that developers and contributors have access to more funds. However, it has not been utilized to the maximum capacity.

Contrary to the ongoing activities within the community, LUNC has failed to hold its ground as it breaks major support levels to fall by 9% in the last 24 hours, extending its 30-day decline to 39%. At press time, the asset was trading at $0.0001018 with a 5% decline in its 24-hour trading volume.

However, analyst Javon Marks believes that the asset could stage a bullish reversal to surge by 270% amid the bull market. His prediction was based on the formation of a massive bull pennant pattern in the long timeline.

🌖 Do Kwon, Terraform Labs Face $5B Penalty After LUNA Fiasco

The United States Securities and Exchange Commission (SEC) has moved to request billions of dollars in disgorgement and civil penalties from Do Kwon and Terraform Labs, the team behind the ill-fated Terra Luna and UST tokens.

In a recent filing in the U.S. District Court for the Southern District of New York, the SEC sought approximately $4.7 billion in disgorgement and prejudgment interest from Terraform Labs and its co-founder, Do Kwon.

Alongside the $4.7 billion for disgorgement and prejudgment, the U.S. regulator requested a total of $520 million in civil penalties. In particular, Terraform Labs is asked to pay $420 million, while Kwon faces a $100 million penalty. Cumulatively, the U.S. regulator is requesting over $5 billion in penalties from Do Kwon and Terraform Labs.

Notably, on April 5, a jury found Terraform and Kwon guilty of defrauding investors concerning statements regarding the offer and sale of TerraUSD (UST), Luna (LUNA), and wLUNA. Meanwhile, Terraform suggested a maximum civil penalty of $5.28 million in its filing, while Kwon proposed approximately $828,000.

On the other hand, in addition to the monetary judgment, the SEC has suggested barring Kwon from holding positions as an officer or director and mandating full disclosure of his accounts and assets.

If approved, Terraform could face a “conduct-based injunction” to prevent the recurrence of the behaviors that led to the extensive fraud. However, these proposed remedies and the civil judgment await the ruling of a judge.

Furthermore, the SEC argued that Terraform and Kwon have shown no remorse for their actions, raising significant concerns about the potential for further violations, which the regulator claims may already be in progress. The filing urges the court to send a clear message that such audacious misconduct will not be tolerated.

🌖 Just-In: Terra Luna Classic Community Revises LUNC Burn Tax

Terra Luna Classic community has approved a proposal to revise the LUNC burn tax. To be more clear, the reward share distribution of the burn tax will be changed instead of the burn tax rate.

Meanwhile, LUNC price loses steam for further recovery as broader crypto market remains under selling pressure ahead of $9.4 billion crypto options expiry.

🌖 Terra Luna Classic Burn Tax Proposal Passed

Proposal 12098 “Changing the Reward Share Distribution of the Burn Tax” is passed successfully by the Terra Luna Classic community. This changes the burn tax distribution to the community pool and Oracle pool.

Notably, the proposal doesn’t change the burn tax rate, nor the amount sent to burn. It just changes the burn tax distribution to oracle pool instead of rewards. The proposal has received 70% votes in favor with 37 validators in support of the proposal.

“The technical details of this can be a bit complex. I will try to simplify some of it at the cost of a little less precision in definitions and numbers. This draft has been up a few weeks ago with more details on block proposer rewards. I removed those parts as proposer rewards will be removed with SDK 0.47, said developer StrathCole.

Terra Classic has a burn tax set to 0.5%. Out of this, 80% is for burn and 20% is distributed as 10% to Community Pool and 10% to rewards. After the proposal, the 20% will be distributed as 10% to Community Pool and 10% to Oracle pool.

Instead of immediate block rewards, the portion from the burn tax would go into long-term staking rewards (Oracle). However, it would decrease the APR by about ~0.5%, which depends on on-chain volumes.

🌖 LUNC and USTC Fell

LUNC price fell 8% in the last 24 hours amid market-wide selloff, with the price currently trading at $0.0001027. The 24-hour low and high are $0.0001014 and $0.0001115, respectively. Moreover, trading volume decreased slightly in the last 24 hours, indicating a decline in interest among traders.

Meanwhile, USTC price also fell over 8%, with the price changing hands at $0.01842. The price climbed 20% higher last week. The 24-hour low and high are $0.01814 and $0.01997, respectively.

🌖 More on the Terra Luna Classic (LUNC) Proposals

Interestingly, the same can be said of Proposal 12094 “Proposal to decrease MaxBlockSize”. This has been approved officially by the Terra Luna Classic community after surpassing the threshold. The developer team Genuine Labs was the chief architect of this proposal and is meant to decrease the MaxBlockSize from 5 MB to 2 MB to mitigate peer-to-peer spam.

With all of these approved to serve the best interest of the ecosystem, Proposal 12095 – 10x Gas Fees which Crypto News Flash extensively covered was voted against because it could severely damage DApps and threaten the existence of an auto-compound module.

In addition to these developments, the Terra Luna Classic community pool balance has also reached a new milestone at an all-time high of 5 billion LUNC. As of April 21, the community pool held 5,005,468,596 LUNC and 11,803,526 USTC. This implies that developers and contributors have access to more funds. However, it has not been utilized to the maximum capacity.

Contrary to the ongoing activities within the community, LUNC has failed to hold its ground as it breaks major support levels to fall by 9% in the last 24 hours, extending its 30-day decline to 39%. At press time, the asset was trading at $0.0001018 with a 5% decline in its 24-hour trading volume.

However, analyst Javon Marks believes that the asset could stage a bullish reversal to surge by 270% amid the bull market. His prediction was based on the formation of a massive bull pennant pattern in the long timeline.

🌖 Terra Luna Classic Overhauls LUNC Burn Tax with key move

The Terra Luna Classic (LUNC) is seen to be undergoing notable changes following an approval to revise the cryptocurrency’s burn tax. The changes include a favorable vote for an oracle pool distribution from the Terra Luna Classic community.

Terra Luna Classic Burn Tax Proposal Approved
Recent reports reveal the Terra Luna Classic community successfully passed Proposal 12098 titled “Changing the Reward Share Distribution of the Burn Tax.” The proposal aims to alter the burn tax distribution to the community and Oracle pool. However, it is important to note that the proposal does not alter the burn tax rate, nor the amount sent to burn.

At the moment, the proposal has gained 70% favorable votes, with 37 validators in support of the proposal. The essence of the proposal lies in its redistribution mechanism, which diverts a portion of the burn tax revenue away from immediate rewards and into the long-term staking incentives facilitated by the Oracle pool.

According to recent information, Terra Classic operates with a burn tax set at 0.5%. Under the distribution model, 80% of this tax is directed towards burn, with the remaining 20% shared evenly between the Community Pool and block rewards.

However, with the approval of Proposal 12098, this distribution structure changes. Now, the 20% share designated for rewards will be divided equally between the Community Pool and the Oracle Pool.

This adjustment demonstrates the resilience of the Terra Luna Classic ecosystem. The community aims to strengthen long-term staking incentives and increase network participation and stability.

One notable consequence of the revised distribution model is its potential impact on the Annual Percentage Rate (APR) for staking participants. With changes in the allocation of rewards towards the Oracle pool, the APR may experience a marginal decrease of approximately 0.5%. This decrease is, however, dependent upon on-chain volumes.

🌖 Terra LUNA Classic Price Prediction as Community Revises Burn Tax – Can LUNC Reach $100?

The Terra LUNA Classic (LUNC) price has failed to push to the north of its 21DMA and is reversing lower, despite the community revising the token’s burn tax.

LUNC was last trading just below $0.0001050, having spent failed four a fourth successive day to break above its 21DMA.

The revision to LUNC’s burn tax failed to lift sentiment, probably because the burn rate itself remains unchanged at 0.5%.

The just-passed proposal changed around slightly what happens to those burned tokens.

LUNC’s Oracle Pool will now receive 10% of burned tokens. Beforehand, this 10% had gone to “rewards”.

The macro backdrop has been a headwind for crypto prices this month. Recent data, including the latest Core PCE report released on Friday, points to sticky high inflation in the US.

That has forced investors to pare back on Fed rate cut bets. A subsequent rise US bond yields and the US dollar has hammered altcoins, LUNC included.

The Terra LUNA Classic price is down 34% so far this month, and down over 60% from March’s $0.00002550 highs.

And bearish technicals suggest that the sell-off could be far from over.

As the broader crypto market struggles, the Terra LUNC Classic price remains at risk of experiencing further.

🌖 Impact of Proposal 12098 on LUNC

Recent market trends indicate a bullish sentiment, with LUNC gaining momentum for further recovery amidst prevailing selling pressure across the crypto market.

At the time of writing, LUNC is trading at $0.0001074, representing an increase of 4.7% in the past 24 hours. The market capitalization also increased by 4.7% to $623 million, while trading volume demonstrated a remarkable 58% increase to 54 million.

In a similar move, its associated stablcoin, TerraClassicUSD (USTC) is also showing signs of recovery, trading at $0.01884. The market capitalization and trading volumes have increased by 2.8 and 8.6% to $168 million and $24 million respectively.

🌖 Terra LUNA Classic Price Prediction – Where Next for LUNC?

Chat analysis suggests the Terra LUNA Classic bears are very much in control of the market right now.

The 21DMA has acted as strong resistance going all the way back to late March. And the Terra LUNA Classic price has subsequently formed a clear downtrend.

The March low, which LUNC broke below in mid-April, also acted as strong resistance earlier this week.

These are all strong signs that lower prices are coming for LUNC. A retest of April lows just above $0.00007 is likely in the coming weeks, a 30% drop from current levels.