The Terra Classic (LUNC) community is taking a stand against spam proposals with a new proposal to raise the minimum initial deposit required for submitting them. This move comes amid concerns about the growing number of poorly written and irrelevant proposals flooding the governance process.
The Proposal:
Proposal 12071, currently up for vote in the Station wallet, aims to increase the minimum initial deposit for governance proposals from 5 million LUNC to 1 million LUNC. This effectively creates a higher barrier to entry, discouraging individuals from submitting spam proposals that wouldn’t garner enough support to reach the full 5 million LUNC deposit requirement.
The proposal has received overwhelming support, with over 98% of votes in favor and all participating validators voting “Yes.” However, some community members believe the increased deposit is still too low.
LUNC Price Movement:
LUNC price has seen a slight increase of 1% in the past 24 hours, following a 15% rally last week. The current price sits at $0.000129, with a 24-hour trading volume decrease of 24%. Despite the recent price movement, it’s important to remember that the crypto market is highly volatile, and past performance is not indicative of future results.
Potential Impact:
While the increased deposit might deter some spam proposals, it could also discourage legitimate proposals from smaller stakeholders who hold fewer LUNC tokens. Additionally, the proposal’s impact on LUNC price remains uncertain. Some analysts believe it could lead to a more focused and efficient governance process, potentially attracting more investors and boosting the price. However, others worry it could hinder community participation and dampen the overall sentiment around the project.
Also Read: Terra Luna Classic’s Tax2Gas Proposal: A Beacon of Hope for LUNC and USTC’s Return to $1
Looking Ahead: The Terra Classic community is clearly taking steps to address the issue of spam proposals. Whether this new proposal will be effective and have a positive impact on the project’s future remains to be seen. Investors should carefully consider all factors before making any investment decisions.
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