Terra Luna Classic Community Gears Up for Validator Commission Reset - Will LUNC Price Soar?

Bombolo | News and Media

The Terra Luna Classic (LUNC) community is on the verge of an important decision. Members are preparing to cast their votes for a soft fork proposal aimed at establishing a minimum commission for validators. This initiative follows a recent proposal to increase the minimum deposit requirement to 5 million LUNC tokens, a move designed to combat spam proposals.

Also Read: The Luna Classic Conundrum: Will It Ever Reach $1?

Why the Soft Fork?

In August 2023, Terra Luna Classic community members introduced a vision for blockchain revival and enhanced governance, titled "Terra Classic Expedition: A united vision." One critical aspect of this vision was revisiting the minimum validator commission, which had inadvertently dropped to 0% during a mainnet upgrade.

The Proposal and Its Backers

Till Ziegler, a former member and contributor to the Terra Classic Joint L1 Task Force (L1TF) team, suggested that a soft fork upgrade was more appropriate than a standard governance proposal. Subsequently, blockchain engineer Vinh proposed the release of soft fork v2.2.2, which not only addresses the 5% commission but also includes other improvements.

Should the proposal pass, validators will be required to update their terrad to v2.2.2 as soon as possible, with a deadline set at block 14890000, scheduled for October 9, 2023.

Also Read: Should You Invest in LUNC? A Comprehensive Analysis

Voting and Support

The soft fork proposal is currently open for voting until October 3, 2023. As of now, it has garnered an impressive 1.64% unanimous "Yes" vote share of the total voting power. Earlier, CoinGape reported the community's decision to halt all minting and reminting activities for Terra Classic USD (USTC).

CoinGape previously noted that a bullish movement from the current range of $0.00006 has the potential to trigger a recovery in LUNC's price, aiming for the $0.00007 mark. Over the past few days, Terra Classic LUNC's daily trading volume has exhibited fluctuations between $350 million to $370 million.

Also Read: Terra Classic (LUNC): Anticipating a Bullish Breakout

FAQ

Q1: What is the purpose of the soft fork proposal within the Terra Luna Classic community?

A1: The soft fork proposal aims to set a minimum commission for validators and address technical improvements, responding to an accidental drop in the validator commission rate during a mainnet upgrade.

Q2: Who initiated the soft fork proposal, and why was it chosen over a governance proposal?

A2: The proposal was initiated by Till Ziegler, a former Terra Classic Joint L1 Task Force member, who believed a soft fork upgrade was more appropriate to address the issue. It was later supported by blockchain engineer Vinh.

Q3: When is the deadline for the terrad upgrade to v2.2.2 if the proposal passes?

A3: If the proposal passes, validators are required to upgrade their terrad to v2.2.2 by block 14890000, set for October 9, 2023.

Q4: What is the current status of the soft fork proposal voting?

A4: As of now, the proposal has received unanimous support with a "Yes" vote share of 1.64% out of the total voting power.

Q5: What are the potential price implications for LUNC following this development?

A5: CoinGape has suggested that a bullish wave could drive LUNC's price from its current range of $0.00006 to the $0.00007 mark, but fluctuations in daily trading volume should be monitored.