The Terra Classic community is currently engaged in a series of crucial votes on various proposals, all amidst concerns about a noticeable surge in spam activity following a decline in Luna Classic (LUNC) prices.
In response to this pressing issue, a novel proposal, known as Proposal 11780 or the “Initiative to Address Spam Proposals by Raising Minimum Deposit to 5M LUNC,” has emerged as a potential solution.
This initiative aims to bolster the existing minimum deposit requirement from 1 million LUNC to 5 million LUNC, effectively creating a more formidable barrier to deter scam proposals from advancing beyond the initial deposit phase.
The primary goal here is to counteract the influx of spam and irrelevant proposals that have inundated the Terra Classic community’s voting system.
Validator consensus within the community is that the existing 1 million LUNC threshold is no longer adequate in discouraging these detrimental proposals.
Hexxagon, a developer team responsible for the community-owned Station wallet, has been closely monitoring the situation and has observed a substantial uptick in spam proposals, which has prompted the need for this proposed adjustment.
As of the latest update, Proposal 11780 has garnered support from 34% of the community votes in favor, while 64% have cast their votes against it, and a small fraction of 2% has opted for “No with veto.”
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Notably, nine validators, including prominent entities such as Hexxagon, Lunanauts, and Coinpayu, have endorsed the proposal, signaling their belief in its potential effectiveness.
In parallel to these developments, Terra Classic developers are actively preparing for the upcoming v2.2.1 core upgrade, scheduled for September 12 at 9:57 am UTC.
Simultaneously, the TerraUSD Classic (USTC) quant team is taking proactive steps by initiating contact with centralized exchanges in an effort to reestablish the peg of USTC.
Furthermore, both LUNC and Terra have recently experienced a significant surge in trading volumes, driven by a series of pivotal community-approved proposals.
LUNA, under the leadership of Terraform Labs, has witnessed a remarkable growth rate of over 5% in the past week, while LUNC is also exhibiting upward momentum in anticipation of the impending core upgrade, spearheaded by its developer team.
These developments underscore the dynamic nature of the Terra Classic ecosystem as it strives to address its evolving challenges and embrace opportunities for growth and improvement.
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