- Terra Luna Classic community deliberates on Proposal 11780 to increase minimum deposit amounts.
Here's a sneak peek 👀 pic.twitter.com/3U9dCGKOhh
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) September 8, 2023
Proposal 11780: A Critical Junction for Governance?
The Terra Luna Classic community is currently engaged in a pivotal vote on Proposal 11780. The primary objective of this proposal is to counter the increasing number of spam proposals. It suggests increasing the minimum deposit sum from 1 million to 5 million LUNC, a move provoked by the crypto market’s lively activity, especially with the v2.2.1 core upgrade looming on September 12 at 9.57 UTC. Validators and prominent developer groups, such as Hexxagon, concur that the existing 1 million LUNC deposit isn’t deterring spam proposals sufficiently. But reactions to this proposal are divided: 34% in favor, 64% against, and an additional 2% voting “No with veto.”
Leading validators, including the likes of Hexxagon, Lunanauts, and Coinpayu, have shown support for the proposal. In contrast, JESUSisLORD has expressed concerns, fearing the proposed 5x hike could hinder regular community members from presenting their proposals.
Market Dynamics and Anticipation
Both LUNC and LUNA are exhibiting positive trajectories in the market. LUNA recorded a 5% increase over the previous week, attributable to initiatives by TFL. LUNC is also on the rise, priced at $0.00005987, a stability that many believe is in anticipation of the forthcoming core upgrade by the L1TF developer team. Concurrently, LUNA’s trading price stands at $0.4095. Despite a minor dip from its prior accomplishments, the general market sentiment is buoyant.
The Terra Luna Classic community is keenly observing the unfolding scenarios. With the vote on Proposal 11780 potentially altering its governance structure and the palpable positivity around LUNC and LUNA’s market movements, the community eagerly awaits the consequences these events will have on Terra Luna Classic’s future trajectory.