Terra Luna Classic Community Passes Proposal for Dynamic Minimum Validator Commissions
Crypto News – The Terra Luna Classic community has taken a significant step towards enhancing network decentralization and fortifying its resilience against potential vulnerabilities. In a noteworthy development, the community has officially approved Proposal 11738, titled “Dynamic Minimum Commission based on Voting Power,” submitted by esteemed members StrathCole and HappyCattyCrypto.
This proposal, aimed at introducing dynamic minimum commissions for validators based on their voting power, has garnered remarkable support from validators within the LUNC network. Despite the potential impact on their own commissions, validators showed overwhelming support, with 84% of the votes cast in favor of the proposal, surpassing the required pass threshold. Additionally, 6% of votes were marked as “Abstain,” while 10% were in opposition.
Out of the 44 validators that participated in the governance vote, an impressive 36 voted “Yes.” Notable entities such as Allnodes, HappyCattyCrypto, Interstake One, T.MOM, TerraCVita, and others lent their support to the proposal. However, four validators, including JESUSisLORD and SolidVote, opposed it.
The primary objective of this proposal is to mitigate potential issues related to centralized voting within the Terra Luna Classic network. Its implementation is expected to enhance decentralization, bolster network security, and introduce greater flexibility. Notably, validators with less voting power will now be able to set a more competitive commission rate.
Previously, the community had approved a 5% minimum commission proposal, aimed at increasing the number of validators on the network and appropriately rewarding them. However, this move inadvertently led to a consolidation of voting power among top validators, resulting in heightened centralization concerns.
It’s worth noting that Terra Luna Classic ecosystem tokens experienced a significant decline in value last month, with LUNC witnessing a 22% drop and USTC plummeting by 16%. These declines were primarily attributed to broader market sell-offs, which put downward pressure on LUNC and USTC prices.
Currently, the LUNC price is exhibiting sideways movement as it recovers from a support level. The price is trading at $0.000060, with a 24-hour low of $0.0000584 and a high of $0.0000608.
Meanwhile, USTC price also experienced a 1% decline in the past 24 hours, with the current trading price standing at $0.011. Additionally, there has been a 45% decrease in trading volume over the same 24-hour period.
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