Terra 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?
- Breaking: CME Group to Launch Solana and XRP Futures Options as Institutional Demand Grows
- Franklin Templeton CEO Dismisses 50bps Rate Cut, Citing ‘Robust Economy’ Ahead of FOMC
- Bitget Unveils ‘Universal Exchange’ Era to Mark 7-Year Anniversary
- Forward Industries Launches $4B Program to Boost Solana Holdings as Analyst Eyes $500 SOL
- Expert Identifies Bullish DOGE Flag as CleanCore Treasury Tops $160M With Fresh Purchase
- PEPE Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
- Bitcoin Price Prediction as Fed Decision Nears — Dump Before the Next Rally?
- Ethereum Price Prediction As Standard Chartered Says Treasury Buying Will Boost ETH Over Rivals
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
