Terra Luna Classic LUNC Proposal To Reset Validator Commission

Terra Luna Classic LUNC Proposal To Reset Validator Commission

Members of the Terra Luna Classic community are set to vote for a soft fork that brings about setting minimum commission for validators along with some other technical improvements. This comes after the recent proposal to raise the minimum deposit amount to 5 million LUNC to prevent spam proposals.

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In August 2023, the community members proposed a vision for revival and better governance on the blockchain, laying out ideas and proposals for the chain with title “Terra Classic Expedition: A united vision.”

LUNC Community, Validator Agreement

Proposed changes with the soft fork suggested changes to the minimum validator commission after it was accidentally set to 0% during the mainnet upgrade. Till Ziegler, a former member and contributor of the Terra Classic Joint L1 Task Force (L1TF) team, proposed that a soft fork upgrade was needed instead of a simple governance proposal. Following this, Vinh, a blockchain engineer, proposed that the JL1TF team release the v2.2.2 soft fork which includes the 5% commission part and some other improvements.

“If passed, validators are required to upgrade their terrad to v2.2.2 as soon as possible. Deadline for terrad v2.2.2 will be at block 14890000 (October 9, 2023).”

The proposal has just been submitted and has a deadline for voting until October 3, 2023. So far, the soft fork proposal received a unanimous Yes vote share of 1.64% out of the total voting power. Earlier, CoinGape reported that the LUNC community voted to cease all minting and reminting of Terra Classic USD (USTC).

LUNC Price Prediction

CoinGape earlier reported that a bullish wave from the current range of $0.00006 has potential to trigger a recovery for the token back to the $0.00007 mark for LUNC Price. In the last few days, the Terra Classic LUNC daily trading volume has seen criss cross movement between $350 to $370 million.

Also Read: XRP Price To Face Volatility With Huge Anonymous Wallet Transfers?

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Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1,200 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at anvesh@coingape.com or twitter.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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