The Terra Classic community is voting on several proposals amid concerns about an increase in spam following the Luna Classic (LUNC) price drop. A new proposal seeks to increase the minimum deposit requirement from 1 million LUNC to 5 million LUNC, with prices expected to rise ahead of the upgrade.
Proposal 11780, called the “Initiative to Address Spam Proposals by Raising the Minimum Deposit to 5 Million LUNC,” is under consideration. The goal is to increase the minimum deposit requirement from 1 million LUNC to 5 million LUNC, creating a higher barrier for scam proposals to move beyond the deposit stage. This measure is intended to stop the influx of spam and irrelevant proposals submitted for voting within the Terra Classic community.
Validators agreed that the existing 1 million LUNC threshold was insufficient to block these proposals. Hexxagon, the development team responsible for the community-owned Station wallet, has observed an increase in spam proposals.
Fight spam offers by raising minimum deposit amount to 5 million LUNC
Currently, we are seeing an increase in “SPAM” proposals, and as the price of LUNC drops, 1M LUNC is no longer effective in combating such proposals, which will…
— Hexagon (@hexxagon_io) September 8, 2023
As of this writing, the proposal has 34% “yes” votes, 64% “no” votes, and 2% “no” votes. Nine validators, including Hexxagon, Lunanauts, and Coinpayu, support the proposal.
Meanwhile, Terra Classic developers are preparing for the v2.2.1 core upgrade, scheduled for September 12 at 9:57 AM UTC. Additionally, the TerraUSD Classic (USTC) quant team has begun contacting centralized exchanges in an effort to re-establish the peg to USTC.
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LUNC and Terra (LUNA) have seen significant spikes in trading volume recently, driven by important community-approved proposals. LUNA, led by Terraform Labs, grew by more than 5% in the past week, while LUNC also showed upward momentum due to core upgrades by the development team.
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