Terra Luna Classic contemplates deposit hike to curb spam proposals

The Ter­ra Luna Clas­sic is present­ly vot­ing on mul­ti­ple pro­pos­als, with con­cerns raised about an uptick in “spam” pro­pos­als fol­low­ing a decline in LUNA prices. A new pro­pos­al seeks to raise the min­i­mum deposit require­ment from 1 mil­lion LUNA to 5 mil­lion LUNA, with expec­ta­tions of a poten­tial price increase ahead of the upgrade.

The pro­pos­al 11780, titled “Ini­tia­tive to Address Spam Pro­pos­als by Rais­ing Min­i­mum Deposit to 5M LUNC,” is under con­sid­er­a­tion. Its objec­tive is to ele­vate the min­i­mum deposit require­ment from 1 mil­lion LUNC to 5 mil­lion LUNC, cre­at­ing a high­er bar­ri­er for scam pro­pos­als to advance beyond the deposit phase. This mea­sure is intend­ed to coun­ter­act the influx of “spam” and irrel­e­vant pro­pos­als sub­mit­ted for vot­ing with­in the Ter­ra Luna Clas­sic community.

Val­ida­tors con­cur that the exist­ing 1 mil­lion LUNC thresh­old is insuf­fi­cient in deter­ring these unde­sir­able pro­pos­als. Hexxagon, the devel­op­er team respon­si­ble for the com­mu­ni­ty-owned Sta­tion wal­let, has observed an uptick in spam proposals.

Ini­tia­tive to com­bat spam pro­pos­als by increas­ing min­i­mum deposit amount to 5M LUNC

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…

— Hexxagon (@hexxagon_io) Sep­tem­ber 8, 2023

As of now, the pro­pos­al has gar­nered sup­port from 34% of “Yes” votes, 64% of “No” votes, and 2% of “No with veto” votes. Nine val­ida­tors, includ­ing Hexxagon, Luna­nauts, and Coin­payu, are in favor of the proposal. 

In the mean­time, the L1 Ter­ra Clas­sic Task Force is gear­ing up for the v2.2.1 core upgrade, sched­uled for Sep­tem­ber 12 at 9.57 UTC, as indi­cat­ed by the count­down. Addi­tion­al­ly, the USTC Quant team has ini­ti­at­ed con­tact with the cen­tral­ized exchange to pro­vide them with the Buy Back Report in an effort to reestab­lish the peg of USTC.

Relat­ed: Prime Trust par­ent com­pa­ny lost $8M invest­ing in TerraUSD

LUNC and LUNA have expe­ri­enced a sig­nif­i­cant surge in trad­ing vol­umes recent­ly, pro­pelled by impor­tant com­mu­ni­ty-approved pro­pos­als. LUNA, led by TFL, has seen a growth of over 5% in the past week, while LUNC is also dis­play­ing upward momen­tum in antic­i­pa­tion of the core upgrade by the L1TF devel­op­er team.

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