Terra Luna Classic Approves Major Tax2Gas Proposal, LUNC Price To $1
LUNC News: Terra Luna Classic community has finally passed the proposal to implement Tax2Gas, which removes the need for separating handling and calculation of tax. Tax2Gas will incorporate the tax into the gas and decrease complexities for dApp developers and others, as stated by developers StrathCole and Genuine Labs.
With Tax2Gas almost near implementation, the Terra Classic community members started discussions on raising the burn tax to 1.2%. Once it’s implemented, all crypto exchanges will burn on buy and sell and drive LUNC price higher.
LUNC News: Terra Luna Classic community has finally passed the proposal to implement Tax2Gas, which removes the need for separating handling and calculation of tax. Tax2Gas will incorporate the tax into the gas and decrease complexities for dApp developers and others, as stated by developers StrathCole and Genuine Labs.
With Tax2Gas almost near implementation, the Terra Classic community members started discussions on raising the burn tax to 1.2%. Once it’s implemented, all crypto exchanges will burn on buy and sell and drive LUNC price higher.
Terra Classic To Implement Burn Tax Into Gas Fees
Proposal 12115 “Genuine Labs Tax2Gas Implementation” has passed in governance voting on Station wallet. The proposal by Genuine Labs aims to proceed with incorporating tax into the gas. The team will also work on increasing chain security by preventing attack vectors using e2e-test.
The proposal received 74.91% “Yes” and 25.03% “Abstain” votes. This indicates some community members were reluctant to accept the Tax2Gas implementation. Most validators who participated have voted in favor of the proposal. It received support from validators such as Interstellar Lounge, JESUSisLORD, Stakely, HappyCattyCrypto, StakeBin, and others.
However, top Terra Luna Classic validator Allnodes voted “Abstain” and warned the community about the low level of discussions.
“We are abstaining as we acknowledge the community sentiment. It is important to note that we are not satisfied with the public communication and will consider voting NO on further proposals if we do not see an improvement.”
As CoinGape reported earlier, Tax2Gas proposal is game-changing as it will resolve issues including contract developers’ need to calculate the burn tax manually. The issues are — clients or dApps have to calculate the tax themselves as the simulation endpoint only provides gas estimates. Migrating audited dApps becomes cumbersome due to these Classic-specific adjustments, leading to potential re-audits.
Genuine Labs developers require 5 weeks for research, development, and basic testing and deployment. The estimated total budget is $25,000 in LUNC.
Proposal 12115 “Genuine Labs Tax2Gas Implementation” has passed in governance voting on Station wallet. The proposal by Genuine Labs aims to proceed with incorporating tax into the gas. The team will also work on increasing chain security by preventing attack vectors using e2e-test.
The proposal received 74.91% “Yes” and 25.03% “Abstain” votes. This indicates some community members were reluctant to accept the Tax2Gas implementation. Most validators who participated have voted in favor of the proposal. It received support from validators such as Interstellar Lounge, JESUSisLORD, Stakely, HappyCattyCrypto, StakeBin, and others.
However, top Terra Luna Classic validator Allnodes voted “Abstain” and warned the community about the low level of discussions.
“We are abstaining as we acknowledge the community sentiment. It is important to note that we are not satisfied with the public communication and will consider voting NO on further proposals if we do not see an improvement.”
As CoinGape reported earlier, Tax2Gas proposal is game-changing as it will resolve issues including contract developers’ need to calculate the burn tax manually. The issues are — clients or dApps have to calculate the tax themselves as the simulation endpoint only provides gas estimates. Migrating audited dApps becomes cumbersome due to these Classic-specific adjustments, leading to potential re-audits.
Genuine Labs developers require 5 weeks for research, development, and basic testing and deployment. The estimated total budget is $25,000 in LUNC.
LUNC and USTC Prices Jump
LUNC price fell 2% in the last 24 hours amid selling pressure in the crypto market. The price currently trades at $0.00009148, with a 24-hour low and high of $0.00008956 and $0.00009391, respectively. Moreover, trading volume decreased further by 9% in the last 24 hours, indicating a lack of interest among traders.
However, the Terra Classic community believes the price can hit $1 in this bull market. It needs to soar above the $0.00012 level for a massive rally to kick in.
Meanwhile, USTC price also tumbled more than 4%, with the price now trading at $0.01868. The 24-hour trading volume saw a 7% drop in the last 24 hours. Traders anticipate more falls amid weak chart patterns.
LUNC price fell 2% in the last 24 hours amid selling pressure in the crypto market. The price currently trades at $0.00009148, with a 24-hour low and high of $0.00008956 and $0.00009391, respectively. Moreover, trading volume decreased further by 9% in the last 24 hours, indicating a lack of interest among traders.
However, the Terra Classic community believes the price can hit $1 in this bull market. It needs to soar above the $0.00012 level for a massive rally to kick in.
Meanwhile, USTC price also tumbled more than 4%, with the price now trading at $0.01868. The 24-hour trading volume saw a 7% drop in the last 24 hours. Traders anticipate more falls amid weak chart patterns.
Coin exchange rate
$BTC 64384.08 USD (-0.13%) 🔴$LUNC 0.00007676 USD (+5.27%) 🟢$LUNA 0.41524961 USD (+3.38%) 🟢LUNC News: Terra Classic Highly Debated Proposal After TFL And SEC Settlement
LUNC News: The Terra Luna Classic community started voting again on a highly debated proposal to increase the validators set on the blockchain. The move comes after Terraform Labs and Do Kwon agreed to settle with the U.S. SEC for $4.5 billion. The proposal aims to bring Luna v2 validators to Terra Classic after the TFL and SEC settlement, bolstering the network’s decentralization and benefiting the LUNC community.
Terra Luna Classic Validator Set Boost Proposal
Proposal 12116 “Increase Validator Active Set to 130” is currently undergoing governance voting on the Station wallet. If passed, the Terra Lunc Classic community will increase the validator limit to 130 from the current 100, as they look to welcome back validators from Terra Luna v2 after Terraform Labs and the U.S. SEC settlement.
Expanding the validator set to 13o will strengthen Terra Classic network’s decentralization and benefit the LUNC community.
At press time, the proposal has received 38.04% “Yes votes” after top validator Allnodes voted “No” citing “The amount of LUNC required to get into the active set is not burdensome.” Nevertheless, the proposal received 93.43% votes from delegates, indicating major support from the community.
Among validators, 16 voted in favor of the proposal while five voted “No”, one “No with veto” and four “Abstain” votes. Vegas Node, Jesusislord, Nitawa, SolidVote, Hexxagon and other validators voted in favor of the proposal.
LUNC News: The Terra Luna Classic community started voting again on a highly debated proposal to increase the validators set on the blockchain. The move comes after Terraform Labs and Do Kwon agreed to settle with the U.S. SEC for $4.5 billion. The proposal aims to bring Luna v2 validators to Terra Classic after the TFL and SEC settlement, bolstering the network’s decentralization and benefiting the LUNC community.
Terra Luna Classic Validator Set Boost Proposal
Proposal 12116 “Increase Validator Active Set to 130” is currently undergoing governance voting on the Station wallet. If passed, the Terra Lunc Classic community will increase the validator limit to 130 from the current 100, as they look to welcome back validators from Terra Luna v2 after Terraform Labs and the U.S. SEC settlement.
Expanding the validator set to 13o will strengthen Terra Classic network’s decentralization and benefit the LUNC community.
At press time, the proposal has received 38.04% “Yes votes” after top validator Allnodes voted “No” citing “The amount of LUNC required to get into the active set is not burdensome.” Nevertheless, the proposal received 93.43% votes from delegates, indicating major support from the community.
Among validators, 16 voted in favor of the proposal while five voted “No”, one “No with veto” and four “Abstain” votes. Vegas Node, Jesusislord, Nitawa, SolidVote, Hexxagon and other validators voted in favor of the proposal.
LUNC and USTC Prices Hitting Resistance
Terra Classic ecosystem tokens hitting resistance levels to gain upside momentum, but fail to break the levels amid uncertainty in the crypto market.
LUNC price jumped 2% in the last 24 hours but gave up most gains once again. The price currently trades at $0.00009079, with a 24-hour low and high of $0.00008877 and $0.00009432, respectively. Moreover, trading volume decreased by 45% in the last 24 hours, indicating a lack of interest among traders.
Futures traders are mainly moving LUNC prices, as per CoinGlass data. The total LUNC futures open interest jumped over 4% in the last 24 hours, but traders sold LUNC in the last few hours.
Meanwhile, USTC price also fell more than 1%, with the price currently changing hands at $0.01847. The 24-hour trading volume saw a 63% drop in the last 24 hours as traders failed to hold the recovery. USTC hit a 24-hour high of $0.01972.
Terra Classic ecosystem tokens hitting resistance levels to gain upside momentum, but fail to break the levels amid uncertainty in the crypto market.
LUNC price jumped 2% in the last 24 hours but gave up most gains once again. The price currently trades at $0.00009079, with a 24-hour low and high of $0.00008877 and $0.00009432, respectively. Moreover, trading volume decreased by 45% in the last 24 hours, indicating a lack of interest among traders.
Futures traders are mainly moving LUNC prices, as per CoinGlass data. The total LUNC futures open interest jumped over 4% in the last 24 hours, but traders sold LUNC in the last few hours.
Meanwhile, USTC price also fell more than 1%, with the price currently changing hands at $0.01847. The 24-hour trading volume saw a 63% drop in the last 24 hours as traders failed to hold the recovery. USTC hit a 24-hour high of $0.01972.
Coin exchange rate
$BTC 62427.181 USD (-3.04%) 🔴$LUNC 0.00007416 USD (-3.36%) 🔴$LUNA 0.39768378 USD (-4.13%) 🔴Terra Luna Classic (LUNC) Burn Tax Change Proposal Officially Passed
The Terra Luna Classic community has passed a key proposal to implement a revised LUNC burn tax distribution. This pay-per-job (PPJ) proposal gets over 98% support from community members and validators on moving ahead with changes as per proposal 12098 passed earlier by the Terra Classic community in previous months. It is expected to be implemented in mid-July.
Terra Classic Community To Revise Burn Tax Distribution
A pay-per-job proposal 12114 by popular developer Till Z., known as Fragwuerdig, was passed by the Terra Luna Classic community. The developer has started working to implement the burn tax distribution change related to the oracle pool split as set in proposal 12098.
The proposal received 98.04% “Yes” votes, which indicates the proposal saw major support from validators. Among 47 validators who participated in the governance voting, top validators such as Allnodes, Interstellar Lounge, JESUSisLORD, Stakely, HappyCattyCrypto support the proposal.
As earlier reported, 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. As per 12098, the 20% will be distributed as 10% to Community Pool and 10% to Oracle pool.
This will impact immediate block rewards for LUNC users. Instead, the portion from the burn tax would go into long-term staking rewards (Oracle) to improve LUNC staking. In addition, it will help validators, but decrease the APR by about ~0.5% depending upon on-chain volumes.
The Terra Luna Classic community has passed a key proposal to implement a revised LUNC burn tax distribution. This pay-per-job (PPJ) proposal gets over 98% support from community members and validators on moving ahead with changes as per proposal 12098 passed earlier by the Terra Classic community in previous months. It is expected to be implemented in mid-July.
Terra Classic Community To Revise Burn Tax Distribution
A pay-per-job proposal 12114 by popular developer Till Z., known as Fragwuerdig, was passed by the Terra Luna Classic community. The developer has started working to implement the burn tax distribution change related to the oracle pool split as set in proposal 12098.
The proposal received 98.04% “Yes” votes, which indicates the proposal saw major support from validators. Among 47 validators who participated in the governance voting, top validators such as Allnodes, Interstellar Lounge, JESUSisLORD, Stakely, HappyCattyCrypto support the proposal.
As earlier reported, 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. As per 12098, the 20% will be distributed as 10% to Community Pool and 10% to Oracle pool.
This will impact immediate block rewards for LUNC users. Instead, the portion from the burn tax would go into long-term staking rewards (Oracle) to improve LUNC staking. In addition, it will help validators, but decrease the APR by about ~0.5% depending upon on-chain volumes.
LUNC and USTC Pares Recent Gains
LUNC and USTC prices are back to 2-month lows. If the LUNC support level at $0.000090 is broken again, bears can take over.
LUNC price slid over 4% in the last 24 hours, with the price currently trading at $0.0009051. The 24-hour low and high are $0.00008112 and $0.00009757, respectively. Moreover, trading volume decreased further by 7% in the last 24 hours, but good terms of Binance LUNC burn mechanism.
Meanwhile, USTC price also dropped 5%, with the price now trading at $0.0184. The 24-hour trading volume saw a mere 2% decline in the last 24 hours as traders bought the dip.
LUNC and USTC prices are back to 2-month lows. If the LUNC support level at $0.000090 is broken again, bears can take over.
LUNC price slid over 4% in the last 24 hours, with the price currently trading at $0.0009051. The 24-hour low and high are $0.00008112 and $0.00009757, respectively. Moreover, trading volume decreased further by 7% in the last 24 hours, but good terms of Binance LUNC burn mechanism.
Meanwhile, USTC price also dropped 5%, with the price now trading at $0.0184. The 24-hour trading volume saw a mere 2% decline in the last 24 hours as traders bought the dip.
Coin exchange rate
$BTC 60626.967 USD (-2.88%) 🔴$LUNC 0.00008081 USD (+9.01%) 🟢$LUNA 0.42406356 USD (+6.63%) 🟢Terraform Labs CEO Chris Amani Confirms Huge USTC, LUNC Burn
Terra Classic community seeks ways and prepares to burn billions of USTC and LUNC sitting idle in the wallets linked to Terraform Labs (TFL). The move comes as TFL announced that it would burn tokens in the wallets, sparking bullish speculation for USTC price.
TFL CEO Chris Amani has confirmed that these tokens will also be burned with the planned burn for LUNA. The burn readiness will take place in the next few months.
Terra Classic Plans To Burn Billion of USTC
Terra Luna Classic community plans to burn USTC and LUNC in the Terraform Labs (TFL) and Luna Foundation Guard (LFG) wallets. It would help the community to reduce the circulating supply of both Terra Luna Classic ecosystem tokens during the Terra-Luna death spiral.
As Terraform Labs and Do Kwon settled with the U.S. Securities and Exchange Commission (SEC) for $4.5 billion, LUNC community focused on burning the tokens. TFL CEO Chris Amani said that “TFL was always intended to dissolve at some point.” The company is winding down operations completely after filing bankruptcy.
Terra Luna Classic members have uncovered some TFL and LFG wallets that the community can burn as the company dissolves assets. However, some are curious about how the community will monitor and ensure USTC and LUNC burn are viable.
Terra Classic community seeks ways and prepares to burn billions of USTC and LUNC sitting idle in the wallets linked to Terraform Labs (TFL). The move comes as TFL announced that it would burn tokens in the wallets, sparking bullish speculation for USTC price.
TFL CEO Chris Amani has confirmed that these tokens will also be burned with the planned burn for LUNA. The burn readiness will take place in the next few months.
Terra Classic Plans To Burn Billion of USTC
Terra Luna Classic community plans to burn USTC and LUNC in the Terraform Labs (TFL) and Luna Foundation Guard (LFG) wallets. It would help the community to reduce the circulating supply of both Terra Luna Classic ecosystem tokens during the Terra-Luna death spiral.
As Terraform Labs and Do Kwon settled with the U.S. Securities and Exchange Commission (SEC) for $4.5 billion, LUNC community focused on burning the tokens. TFL CEO Chris Amani said that “TFL was always intended to dissolve at some point.” The company is winding down operations completely after filing bankruptcy.
Terra Luna Classic members have uncovered some TFL and LFG wallets that the community can burn as the company dissolves assets. However, some are curious about how the community will monitor and ensure USTC and LUNC burn are viable.
LUNC and USTC Prices To Rally After Big Burn
Terra Classic community anticipates a massive rally in LUNC and USTC prices after the big burn. However, the burn isn’t likely to bring any significant price action.
LUNC price continues to move sideways, with the price currently trading at $0.00009102. The 24-hour low and high are $0.00008956 and $0.00009237, respectively. Moreover, trading volume has decreased by 13% in the last 24 hours, indicating a lack of interest among traders in this downturn.
Meanwhile, USTC price saw some signs of recovery as the community plans for the burn. The price is currently changing hands at $0.01864. The trading volume has dropped by 15%.
Terra Classic community anticipates a massive rally in LUNC and USTC prices after the big burn. However, the burn isn’t likely to bring any significant price action.
LUNC price continues to move sideways, with the price currently trading at $0.00009102. The 24-hour low and high are $0.00008956 and $0.00009237, respectively. Moreover, trading volume has decreased by 13% in the last 24 hours, indicating a lack of interest among traders in this downturn.
Meanwhile, USTC price saw some signs of recovery as the community plans for the burn. The price is currently changing hands at $0.01864. The trading volume has dropped by 15%.
Coin exchange rate
$BTC 61697.007 USD (+1.76%) 🟢$LUNC 0.00008207 USD (+1.58%) 🟢$LUNA 0.42791762 USD (+1.0%) 🟢LUNC News: The Terra Luna Classic community rejected a highly debated proposal to increase the validators set to 130 on the blockchain. The move comes after Terraform Labs and Do Kwon agreed to settle with the U.S. SEC for $4.5 billion. Some saw the proposal as an initial merge effort with Terra (LUNA) community by bringing Luna v2 validators to Terra Classic after the TFL and SEC settlement, bolstering the network’s decentralization.
Terra Luna Classic Rejects Proposal
The Terra Luna Classic community is currently reluctant to increase the validator limit to 130 from 100, as they look to welcome back validators from Terra Luna v2 after Terraform Labs and the U.S. SEC settlement. Proposal 12116 “Increase Validator Active Set to 130” failed to reach pass threshold in the governance voting.
The proposal received a mere 30.59% “Yes” votes. Notably, 46.17% “No” and 22.59% “Abstain” votes took down the LUNC proposal after denial by top delegates and validators. Among 46 validators who voted, only 10 such as Allnodes, Luna Station 88, LuncGoblins, Austism Staking, and others voted against the proposal.
Allnodes stated the chain is not currently ready for it, stating “The amount of LUNC required to get into the active set is not burdensome.”
Proposer suggested that expanding the validator set to 13o will strengthen Terra Classic network’s decentralization and benefit the LUNC community.
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Terra Classic ecosystem tokens gained upside momentum amid a rearrangement of LUNC positions after BtcTurk crypto exchange delisted LUNC after the hack. LUNC futures open interest rises 24% in the last 4 hours.
LUNC price soars more than 10% in 24 hours. The price currently trades at $0.00008246, with a 24-hour low and high of $0.00007255 and $0.00008257, respectively. Moreover, trading volume has increased by 50% in the last 24 hours.
Meanwhile, USTC price also jumped more than 5%, with the price currently changing hands at $0.0181. The 24-hour trading volume saw a rise of 136%. USTC futures open interest also rise over 21% in the past few hours, implying a possible reversal.
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$BTC 60769.916 USD (-1.5%) 🔴$LUNC 0.00008087 USD (-1.47%) 🔴$LUNA 0.41796728 USD (-2.33%) 🔴Recent Terra Classic Mega Burn: Impact On LUNC Price
Terra Classic (LUNC) has experienced a substantial burn of over 6 billion LUNC tokens, following major sell-offs by large investors. This activity arose after Terraform Labs CEO Chris Amani confirmed the impending burn of LUNC and USTC from TFL and LFG wallets.
In the past 48 hours, the LUNC burn count has exceeded 6.5 billion, driven by large wallets selling LUNC and significant movements on centralized exchanges. Following a massive 5 billion token burn shared on X by Mr. Diamondhandz1, more burns followed, raising the total to over 6.5 billion.
This has driven the 7-day burn metric shown on Luncmetrics to an astonishing 6.93 billion tokens, resulting in a notable decrease in supply, while the community pool has seen an increase.
LUNC trading volumes have surged by more than 600% within 24 hours, reflecting heightened trading activity. This spike follows CEO Chris Amani’s assurance to the Terra Classic community that LUNC and USTC in TFL and LFG wallets would be burned. Amani also committed to blacklisting and burning wallets holding LUNC and USTC if the firm cannot access them.
The latest burn has brought the total LUNC burned to over 123.5 billion, with Binance leading the effort, having burned 60.42 billion LUNC (48.9% of total burns) through its monthly burn mechanism.
Terra Classic (LUNC) has experienced a substantial burn of over 6 billion LUNC tokens, following major sell-offs by large investors. This activity arose after Terraform Labs CEO Chris Amani confirmed the impending burn of LUNC and USTC from TFL and LFG wallets.
In the past 48 hours, the LUNC burn count has exceeded 6.5 billion, driven by large wallets selling LUNC and significant movements on centralized exchanges. Following a massive 5 billion token burn shared on X by Mr. Diamondhandz1, more burns followed, raising the total to over 6.5 billion.
This has driven the 7-day burn metric shown on Luncmetrics to an astonishing 6.93 billion tokens, resulting in a notable decrease in supply, while the community pool has seen an increase.
LUNC trading volumes have surged by more than 600% within 24 hours, reflecting heightened trading activity. This spike follows CEO Chris Amani’s assurance to the Terra Classic community that LUNC and USTC in TFL and LFG wallets would be burned. Amani also committed to blacklisting and burning wallets holding LUNC and USTC if the firm cannot access them.
The latest burn has brought the total LUNC burned to over 123.5 billion, with Binance leading the effort, having burned 60.42 billion LUNC (48.9% of total burns) through its monthly burn mechanism.
LUNC and USTC Prices Decline
The Terra Luna Classic ecosystem tokens have seen significant price declines as whales and other investors offloaded LUNC. LUNC is trading at $0.00007525, down 2.98% over the past week. LUNC has failed to meet investor expectations, dropping 28.12% over the past week and 31.87 over the past month.
USTC has not fared significantly better, showing a 3.04% decrease over the past 24 hours and trading at $0.0171. LUNC has also dropped 18.67% over the past weeks and 24.37% over the past month.
This poor performance has caused negative reactions from community members. A prominent crypto proponent recently called LUNC a meme coin because of its abysmal performance.
However, he received backlash from some in the community, as many are confident that LUNC’s poor performance is just short-term volatility. Another prominent figure also weighed in on the closure of Terraform Labs, pointing out how this potentially negative outcome can benefit LUNC. Despite the bearish trend, LUNC still has a recovery potential, and many analysts believe it is coming soon.
The Terra Luna Classic ecosystem tokens have seen significant price declines as whales and other investors offloaded LUNC. LUNC is trading at $0.00007525, down 2.98% over the past week. LUNC has failed to meet investor expectations, dropping 28.12% over the past week and 31.87 over the past month.
USTC has not fared significantly better, showing a 3.04% decrease over the past 24 hours and trading at $0.0171. LUNC has also dropped 18.67% over the past weeks and 24.37% over the past month.
This poor performance has caused negative reactions from community members. A prominent crypto proponent recently called LUNC a meme coin because of its abysmal performance.
However, he received backlash from some in the community, as many are confident that LUNC’s poor performance is just short-term volatility. Another prominent figure also weighed in on the closure of Terraform Labs, pointing out how this potentially negative outcome can benefit LUNC. Despite the bearish trend, LUNC still has a recovery potential, and many analysts believe it is coming soon.
Coin exchange rate
$BTC 61292.257 USD (+0.88%) 🟢$LUNC 0.00008293 USD (+2.55%) 🟢$LUNA 0.43184200 USD (+3.32%) 🟢Terra Classic Stalls Merger Plan with LUNA Amid Validator Dispute
The Terra Luna Classic community has rejected a highly debated proposal to increase the validator set to 130 on the blockchain. This decision comes in the wake of Terraform Labs and Do Kwon’s agreement to settle with the U.S. SEC for $4.5 billion.
According to updates shared in Today’s Coin Market Cap news, the proposal aimed to merge efforts with the Terra (LUNA) community by incorporating Luna v2 validators into Terra Classic, thereby enhancing the network’s decentralization. The community’s reaction can be summarized as follows:
Proposal Rejection: The community voted against Proposal 12116, which sought to increase the validator limit from 100 to 130. The proposal received only 30.59% “Yes” votes, while 46.17% voted “No,” and 22.59% abstained. This outcome reflects the community’s reluctance to expand the validator set at this time.
Voting Breakdown: Out of 46 validators who participated in the vote, only 10 supported the proposal. Notable validators such as Allnodes, Luna Station 88, LuncGoblins, and Autism Staking voted against it, citing concerns about the current readiness of the chain for such an expansion. Allnodes stated, “The amount of LUNC required to get into the active set is not burdensome.”
Proposer’s Perspective: The proposer argued that increasing the validator set would strengthen the network’s decentralization and benefit the LUNC community. However, the opposition believed that the amount of LUNC required to join the active set is not yet a burden, suggesting the network is not prepared for this change.
The Terra Luna Classic community has rejected a highly debated proposal to increase the validator set to 130 on the blockchain. This decision comes in the wake of Terraform Labs and Do Kwon’s agreement to settle with the U.S. SEC for $4.5 billion.
According to updates shared in Today’s Coin Market Cap news, the proposal aimed to merge efforts with the Terra (LUNA) community by incorporating Luna v2 validators into Terra Classic, thereby enhancing the network’s decentralization. The community’s reaction can be summarized as follows:
Proposal Rejection: The community voted against Proposal 12116, which sought to increase the validator limit from 100 to 130. The proposal received only 30.59% “Yes” votes, while 46.17% voted “No,” and 22.59% abstained. This outcome reflects the community’s reluctance to expand the validator set at this time.
Voting Breakdown: Out of 46 validators who participated in the vote, only 10 supported the proposal. Notable validators such as Allnodes, Luna Station 88, LuncGoblins, and Autism Staking voted against it, citing concerns about the current readiness of the chain for such an expansion. Allnodes stated, “The amount of LUNC required to get into the active set is not burdensome.”
Proposer’s Perspective: The proposer argued that increasing the validator set would strengthen the network’s decentralization and benefit the LUNC community. However, the opposition believed that the amount of LUNC required to join the active set is not yet a burden, suggesting the network is not prepared for this change.
LUNC Community’s Ongoing Efforts
Earlier, CNF reported that the total LUNC burned has surpassed 113.71 billion. This latest burn by Binance means that the total LUNC tokens burned by the Terra Luna Classic community has now gone past the 113.71 billion mark. Of this total, Binance users contributed a large share, responsible for about 51.9% of the overall tokens that have been burned by the community.
The continued burning of the token supply by the exchange aligns with the goal of fostering the development and stability of Terra Luna Classic. At the time of writing, Terra (LUNA) is priced at $0.4268, reflecting an increase of 4.41% in the past day and 3.01% in the past week. See the price chart of LUNA below.
The community’s decision underscores a cautious approach towards enhancing network decentralization, ensuring the readiness and stability of Terra Luna Classic.
Earlier, CNF reported that the total LUNC burned has surpassed 113.71 billion. This latest burn by Binance means that the total LUNC tokens burned by the Terra Luna Classic community has now gone past the 113.71 billion mark. Of this total, Binance users contributed a large share, responsible for about 51.9% of the overall tokens that have been burned by the community.
The continued burning of the token supply by the exchange aligns with the goal of fostering the development and stability of Terra Luna Classic. At the time of writing, Terra (LUNA) is priced at $0.4268, reflecting an increase of 4.41% in the past day and 3.01% in the past week. See the price chart of LUNA below.
The community’s decision underscores a cautious approach towards enhancing network decentralization, ensuring the readiness and stability of Terra Luna Classic.