Claim $500Terra Luna Classic Community Votes To Reset Validator Commission; LUNC To Rally?
Members of the Terra Luna Classic community are set to vote for a soft fork that brings about setting minimum commission for validators along with some other technical improvements. This comes after the recent proposal to raise the minimum deposit amount to 5 million LUNC to prevent spam proposals.
Also Read: Justin Sun Announces SAFU Fund After HTX Global (Huobi) Hack
In August 2023, the community members proposed a vision for revival and better governance on the blockchain, laying out ideas and proposals for the chain with title “Terra Classic Expedition: A united vision.”
LUNC Community, Validator Agreement
Proposed changes with the soft fork suggested changes to the minimum validator commission after it was accidentally set to 0% during the mainnet upgrade. Till Ziegler, a former member and contributor of the Terra Classic Joint L1 Task Force (L1TF) team, proposed that a soft fork upgrade was needed instead of a simple governance proposal. Following this, Vinh, a blockchain engineer, proposed that the JL1TF team release the v2.2.2 soft fork which includes the 5% commission part and some other improvements.
“If passed, validators are required to upgrade their terrad to v2.2.2 as soon as possible. Deadline for terrad v2.2.2 will be at block 14890000 (October 9, 2023).”
The proposal has just been submitted and has a deadline for voting until October 3, 2023. So far, the soft fork proposal received a unanimous Yes vote share of 1.64% out of the total voting power. Earlier, CoinGape reported that the LUNC community voted to cease all minting and reminting of Terra Classic USD (USTC).
LUNC Price Prediction
CoinGape earlier reported that a bullish wave from the current range of $0.00006 has potential to trigger a recovery for the token back to the $0.00007 mark for LUNC Price. In the last few days, the Terra Classic LUNC daily trading volume has seen criss cross movement between $350 to $370 million.
Also Read: XRP Price To Face Volatility With Huge Anonymous Wallet Transfers?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Bitcoin, AI Coins Bounce as Nvidia Signs $20B AI Inference Deal with Groq
- PENGU Rises Despite Crypto Market Downtrend as Pudgy Penguins Appear on Las Vegas Sphere
- Binance Lists First Nation–Backed Stablecoin; CZ Reacts
- U.S. Initial Jobless Claims Fall To 214,000; BTC Price Drops
- BlackRock Deposits Millions in Bitcoin and Ethereum as CryptoQuant Flags Growing Bear Market Risk
- XRP, Bitcoin, Ethereum Price Predictions Ahead of Jan 2026 CLARITY Act and US Crypto Reserve Plans
- Pi Network Analysis: Pi Coin Price Surges on Christmas Eve, Can It Hit Year-End Highs?
- Why Dec 26th Is A Do Or Die for Bitcoin Price Ahead Of Record Options Expiry?
- Why Bitcoin, Ethereum And XRP Prices Are Down Today? (24 Dec)
- XRP Price Prediction: Will 4 Billion Transactions Spark Next Rally?
- Solana Price Outlook: Will SOL Recover With Strong Institutional Buying?
