The Terra Classic community is voting on several recommendations as worries are voiced about an increase in spam as a result of a drop in the price of Luna Classic (LUNC). The minimum deposit requirement would be increased from 1 million LUNC to 5 million LUNC under a new proposal, which anticipates a possible price hike before the upgrade.
In order to address spam proposals, proposal 11780, titled “Initiative to Address Spam Proposals by Raising Minimum Deposit to 5M LUNC,” is being taken into account. Its goal is to raise the minimum deposit amount from 1 million to 5 million LUNC, putting a bigger barrier in the way of fraudulent bids moving through the deposit stage. With this action, the Terra Classic community will be protected from the onslaught of spam and pointless proposals that have been submitted for vote.
Validators concur that the current LUNC level of 1 million is insufficient to prevent these ideas. The programming team behind the community-owned Station wallet, Hexxagon, has noticed an increase in spam proposals.
As of this writing, the proposal has received 34% of the vote in favour, 64% of the vote against it, and 2% of votes “No with veto.” The proposal has nine validators who support it, including Hexxagon, Lunanauts, and Coinpayu.
Developers of Terra Classic are now preparing for the v2.2.1 core upgrade, which is set to begin on September 12 at 9:57 AM UTC. In an additional effort to restore the peg of USTC, the TerraUSD Classic (USTC) quant team has made contact with centralised exchanges.
Due to large community-approved initiatives, trading volumes on LUNC and Terra have recently increased significantly. In the last week, LUNA, lead by Terraform Labs, has grown by more than 5%, and LUNC is also showing growth in anticipation of the core upgrade by its developer team.