The Terra Luna Classic community has given the green light to a proposal to increase the minimum commission for validators. This decision could potentially help boost the prices of LUNC and USTC above crucial levels, aiding in their recovery.
Terra Luna Classic has agreed to raise the minimum commission to 2.5% to support small validators and enhance the infrastructure they operate on. This move also aims to safeguard against spam attacks on the chain. Despite a decrease in trading volumes, prices of tokens in the Terra Classic ecosystem, including LUNC, have remained above support levels, with LUNC showing a 12% increase over the past week.
Terra Luna Classic Proposal to Increase Minimum Commission Underway
Proposal 12097, titled “Minimum Commission 2.5%,” is currently undergoing voting procedures within the Terra Luna Classic community. As of now, the proposal is passing, having reached both the quorum and pass threshold. The primary objective behind this proposal is to elevate the minimum commission for validators from 0% to 2.5%. The intent is to provide support to validators by enhancing the infrastructure they rely on to operate effectively.
With over 35 “Yes” votes received, the proposal has garnered significant support from the community. However, it’s essential to note that there have been some dissensions. Notably, 7 validators, including prominent entities like Allnodes and JesusisLord, have cast “No” votes. Allnodes expressed concern over the impact on validator performance, citing a potential decrease in voting power from the implementation of dynamic commission adjustments.
The rationale behind the proposal underscores the need for competitiveness among validators while maintaining the integrity of the network. The proposal seeks to strike a balance between incentivizing validators and ensuring the sustainability of the ecosystem. A previous proposal aiming for a 5% commission was voted down due to concerns about diminishing the flexibility of dynamic commission adjustments. Consequently, the proposal for a 2.5% commission is proposed as a compromise to address these considerations effectively.
LUNC and USTC Prices Experience Declines Amidst Reduced Trading Activity
LUNC Token: The price of LUNC has witnessed a 2% decline over the past 24 hours, following a notable 15% surge throughout the week. Presently, the token is trading at $0.000111, with its 24-hour low and high recorded at $0.000110 and $0.000114, respectively. However, trading volume has dwindled by 39% during this period, signaling a waning interest among traders in LUNC.
USTC Token: Similarly, the price of USTC has also seen a slight decrease of over 1%, currently standing at $0.01985. Despite experiencing a significant 20% increase in price last week, USTC has faced a decline in trading volume, leading to a loss of momentum. The 24-hour low and high for USTC are recorded at $0.01963 and $0.02039, respectively.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
