NewsletterLUNC News: Terra Luna Classic Key Proposal Fails, LUNC Price Stars Rallying
Highlights
- Terra Luna Classic rejects a crucial proposal on preventing validators from running multiple nodes.
- Validator such as Allnodes claim no enforceable rules should be created on permissionless blockchains.
- LUNC price jumps 5% amid broader market recovery.
LUNC News: Terra Luna Classic community has rejected a crucial proposal on preventing validators from running multiple nodes on the chain. The proposal received some votes in favor from validators, but top validator Allnodes voted “No” citing “No enforceable rules should not be created on permissionless blockchains” as the reason.
Terra Luna Classic Proposal Rejected
Proposal 12101 “Rules to prevent double & network validating” has failed to pass governance vote. The proposal aimed ar tackling the emergence of validators running multiple nodes on the chain, posing a risk to the decentralization and security of the network.
The proposal received nearly 38% “Yes” votes, along with 37% “No”, 21% “No with veto” and 4% “Abstain” votes. The proposal has not received support from validators and delegators. Out of 45 validators who participated in the voting, only 20 validators including Interstellar Lounge, HappyCattyCrypto, TerrCVita, LBUN Project, and StakeBin voted in favor of the proposal.
As CoinGape reported earlier, this measure addresses concerns about potential risks to the network’s security and decentralization. Validators currently operating multiple nodes would need to revert to a single-node operation. Non-custodial providers must enforce these restrictions rigorously. The proposal seeks to diminish the likelihood of Sybil attacks, where one entity controls multiple nodes, thus compromising the network’s integrity.
Also Read: Binance Burns 1.4 Billion Terra Luna Classic (LUNC) Tokens
LUNC Price Soars 5%
LUNC price jumped 5% in a day amid market-wide buying. The price is currently trading at $0.0001096. The 24-hour high and low are $0.0001047 and $0.0001097, respectively. Moreover, trading volume has increased slightly in the last 24 hours.
Meanwhile, USTC price climbed 1% in the last 24 hours, with the price currently trading at $0.01981. The 24-hour low and high are $0.01941 and $0.01992, respectively.
Also Read:
- New Class Action Lawsuit Filed Against Coinbase, Brian Armstrong
- This Firm Invests $75M In BlackRock, Fidelity, Bitwise, GBTC Bitcoin ETF: SEC Filing
- Elon Musk’s Tesla Adds Dogecoin As Payment Method, DOGE Price Rally 20%
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
- Breaking: Bitcoin Gains State Adoption as Texas Becomes First U.S. State to Purchase BTC
- Rate Cut Advocate Kevin Hassett Emerges as Trump’s Top Pick For Fed Chair
- Breaking: Crypto Platform Polymarket To Operate As A U.S. Exchange as CFTC Issues Key Order
- SEC Panel to Discuss Regulatory Changes for Tokenized Equities on Dec. 4
- December Fed Rate Cut Odds Surge To 85% Following PPI Release
- Monad Price Prediction Amid Mainnet Debut — Is a Bigger Breakout Ahead?
- Chainlink Price Could Soar to $15 as ETF Listing Nears
- Will Cardano Price Rebound as Hoskinson Hints at a TVL Surge After Midnight Launch?
- Ethereum Price Holds $2,900 Amid Massive ETF Inflows and BlackRock Purchase
- Sui Price Surges 12%: Could This Mark the Start of a Bullish Trend?
- Is Bitcoin Price Set for Major Recovery as December Rate Cut Chances Hit 80.9%?
