|
Getting your Trinity Audio player ready...
|
The Terra Luna Classic (LUNC) community is grappling with a brewing controversy involving one of its validators, JESUSisLORD 2 (JIL2). Allegations have surfaced that JIL2 is violating the network’s dynamic commission (DynComm) rule, raising concerns over the integrity and decentralization of the blockchain. As the community deliberates on this issue, the LUNC token has faced a significant drop in price, reflecting broader market uncertainty.
Proposal To Address Rule Violation Sparks Debate
A proposal has been submitted in the Terra Luna Classic commonwealth forum, accusing the JIL2 validator of creating a secondary validator under the same entity. This move, according to the proposal’s author, circumvents the DynComm rule, which is designed to maintain fairness and prevent centralization by dynamically adjusting commission rates based on a validator’s voting power.
The proposal has ignited debate within the LUNC community. While some members assert that JIL2’s actions set a harmful precedent, others argue that there is no explicit rule prohibiting the creation of a second validator by the same entity. Rather than advocating for immediate punitive measures, the proposal suggests issuing a formal warning to the validator, emphasizing the importance of adhering to the community’s ethical standards.
The dynamic commission rule was implemented to ensure a balanced distribution of voting power among validators, promoting a more decentralized and fair network. However, the recent allegations have highlighted potential vulnerabilities in the system, prompting discussions on how to reinforce the network’s integrity.
LUNC Price Falls Amid Market Turbulence
Amid the ongoing controversy, Terra Luna Classic has not been immune to the broader crypto market downturn. LUNC’s price has dropped another 2% in the last 24 hours, failing to maintain support at the $0.000080 level. The token is currently trading at $0.00007907, with a 24-hour low of $0.00007738 and a high of $0.00008084. Trading volume has also declined by 32% over the same period, indicating a waning interest among traders.
The market’s bearish sentiment has pushed LUNC below its 50-day moving average (DMA) and descending trendline, signaling potential further declines. The Relative Strength Index (RSI) is also trending lower, suggesting that the token may continue to struggle in the near term.
Despite LUNC’s challenges, USTC, another token within the Terra Luna Classic ecosystem, has seen a modest recovery, gaining over 2% to trade at $0.0161. However, USTC’s trading volume has plummeted by 47% in the last day, reflecting the uncertainty that continues to plague the broader market.
Also Read: LUNC Validators Caught Red-Handed – 75% Increase in Rule Violations Threatens Network Stability
Looking Ahead
As the Terra Luna Classic community navigates this period of uncertainty, the outcome of the proposal addressing the validator controversy could have significant implications for the network’s future. Ensuring that the rules are clear and enforceable will be crucial in maintaining the integrity and decentralization of the blockchain.
In the meantime, LUNC’s price remains under pressure, and traders will be closely watching for any signs of stabilization in the broader crypto market. The coming days will likely be pivotal for both the community and the token as they navigate these challenges.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Crypto and blockchain enthusiast.
