Terra Luna: Increasing Deposit to Counter Fraud Attempts - COINTURK NEWS
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Terra Luna: Increasing Deposit to Counter Fraud Attempts

3:05 pm (11 days ago)
September 10, 2023

Following concerns about the increase in “spam” offers after the decline in Luna prices, Terra Luna Classic is currently voting on multiple proposals. The aim is to increase the minimum deposit requirement from 1 million LUNA to 5 million LUNA, in anticipation of a potential price increase before a new proposal upgrade. With significant updates being made to Terra Luna Classic, the trading volumes of LUNA and LUNC have increased due to important community-approved proposals.

Aiming to Prevent Fraudulent Activities

Proposal 11780 titled “Initiative to Address Spam Offers by Increasing the Minimum Deposit to 5 Million LUNC” is being evaluated. The proposal aims to create a higher barrier for fraudulent offers to go beyond the deposit stage by increasing the minimum deposit requirement from 1 million LUNC to 5 million LUNC. This measure aims to counter the influx of “spam” and irrelevant proposals submitted to the Terra Luna Classic community.

Validators agree that the current threshold of 1 million LUNC is insufficient to deter these unwanted proposals. The development team responsible for the Station wallet owned by the community, Hexxagon, has observed an increase in spam offers. Currently, the proposal has received support from 34% “Yes” votes, 64% “No” votes, and 2% “No with Veto” votes. Nine validators, including Hexxagon, Lunanauts, and Coinpayu, support the proposed changes.

hexxagon luna tweet

Luna Continues to Rise

Meanwhile, the L1 Terra Classic Task Force is preparing for the v2.2.1 core upgrade, which is scheduled to take place at 12:57 Turkish time on September 12th, as indicated in the countdown. Additionally, the USTC Quant team has initiated contact with centralized exchanges to provide a Buyback Report to restore the balance of USTC.

LUNC and LUNA have experienced a significant increase in trading volumes recently due to important community-approved proposals. Led by TFL, LUNA recorded over 5% growth last week, while LUNC is showing upward momentum with the expectation of the L1TF development team’s core upgrade.

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