The Terra Classic community is voting on several proposals amid concerns about an increase in spam following the drop in Luna Classic (LUNC) prices.. A new proposal aims to increase the minimum deposit requirement from 1 million LUNC to 5 million LUNC, with a possible price increase expected before the update.
Proposal 11780, entitled “Initiative to combat spam proposals by increasing the minimum deposit to 5 million LUNC,” is currently under consideration. The aim is to increase the minimum deposit requirement from 1 million LUNC to 5 million LUNC, creating a higher hurdle for scam proposals to make it past the deposit phase. This measure is intended to address the influx of spam and irrelevant suggestions being voted on within the Terra Classic community.
Validators agree that the current 1 million LUNC threshold is not enough to deter these proposals. Hexxagon, the development team behind the Station community wallet, is seeing an increase in spam submissions.
Initiative to combat spam proposals by increasing the minimum deposit amount to 5 million LUNC
We are currently seeing an increase in “SPAM” suggestions. As the price of LUNC has fallen, 1M LUNC is no longer effective to combat these types of proposals…
When I wrote these lines, The proposal has 34% yes votes, 64% no votes and 2% no votes with veto. Nine validators, including Hexxagon, Lunanauts and Coinpayu, support the proposal.
Meanwhile, Terra Classic developers are preparing for core update v2.2.1, scheduled for September 12 at 9:57 a.m. UTC. Additionally, the TerraUSD Classic (USTC) quant team has reached out to centralized exchanges to restore parity with USTC.
LUNC and Terra (LUNA) have seen a significant increase in trading volume recently, driven by large community-approved proposals. LUNA, led by Terraform Labs, posted growth of more than 5% in the last week, while LUNC is also showing upward momentum in anticipation of its development team’s core update.