Terra Classic proposal to eliminate a significant number of validators in the Terra Luna Classic chain was approved by a community decision. The proposal received backlash from a group of validators and members of the Terra Luna Classic community due to security, centralization, and growth risks. However, with some validators in the top 100 voting in favor, the vote resulted in a positive outcome.
LUNC Current Status
Proposal number 11888 suggested “reducing the number of validators in Terra Classic from 135 to 100.” The proposal aimed to decrease the number of validators and eliminate the possibility of bad actors creating validators and impersonating others.
The explanation for the proposal was as follows:
There are currently 130 validators in Terra Classic, and the last validator at rank 113 holds 1.86 million LUNC transferred to them, which means anyone can start a Terra Classic validator without much effort.
A similar proposal was made in the past, where some validators argued for the removal of validators who were previously inactive and did not participate in the process.
The proposal received a 31.69% “Yes” vote and a 22.49% “No” vote. Additionally, 46 “Abstain” votes were cast by participants. The community continues to express concerns that the proposal could harm the chain due to centralization, contradicting the goal of decentralization.
Furthermore, they believe that it would reduce the chain’s security and harm smaller validators who are trying to contribute to the community. Interestingly, the largest validator, Allnodes, chose to remain neutral and cast an “Abstain” vote.
LUNC Comments
On the other hand, there has been fluctuation in LUNC and USTC prices. Following positive statements from Binance and the community, the prices experienced a rise of around 300% and 400%, respectively.
The LUNC price increased by over 150% within a week, but it has seen a 10% decrease in the past 24 hours. At the time of writing, the price is trading at $0.000237. The lowest and highest prices in the last 24 hours were $0.000225 and $0.000275, respectively. Another notable development is a 20% decrease in trading volume in the past 24 hours, indicating a decline in interest among traders.
Additionally, after a significant increase earlier this week, the USTC price accompanied the decline with a 15% drop. Currently, USTC is trading at $0.055. The lowest and highest price levels in the last 24 hours were $0.0529 and $0.0647, respectively. Similarly, the trading volume decreased by 12% in the past 24 hours.
