Terra Classic Mulls Deposit Increase to Tackle Spam Proposals
The Terra Classic community is currently deliberating over various proposals, expressing concerns about a surge in spam following a decline in Luna Classic (LUNC) prices. Among the proposals, a notable one aims to raise the minimum deposit requirement from 1 million LUNC to 5 million LUNC, with hopes of a potential price rebound before the upgrade.
Proposal 11780: Initiative to Address Spam Proposals by Raising Minimum Deposit to 5M LUNC is on the table. The primary objective of this proposal is to increase the minimum deposit requirement from 1 million LUNC to 5 million LUNC. The rationale behind this move is to establish a higher barrier that spam and irrelevant proposals must overcome during the deposit phase. The intention is clear: to counteract the influx of spam and irrelevant proposals that have inundated the Terra Classic community's voting process.
Validators within the Terra Classic ecosystem agree that the existing 1 million LUNC threshold is inadequate in deterring these undesirable proposals. Hexxagon, the developer team responsible for the community-owned Station wallet, has noticed a noticeable increase in spam proposals.
As of the time of writing, the proposal has garnered 34% of votes in favor, 64% of votes against, and 2% of votes marked as "No with veto." Notably, nine validators, including Hexxagon, Lunanauts, and Coinpayu, are in favor of the proposal.
Additionally, Terra Classic developers are gearing up for the v2.2.1 core upgrade, scheduled for September 12 at 9:57 am UTC. This upcoming upgrade is poised to bring significant improvements to the Terra Classic ecosystem. Simultaneously, the TerraUSD Classic (USTC) quantitative team has initiated discussions with centralized exchanges to reestablish the peg of USTC, further strengthening the Terra Classic ecosystem.
LUNC and Terra (LUNA) have experienced a notable surge in trading volumes recently, primarily driven by crucial community-approved proposals. LUNA, under the leadership of Terraform Labs, has witnessed a growth of over 5% in the past week. In tandem, LUNC is displaying upward momentum in anticipation of the forthcoming core upgrade orchestrated by its developer team.
The Terra Classic community is actively addressing challenges and proactively implementing solutions to ensure the integrity of its voting process and the overall health of its ecosystem.