Terra Luna Classic Proposal Fails; LUNC Prices Surge

Terra Classic Luna Classic LUNC

The Terra Luna Classic community recently decided not to put in place rules to stop people from double or network validating on their chain. Instead, they want to keep the chain open for everyone. After this decision, the price of LUNC went up by 5%.

The proposal didn’t get enough support, even though some validators were in favor. One of the big validators, Allnodes, voted against it, saying they believe permissionless blockchains shouldn’t have strict rules.

Proposal to Prevent Double and Network Validating Fails

The recent governance vote on Proposal 12101, aimed at addressing the issue of validators running multiple nodes on the Terra Luna Classic chain, has failed to pass. This proposal was crucial in maintaining the decentralization and security of the network.

The vote results showed a lack of overwhelming support, with nearly 38% voting “Yes”, 37% voting “No”, 21% voting “No with veto”, and 4% abstaining from voting. Unfortunately, the proposal did not receive sufficient backing from validators and delegators.

Out of the 45 validators participating in the vote, only 20, including Interstellar Lounge, HappyCattyCrypto, TerrCVita, LBUN Project, and StakeBin, voted in favor of the proposal.

The failure of this proposal means validators currently operating multiple nodes will not be required to revert to a single-node operation. However, it is essential for non-custodial providers to rigorously enforce any restrictions related to this issue.

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The primary goal of the proposal was to reduce the risk of Sybil attacks, where a single entity controls multiple nodes, thereby jeopardizing the integrity of the network. Despite its rejection, efforts to address such concerns may continue through alternative means in the future.

Price Movement in LUNC and USTC Tokens

LUNC Token Price Surge Amid Market-Wide Buying: In the past day, the price of LUNC token has experienced a significant increase of 5% amidst a surge in buying across the market. Currently, the token is trading at $0.0001096. The 24-hour trading range saw a high of $0.0001047 and a low of $0.0001097. Additionally, there has been a slight uptick in trading volume over the last 24 hours.

USTC Token Records Modest 1% Gain: Over the same period, the price of USTC token has climbed by 1%, with the current trading price at $0.01981. Throughout the day, the token’s price fluctuated between a low of $0.01941 and a high of $0.01992. While the increase is more modest compared to LUNC, it reflects continued activity within the token’s market.

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.


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