Terra Luna Classic Proposal Passes Despite Concerns, LUNC Falls 10% USTC 15%
A Terra Luna Classic proposal is approved by the community to cut down a significant number of validators on the Terra Classic chain. The proposal received backlash from some validators and members of the Terra Luna Classic community due to security, centralization, and growth risk, but it has surpassed the pass threshold as some validators in the top 100 voted in favor.
Terra Luna Classic Proposal Passes To Decrease Validators Sets
Proposal 11888 “Decrease the validator set of Terra Classic to 100 from 135” has surpassed the pass threshold. It aims to drop small validators on claims that fewer requirements to become a validator allow bad actors to create validators and impersonate others.
“The validator set size in the Terra Classic is 130, and the last validator one the 113th place has 1.86M LUNC delegated to them (at the time of writing), which means that anyone can launch a Terra Classic validator without any serious efforts,” as per the proposal.
Some validators earlier argued that inactive and non-participating validators must be dropped from the chain. The proposal tries to affirm that passing the proposal will benefit small validators due to the dynamic commission module and re-delegation.
The proposal has received 31.69% “Yes” votes, along with 22.49% “No” and 46 “Abstain” votes. The community believes the proposal can harm the chain due to centralization, contrary to the decentralization goal. Also, it will decrease security of the chain and harm small validators trying to contribute to the community.
The largest validator Allnodes refrained from taking a side and voted “Abstain.” 14 validators voted “Yes”, 25 “No” and 16 “Abstain.”
Also Read: Terra Luna Classic (LUNC) Community Eyes Huge Rally As v2.3.2 Upgrade Proposal Passed
LUNC and USTC Prices Tumble
LUNC and USTC prices have rallied nearly 300% and 400% amid significant positive announcements from Binance and the community.
LUNC price fell 10% in the last 24 hours after more than 150% rally in a week, with the price currently trading at $0.000237. The 24-hour low and high are $0.000225 and $0.000275, respectively. Furthermore, the trading volume has decreased by 20% in the last 24 hours, indicating a decline in interest among traders.
Meanwhile, USTC price trades at $0.055, down 15% after a massive rally this week. The 24-hour low and high are $0.0529 and $0.0647, respectively. Moreover, the trading volume fell 12% in the past 24 hours.
Also Read:
- Cathie Wood’s Ark Invest Sells Coinbase Shares & Buys Robinhood As Prices Rally
- Binance Launches Zero-Fee Trading For XRP, ETH, SOL, DOGE, LINK, BNB
- Best Crypto To Buy Now On December 5 – STX, CFX, ORDI
- XRP to $9? Analysts Tip ‘XRP Is a Buy’ as Price Targets 200% Surge
- CZ Endorses Hyperliquid Rival Aster DEX, Token Rallies 1,500%
- Tom Lee’s BitMine Adds $84M in ETH as Expert Predicts Ethereum Rally to $5K
- Grayscale’s Crypto Index Fund Sees ‘Solid Start’ as SOL, XRP Institutional Demand Climbs
- Senate Democrats Urge Republicans for ‘True Collaboration’ to Quickly Pass CLARITY Act
- PUMP Price Forecast: Whale Buys 1B Tokens as Bullish Pennant Signals 65% Breakout
- Bitcoin Price Prediction: Analyst Highlights Breakout Patterns as Coinbase CEO Backs Crypto Structure Bill
- Dogecoin Price Prediction: Grayscale ETF Move Aligns With Cycle Breakout
- Chainlink Price Prediction: Whales Scoop 2M LINK as Analysts Eye 184% Breakout Rally
- Shiba Inu (SHIB) Price Prediction: Massive SHIB Burn and 80-Week Cycle Mirroring Past Rallies: Will History Repeat?
- Cardano Price Stays Above Ichimoku Cloud as Grayscale ADA ETF Approval Nears
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.
