Terra Luna Classic Votes to Reset Validator Commission; LUNC Rally?

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The Terra Luna Classic (LUNC) community is planning to vote on a soft fork. This fork would establish a minimum commission requirement for validators. Investors are watching closely, wondering if this move might lead to a price increase for LUNC.

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The Terra Luna Classic community is gearing up for a vote on a soft fork, which aims to establish a minimum commission requirement for validators and introduce various technical enhancements. This decision follows a recent proposal to increase the minimum deposit amount to 5 million LUNC to deter spam proposals.

Back in August 2023, community members presented their vision for revitalizing and enhancing blockchain governance under the banner “Terra Classic Expedition: A united vision.”

Terra Luna Classic (LUNC) Community and Validator Consensus

The proposed changes through a soft fork address an issue where the minimum validator commission accidentally dropped to 0% during a mainnet upgrade. To resolve this, Till Ziegler, a former member and contributor to the Terra Classic Joint L1 Task Force (L1TF) team, recommended an upgrade via a soft fork, rather than a simple governance proposal.

Following this, Vinh, a blockchain engineer, suggested that the JL1TF team release the v2.2.2 soft fork, which includes the 5% commission adjustment and several other improvements.

If this proposal gets approved, validators will need to promptly update their terrad to version v2.2.2. The deadline for adopting terrad v2.2.2 is set at block 14890000, which is on October 9, 2023.

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The soft fork proposal has been officially submitted and will remain open for voting until October 3, 2023. Currently, it has garnered unanimous support from a 1.64% voting share, considering the total voting power.

Terra Luna Classic (LUNC) Price Forecast

There’s optimism in the air as a bullish surge from the current range of $0.00006 could pave the way for a token recovery, pushing LUNC’s price back to the $0.00007 mark.

Over the past few days, the daily trading volume of Terra Classic LUNC has been fluctuating, swinging between $350 million and $370 million.

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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  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

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