Terra Classic Proposal to Restore Validators Fails
The Terra Luna Classic (LUNC) community’s proposal to restore the number of validators to 130 on the Terra Classic chain has been officially rejected. This proposal aimed to prioritize decentralization and network robustness while minimizing the burden on developers. However, it received 27% “Yes” votes and 50% “No” votes, along with 1% No with veto and 21% Abstain votes. The top validator, Allnodes, and other validators voted against the proposal, leading to its failure.
Among the 57 validators who participated in the voting, 17 voted in favor of the proposal, while 23 voted against it. Some validators expressed concerns about bundling the restoration of validators with minimum validator delegation adjustment, calling for separate consideration of these issues to ensure transparency and avoid potential red flags. Others cited selfishness and unethical behavior as their reasons for voting “No,” despite acknowledging the benefits of a large active size of validators.
LUNC and USTC Lose Upside Momentum
There are concerns in the community about a potential delisting of LUNC from crypto exchange crypto com. LUNC trading volumes have also seen a slight decline on the exchange. However, there has been no response from the crypto exchange regarding its authenticity.
In the last 24 hours, LUNC price has fallen by 2%, currently trading at $0.000111. The 24-hour high and low are $0.000103 and $0.000113, respectively. Additionally, trading volume has decreased by 15% during this period.
On the other hand, USTC price is currently trading at $0.0270, showing a 2% decline in the last 24 hours. The 24-hour high and low for USTC are $0.0257 and $0.0280, respectively. The trading volume has also seen a significant drop of 53%.
Hot Take: Impact of Rejected Proposal on Terra Classic Chain
The rejection of the Terra Classic community proposal to restore validators to 130 has raised concerns about the decentralization and security of the network. While some validators had reservations about bundling this restoration with other adjustments, others believed that voting against the proposal was driven by selfishness and unethical behavior. This rejection may have implications for the utility and stability of the Terra Classic chain, as it failed to gain the necessary support from validators. Moving forward, the community will need to address these concerns and find alternative solutions to ensure the continued growth and development of the network.
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