Terra Luna Classic Considers Deposit Hike to Mitigate Spam Proposals

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A sudden surge in spam after the price of Luna Classic (LUNC) experienced a plunge, has forced the Terra Luna Classic community to begin to consider the adoption of deposit hikes amongst other alternatives suggested by the community members. 

Multiple proposals have been submitted including Proposal 11780 which is dubbed the “Initiative to Address Spam Proposals by Raising Minimum Deposit to 5M LUNC.” 

For context, this new proposal aims to increase the minimum deposit requirement from 1 million LUNC to 5 million LUNC. 

Validators Consent to Proposal 11780

Some LUNC community members believe that integrating a deposit boost such as this would build a higher barrier for spam proposals, derailing them from advancing beyond the deposit phase. Ultimately, the goal is to reduce the influx of spam as well as irrelevant proposals usually submitted within the Terra Luna Classic community for voting. 

Apart from this, there are expectations that this will contribute to a potential price increase ahead of the upgrade and the proposal is currently under consideration.

Validators have also agreed that the $1 million LUNC is not sufficient to deter these spam proposals. Hexxagon, the developer team responsible for the community-owned Station wallet, confirmed a surge in spam proposals.

Positive Responses on Proposal 11780

So far, more than 400 billion wallets have voted and this represents 40.24% of the total of 1.03 trillion. Out of those that have voted, Proposal 11780 has received 90.79% ‘Yes’, 8.86% ‘No’, 0.35% ‘No with veto’, and 0.00% ‘Abstain.’ The voting process is still ongoing and will not end until Friday, September 15th, 2023. 

In addition, about 23 validators including Hexxagon, Coinpayu, and Lunanauts have voted in support of the proposal with only 2 validators against it.

More Upgrade Coming on LUNC 

Amidst the voting process, LUNC developers, the L1 Terra Classic Task Force (L1TF), are still working on the v2.2.1 core upgrade which is scheduled to happen in the next few days. This upgrade has been much anticipated and marks a huge milestone for the community. It is designed to bring additional features and functionalities to the protocol.

As part of its commitment to promptly address challenges, the USTC Quant team has initiated contact with centralized exchanges to provide them with the Buy Back Report. This is an effort aimed at re-establishing the peg of USTC.

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