Terra Luna Classic has approved proposal to raise minimum commission to 2.5% as a benefit for small validators to increase the infrastructure validators run on. The proposal was also introduced to prevent spam attacks on the chain.
Terra Classic ecosystem tokens’ prices have been trading above support despite a decline in trading volumes, with LUNC price up 12% in a week.
Proposal 12097 “Minimum Commission 2.5%” is currently under voting and the proposal is currently passing, with quorum and pass threshold reached. The aim of the proposal is to increase minimum commission for validator from 0% to 2.5% in an effort to help boost infrastructure validtors run on.
The proposal has received over 35 “Yes” votes, along with 32% “No”, 0.5% “No with veto” and 32.50% “Abstain” votes. While most of the validators voted in favor of the proposal, top validator Allnodes said “Top 15 validators had 84.62% VP before the implementation of the dynamic commission. Now they have 69.48%. Numbers would be significantly less with a 2.5% minimum commission.” 7 validators such as Allnodes and JesusisLord voted “No” and 33 validators have voted in favor.
“0% commission makes it difficult to allow this to happen while being competitive with other validators. A recent 5% prop was voted down due to decreasing the delta for DynComm too much, as such 2.5% is being proposed as a happy medium,” as per the proposal.
Read More: Terra Classic Community Officially Rejects Highly Debated 10x Gas Proposal
LUNC price fell 2% in the last 24 hours after 15% jump in a week, with the price currently trading at $0.000111. The 24-hour low and high are $0.000110 and $0.000114, respectively. Moreover, trading volume decreased by 39% in the last 24 hours, indicating a decline in interest among traders.
Meanwhile, USTC price also fell over 1%, with the price changing hands at $0.01985. The price climbed 20% higher last week, but the trading volume dropped causing USTC to lose momentum. The 24-hour low and high are $0.01963 and $0.02039, respectively.
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