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.

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