Revolutionizing LUNC's Destiny: Terra Classic's Game-Changing Proposal

Bombolo | News and Media

In a determined effort to combat the influx of spam proposals inundating its blockchain, Terra Classic (LUNC) has taken bold steps. The project recently put forward a groundbreaking proposal designed to reshape key elements of its ecosystem, aiming to curb the incessant flood of spam proposals. The Terra Classic community anticipates that this strategic move will reinstate order and efficiency to its blockchain.

Also Read : Terra Classic's LUNC Token Burns Its Way to Potential Gains

Raising the Bar: Minimum Deposit Increase

One of the most noteworthy changes proposed is a substantial increase in the minimum deposit required for submitting proposals. With the recent drop in cryptocurrency prices, the effectiveness of a 1 million LUNC deposit has waned. To counter this, the proposal recommends elevating the minimum deposit to 5 million LUNC, serving as a deterrent against frivolous and spammy proposals.

At present, the Terra Classic community has shown overwhelming support for this proposal, with more than 90% of votes cast in favor of the change. Given this resounding backing, it seems highly likely that the proposal will pass. The voting period is scheduled to conclude on September 16, and the Terra Classic community is eagerly awaiting the final verdict.

Binance's Support: A Driving Force

While Terra Classic is actively fortifying its ecosystem against spam, it's essential to acknowledge the steadfast support it has garnered from the world's largest cryptocurrency exchange, Binance. This support is not a recent development but a testament to Terra Classic's consistent evolution and its dedication to remaining at the forefront of innovation in the blockchain space.

In January, Binance officially declared its unwavering support for Terra Classic's latest update, known as Proposal 11242. This governance proposal, backed by Binance, addresses crucial facets of Terra Classic's evolution. Notably, it introduces measures to prevent the new minting of a portion of the burned LUNC tokens. By resetting the seigniorage reward policy, Proposal 11242 effectively safeguards against the re-coinage of tokens that had previously been burned.

Also Read: LUNC Crypto Price Predictions and Terra Classic's Revival Prospects

The Significance of Seigniorage

Seigniorage, in essence, is a tax collected by governments through their ability to create money, resulting in a net transfer of resources from the real economy (businesses and households) to the government.

A Bright Future Despite Price Fluctuations

Despite recent price fluctuations, Terra Classic (LUNC) remains steadfast in its mission to create a more secure and efficient blockchain ecosystem. As of the latest data available, the current price of LUNC stands at $0.0000572, with a 3.6% decline in the past 24 hours and a 1.9% loss over the past seven days. These developments are set to further solidify Terra Classic's position in the cryptocurrency landscape.

Terra Classic's proactive approach to combat spam proposals and its enduring partnership with Binance demonstrate its commitment to long-term success. By increasing the minimum deposit and implementing crucial governance proposals, Terra Classic is poised for a promising future.

Also Read: Terra Classic's Game-Changing Proposal: Shaping the Future of LUNC

FAQs

1. What prompted Terra Classic to increase the minimum deposit for proposals?

   Terra Classic increased the minimum deposit to deter frivolous and spammy proposals and improve the efficiency of its ecosystem.

2. When will the voting on the proposal conclude?

   The voting period for the proposal is set to end on September 16.

3. What is seigniorage, and how does it relate to Terra Classic?

   Seigniorage is a tax collected by governments through their ability to create money. Terra Classic's governance proposal, Proposal 11242, addresses aspects related to seigniorage.

4. How has Binance supported Terra Classic?

   Binance has consistently backed Terra Classic's updates and proposals, contributing to the project's growth and stability.

5. What is the current price of LUNC?

   As of now, the price of LUNC is $0.0000572, with recent fluctuations.