Terra Luna Classic Minimum Initial Deposit Proposal Officially Passed, LUNC Price Ascends
Highlights
- Terra Classic Proposal 12071 to set the minimum initial deposit to 1M LUNC has passed
- The proposal passed with support from validators such as Allnodes, Orion, Interstellar Lounge and others
- LUNC and USTC prices continue upside momentum
Terra Luna Classic’s proposal of raising the minimum initial deposit has been successfully passed by the community, aiming to cut down a significant increase in spam proposals recently. It will provide an entry barrier into the deposit section to prevent these proposals from even appearing in the deposit phase by requiring a minimum initial deposit of 1 million LUNC.
Terra Luna Classic Community Passes Major Proposal
Proposal 12071 “Set the Minimum Initial Deposit to 1M LUNC” has surpassed the pass threshold in the Station wallet, garnering substantial support from the Terra Luna Classic community. This makes spam proposals or poorly written proposals reduce significantly in the deposit section of the Station wallet.
The proposal received over 89% votes in favor, with 9% “No” and 1% votes each for “No with veto” and “Abstain”. The community considers the proposal crucial amid recent positive developments. Among 49 validators who participated, 43 validators including Allnodes, Orion, Interstellar Lounge, Interstate One, and Luna Station 88 voted in favor of the proposal. Few Terra Luna Classic validators voted No and Abstain in the governance voting.
CoinGape reported that a parameter change will raise the minimum initial deposit ratio for governance proposal deposits to 20%. Notably, an initial amount for the deposit phase will be 1 million LUNC, with the proposal in deposit still having to fulfill the 5 million deposit amount to proceed to the governance voting stage.
Also Read: Terra Vs SEC — Court Sets Pretrial Deadline As Do Kwon Set for US Extradition
LUNC and USTC Prices Gain Momentum
LUNC and USTC prices have rallied over 23% in a month. The Terra Classic ecosystem prices have gained momentum amid a rise in development activity. As per CoinGape analysis, here are 5 reasons why LUNC price can hit $0.0002 soon.
LUNC price jumped 2% earlier in the trading session but is currently down around 1% in the past 24 hours. The 24-hour low and high are $0.000116 and $0.000125, respectively. Moreover, trading volume has increased slightly in the last 24 hours.
Meanwhile, USTC the price has soared more than 2% in the last 24 hours, with the price currently trading at $0.031. The 24-hour high and low are $0.0285 and $0.0320, respectively. Trading volume increased in the last 24 hours by 66%.
Also Read: Best Performing Crypto Tokens Recording $8B Avg Volume In This Bull Rally
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