Terra Classic Set to Raise Minimum Initial Deposit for LUNC Proposals

Highlights

Terra Luna Classic community proposes raising minimum initial deposit to 1 million LUNC
Spam proposals surges despite minimum deposit amount raised from 1 million LUNC to 5 million LUNC last year
All validators show unanimous support for the proposal

The Terra Luna Classic community votes on another proposal related to changing the minimum deposit as spam proposals continue despite increasing minimum deposit amount from 1 million LUNC to 5 million LUNC in September last year.

Terra Luna Classic Setting Minimum Initial Deposit to 1M LUNC

Proposal 12071 “Set the Minimum Initial Deposit to 1M LUNC” is up for voting in the Station wallet. Spam proposals or poorly written proposals are rising deposit voting section. This proposal aims to provide an entry barrier into the deposit section to prevent these proposals from even appearing in the deposit phase.

A parameter change will raise the minimum initial deposit ratio for governance proposal deposits to 20%. At the current minimum deposit amount of 5 million LUNC, the minimum initial deposit is equal to 1 million LUNC. Notably, initial amount for the deposit phase will be 1 million LUNC, with the proposal still has to fulfill the 5 million deposit amount to proceed to the governance voting stage.

Until now, the proposal has received over 98% “Yes” and 1% “No with veto” votes, along with some “No” and Abstain votes. All 18 validators who participated yet have voted in favor of the proposal. Some Terra Luna Classic community members do believe the amount is still higher.

LUNC price jumped 1% in the past 24 hours after a 15% rally last week, with the price currently trading at $0.000129. The 24-hour low and high are $0.000127 and $0.000135, respectively. However, trading volume has decreased by 24% in the last 24 hours. As per CoinGape analysis, here are 5 reasons why LUNC price can hit $0.0002 soon.

Meanwhile, USTC price has soared more than 5% in the last 24 hours, with the price currently trading at $0.0329. The 24-hour high and low of $0.0313 and $0.0351, respectively. Trading volume increased in the last 24 hours to 130%. USTC has made a rally of 28% in a week.

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