Terra Luna Classic Community to Vote on Soft Fork Proposal
The Terra Luna Classic community is preparing to vote on a soft fork proposal that includes setting a minimum commission for validators and implementing other technical improvements. This decision follows a recent proposal to increase the minimum deposit amount to 5 million LUNC in order to prevent spam proposals.
Background on Terra Classic Expedition
In August 2023, community members put forward a vision for the revival and improved governance of the blockchain, outlining ideas and proposals in a document titled “Terra Classic Expedition: A united vision.”
Changes Proposed with the Soft Fork
The suggested changes in the soft fork proposal address the accidental setting of the minimum validator commission to 0% during the mainnet upgrade. Till Ziegler, a former member and contributor of the Terra Classic Joint L1 Task Force (L1TF) team, proposed a soft fork upgrade instead of a simple governance proposal. Blockchain engineer Vinh then proposed the release of the v2.2.2 soft fork, which includes the 5% commission requirement and other improvements.
“If passed, validators will need to upgrade their terrad to v2.2.2 as soon as possible. The deadline for terrad v2.2.2 is set at block 14890000 (October 9, 2023).”
The voting deadline for this proposal is October 3, 2023. Currently, the soft fork proposal has received a unanimous Yes vote share of 1.64% out of the total voting power. Previously, it was reported that the LUNC community voted to cease all minting and reminting of Terra Classic USD (USTC).
LUNC Price Prediction
It has been suggested that a bullish wave from the current range of $0.00006 could lead to a recovery in the LUNC token price, potentially reaching the $0.00007 mark. The daily trading volume for Terra Classic LUNC has recently fluctuated between $350 million and $370 million.
Hot Take: Terra Luna Classic Takes Steps Towards Improved Governance
The Terra Luna Classic community is actively working towards improving governance on its blockchain. With the proposed soft fork upgrade, changes will be made to set a minimum commission for validators and implement technical improvements. These efforts aim to prevent spam proposals and ensure a more efficient and secure network. The community’s commitment to voting and decision-making reflects their dedication to creating a united vision for the future of Terra Classic. As the voting deadline approaches, all eyes are on the LUNC price, which has the potential for a bullish recovery in the coming days.
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