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- The Terra Luna Classic community is contemplating a proposal to increase the minimum deposit requirement from 1 million LUNC
to 5 million LUNC as a measure against spam proposals.
- This measure aims to protect the Terra Luna Classic ecosystem by preventing spam and fraudulent proposals.
- Validators believe the current 1 million LUNC minimum deposit requirement is ineffective and support the proposal for an increase.
The Terra Luna Classic community is considering an increase in the minimum deposit requirement to combat spam proposals. This move is aimed at safeguarding the ecosystem from fraudulent activities. Validators are in support of this proposal, citing the current requirement as ineffective.
Addressing the Surge in Spam Proposals
The Terra Luna Classic community is currently voting on several proposals following concerns about an increase in “spam” proposals after a drop in Luna prices. One such proposal aims to increase the minimum deposit requirement from 1 million LUNC to 5 million LUNC in anticipation of a potential price increase before the proposal upgrade. As significant updates are made in Terra Luna Classic, LUNA and LUNC trading volumes have increased due to the impact of significant proposals approved by the community.
Preventing Fraudulent Activities
Proposal number 11780 titled “Initiative to Address Spam Proposals by Raising the Minimum Deposit to 5 Million LUNC” is under consideration. The proposal aims to create a higher barrier for fraudulent proposals to get beyond the deposit stage by raising the minimum deposit requirement from 1 million LUNC to 5 million LUNC. This measure aims to counter the influx of “spam” and irrelevant proposals put to vote within the Terra Luna Classic community.
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Validators agree that the current 1 million LUNC threshold is insufficient in deterring these unwanted proposals. The developer team responsible for the community-owned Station wallet, Hexxagon, observed an increase in spam proposals. Currently, the proposal has received 34% “Yes” votes, 64% “No” votes, and 2% “No with Veto” votes. Nine validators, including Hexxagon, Lunanauts, and Coinpayu, support the proposal.
Luna Continues to Rise
Meanwhile, the L1 Terra Classic Task Force is preparing for the planned v2.2.1 core upgrade on September 12 at 09:57 UTC time, as indicated in the countdown. The USTC Quant team has also initiated contact with the central exchange to provide the Buyback Report to reestablish USTC’s balance.
LUNC and LUNA have seen a significant increase in trading volumes recently due to the impact of significant proposals approved by the community. LUNA, led by TFL, recorded growth of over 5% last week, while LUNC is showing an upward momentum in anticipation of the core upgrade by the L1TF developer team.
The Terra Luna Classic community’s consideration to raise the minimum deposit requirement is a strategic move to protect the ecosystem from spam and fraudulent proposals. With validators’ support, this proposal could potentially enhance the security and integrity of the Terra Luna Classic ecosystem.