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The Terra Luna Classic community has unanimously passed Proposal 11766, submitted by the L1 Terra Classic Task Force (L1TF). This crucial upgrade, set to be enacted on September 12 at 9:57 am UTC, aims to implement fundamental changes that were earlier voted in through governance.
Besides bolstering the resilience of the blockchain, the v2.2.1 upgrade marks a significant stride towards long-term development goals. Consequently, these changes are eagerly awaited by both developers and community members.
L1TF developer Vinh Nguyen indicated that the upgrade will occur at block height 14,514,000 and will feature an array of improvements, including a Cosmos SDK upgrade and the migration to CometBFT, among others.
Battling Spam Proposals: A Necessary Intervention?
Moreover, the community is grappling with a sudden influx of spam proposals. This move has led to Proposal 11780, aiming to increase the minimum deposit required for proposal submission from 1 million LUNC to 5 million LUNC.
Validators, including Hexxagon, Lunanauts, and Coinpayu, advocate for the change, highlighting that the current 1 million LUNC barrier is grossly inadequate for deterring spam.
Initiative to combat spam proposals by increasing minimum deposit amount to 5M LUNC
— Hexxagon (@hexxagon_io) September 8, 2023
We currently have seen an increase in "SPAM" proposals going up, since the price of LUNC has dropped, 1M LUNC is no longer effective in combatting these types of proposals, this proposal will…
However, at the moment, 64% of votes are against this change, indicating a need for further discussions and, perhaps, alternative solutions. Additionally, Hexxagon, the team behind the community-owned Station wallet, has been particularly vocal about the urgency of dealing with these spam proposals.
Significantly, TerraUSD Classic (USTC) developers are also in discussions with centralized exchanges to reestablish its peg, as trading volumes for both LUNC and USTC have recently surged. Hence, these initiatives are poised to reinforce the ecosystem’s stability and catalyze the price of LUNC and USTC to rebound.
LUNC/USD Analysis
LUNC and USTC continue to face selling pressure. Despite anticipation surrounding the core upgrade, LUNC prices fell by 5% in the past 24 hours. Similarly, USTC trades at a lower value, down by 4%. Yet, the community remains optimistic that these governance measures and the impending v2.2.1 upgrade could shift market sentiment toward the blockchain.
Terra Luna Classic is at a crossroads, balancing upgrade-driven growth with the immediate need to curb spam proposals. While LUNC and USTC prices remain under pressure, these pivotal decisions signify the community’s commitment to long-term sustainability and innovation. Therefore, all eyes will be on the outcomes of these proposals and their subsequent impact on the ecosystem.
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