Terra Classic (LUNC) has taken a decisive action in a bid to tackle the rising tide of spam proposals flooding its blockchain. The project recently submitted a groundbreaking proposal aimed at altering some fundamental aspects of its ecosystem to mitigate the incessant spam proposals that have been plaguing it. The Terra Classic community hopes that this move will help restore order and efficiency to its blockchain.
One of the most significant changes proposed is the substantial increase in the minimum deposit required for submitting proposals. In response to the dwindling effectiveness of a 1 million LUNC deposit due to the cryptocurrency’s recent price drop, the proposal suggests elevating the minimum deposit to 5 million LUNC.
This move is expected to serve as a deterrent against frivolous and spammy proposals that have been inundating the platform.
Initiative to combat spam proposals by increasing minimum deposit amount to 5M LUNC
We currently have seen an increase in “SPAM” proposals going up, since the price of LUNC has dropped, 1M LUNC is no longer effective in combatting these types of proposals, this proposal will…
— Hexxagon (@hexxagon_io) September 8, 2023
Terra Classic Raises The Bar
At the time of writing, the Terra Classic community has shown overwhelming support for this proposal, with more than 90% of votes cast in favor of the change. With such resounding support, it appears highly likely that the proposal will pass. The voting period is set to conclude on September 16, and the Terra Classic community eagerly awaits the final verdict.
LUNCUSDT trading at $0.0000572 on the daily chart: TradingView.com
While Terra Classic strives to secure its ecosystem against spam, it’s worth noting that one of the project’s most promising indicators for the future lies in the steadfast support it has garnered from the world’s largest cryptocurrency exchange, Binance. This support is not a recent development but serves as a testament to Terra Classic’s continuous evolution and its efforts to remain at the forefront of innovation in the blockchain space.
Binance’s Backing Fuels Luna Classic’s Promise
In January, Binance officially declared its unwavering support for Terra Classic’s latest update, known as Proposal 11242. This governance proposal, backed by Binance, addresses crucial facets of Terra Classic’s evolution. Notably, it introduces measures to prevent the new minting of a portion of the burned LUNC tokens. By resetting the seigniorage reward policy, Proposal 11242 effectively safeguards against the re-coinage of tokens that had previously been burned.
Seigniorage is essentially a tax collected by governments through their ability to create money, resulting in a net transfer of resources from the real economy (businesses and households) to the government.
With Binance’s support and Terra Classic’s commitment to enhancing its ecosystem’s integrity, the project is poised for a bright future, despite recent price fluctuations.
As of the latest data available, the current price of LUNC stands at $0.0000572, with a 3.6% decline in the past 24 hours and a 1.9% loss over the past seven days. Terra Classic (LUNC) remains resolute in its mission to create a more secure and efficient blockchain ecosystem, and these latest developments are sure to further solidify its position in the cryptocurrency landscape.
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