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The Terra Classic community is currently voting on several proposals, driven by concerns over a rise in spam submissions following a decline in the price of Luna Classic (LUNC). A new proposal aims to increase the minimum deposit requirement from 1 million LUNC to 5 million LUNC, a move that has led to expectations of a potential price increase ahead of the upgrade.
Proposal 11780, titled the “Initiative to Address Spam Proposals by Raising Minimum Deposit to 5M LUNC,” is under consideration. Its primary objective is to raise the minimum deposit threshold from 1 million LUNC to 5 million LUNC, thereby creating a higher barrier for scam proposals to advance beyond the deposit phase. This measure is designed to counteract the influx of spam and irrelevant proposals submitted for voting within the Terra Classic community.
Validators have agreed that the existing 1 million LUNC threshold is insufficient to deter these proposals. Hexxagon, the developer team behind the community-owned Station wallet, has observed a notable uptick in spam proposals.
Initiative to combat spam proposals by increasing minimum deposit amount to 5M LUNC
We currently have seen an increase in “SPAM” proposals going up, since the price of LUNC has dropped, 1M LUNC is no longer effective in combatting these types of proposals, this proposal will…— Hexxagon (@hexxagon_io) September 8, 2023
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At the time of writing, the proposal has received 34% of votes in favor, 64% against, and 2% voting “No with veto.” Nine validators, including Hexxagon, Lunanauts, and Coinpayu, support the proposal.
Meanwhile, Terra Classic developers are preparing for the v2.2.1 core upgrade, scheduled for September 12 at 9:57 am UTC. Additionally, the TerraUSD Classic (USTC) quant team has initiated contact with centralized exchanges in an effort to reestablish the peg of USTC.
Related: Prime Trust parent company lost $8M investing in TerraUSD
LUNC and Terra (LUNA) have experienced a significant surge in trading volumes recently, propelled by important community-approved proposals. LUNA, led by Terraform Labs, has seen growth of over 5% in the past week, while LUNC is also displaying upward momentum in anticipation of the core upgrade by its developer team.
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