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

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.

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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.

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