LUNC News: Terra Classic And LUNA’s Initial Merger Attempt Hits Roadblock

Varinder Singh
June 24, 2024 Updated September 5, 2025
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LUNC News: Terra Luna Classic Tax2Gas upgrade

Highlights

  • Terra Luna Classic community rejects proposal to increase the validators set to 130.
  • Top validators such as Allnodes and Luna Station 88 believed the chain isn't ready for bringing Luna v2 validators.
  • LUNC and USTC prices jump and futures open interests hints at reversal.

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.

Also Read: Institutional Investors Sell Bitcoin, Ethereum Worth $690M, Buys XRP

LUNC and USTC Prices Jump Defying Market Sentiment

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 continued to rise in the last few days.

LUNC price soars more than 1% in 24 hours. The price currently trades at $0.00008164, with a 24-hour low and high of $0.00008031 and $0.00008367, respectively. However, trading volume has decreased by 60% in the last 24 hours, indicating a lack of interest from traders.

Meanwhile, USTC price move sideways near $0.0180, with the price currently changing hands at $0.01775. The 24-hour trading volume dropped by 55%. USTC futures open interest also dropped by 3% in the past few hours, implying a loss of momentum.

Also Read: Elon Musk’s X Payments Nears Launch, Receives Another Money Transmitter License

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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.

About Author
About Author
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.