The Terra Luna Classic community has endorsed a pivotal measure to elevate the minimum deposit required for governance proposals. This action serves as a strategic move to tackle the recent influx of spam and frivolous proposals inundating the network. By setting the bar at 1 million LUNC for an initial deposit, the community aims to filter out insignificant or malicious submissions before they progress to the deposit stage.
Community Backs Anti-Spam Initiative
The decisive vote came through proposal number 12071, entitled “Set the Minimum Initial Deposit Amount to 1 million LUNC,” achieving substantial backing in the Station wallet polling. The primary goal of this resolution is to curtail the prominence of unsolicited spam proposals, ensuring the Station wallet deposit section remains clutter-free.
With an overwhelming majority of over 89% voting in favor, the proposal was met with widespread approval, with only 9% dissenting. The remaining 1% of votes were split between vetoes and abstentions. The outcome of the vote reflects the community’s desire to sustain the positive momentum recently gained by the network.
Out of 49 validators that cast their votes, 43 prominent validators, including Allnodes, Orion, Interstellar Lounge, Interstake One, and Luna Station 88, showed their support. A minority of validators chose to vote against or abstain from the proposal.
Moreover, the governance proposal deposit’s minimum initial rate is set to increase by 20% due to this parameter alteration. Consequently, the threshold for a proposal to advance to the governance voting phase now stands at 5 million LUNC.
Price Surge Observed in LUNC and USTC
Both LUNC and USTC, Terra Classic’s native tokens, have experienced a notable 30% value increase over the preceding month, signaling a bullish trend following the network’s development efforts. As of the last 24 hours, LUNC’s price has risen by 3%, hitting $0.0001224 with a peak of $0.000125 and a trough of $0.000116. This price hike coincides with a 30% boost in trading volume.
Simultaneously, USTC has also seen a growth of over 2% within the same 24-hour timeframe, currently valued at $0.03017.