Despite Concerns, Terra Luna Classic Proposal Passes with LUNC Falling 10% and USTC Dropping 15%

Terra Luna Classic Proposal Passes To Decrease Validators Sets

A proposal has been approved by the Terra Luna Classic community to reduce the number of validators on the Terra Classic chain. The proposal aims to address concerns about security, centralization, and growth risk by cutting down on the validator set from 135 to 100. Supporters argue that this will prevent bad actors from easily creating validators and impersonating others. The proposal highlights the current ease of becoming a validator, with even the 113th-ranked validator having a significant amount of LUNC delegated to them. However, critics believe that reducing the number of validators will lead to centralization and harm small validators who contribute to the community.

LUNC and USTC Prices Tumble

Following significant positive announcements from Binance and the community, LUNC and USTC prices saw substantial rallies of nearly 300% and 400% respectively. However, in the last 24 hours, LUNC price has fallen by 10% after its impressive week-long rally. It is currently trading at $0.000237, with a 24-hour low of $0.000225 and a high of $0.000275. Trading volume has also decreased by 20%, indicating a decline in trader interest. Similarly, USTC price has dropped by 15% to trade at $0.055 after a strong rally earlier this week. The 24-hour low and high for USTC are $0.0529 and $0.0647 respectively, with a 12% decrease in trading volume.

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Hot Take: Concerns and Consequences of Terra Luna Classic Proposal

The approved proposal to decrease the validator set on the Terra Classic chain has sparked controversy within the Terra Luna Classic community. While supporters argue that it will address security and centralization risks, critics believe it will harm small validators and undermine decentralization goals. The subsequent decrease in LUNC and USTC prices further reflects the uncertainty surrounding this decision. It remains to be seen how this proposal will impact the Terra Luna Classic ecosystem and whether alternative solutions can be explored to maintain both security and inclusivity.