The Terra Luna Classic community voting on another major proposal amid recent development efforts, focusing on preventing exodus of validators, especially small validators. The proposal can also boost security and decentralization of the chain as more validators increase network security.
Terra Classic Community Votes to Reinstate Min Commission
Parameter change proposal 12089 “Reinstate 5% Commission for Validators” is now up for voting on the Station wallet. The proposal aims to bring back a 5% commission for validators, which was limited after introducing dynamic commission (DynComm) last year. Notably, the parameter change proposal does not affect the DynComm Module.
According to the proposal, the Terra Luna Classic community needs to reimplement this minimum fee to help maintain the active set of validators, while continuing to build. “We have lost a number of validators in the last 5 months with a few struggling to pay for their nodes. This situation will undoubtedly get worse as delegators pull their stake during the bull run to sell for profit,” it said.
It also noted the names of validators such as PFC, TMOM, and Lux Blockchain that closed and other validators near closing amid financial burden. In addition, some validators have closed without warning their delegators about closure or not upgrading to remain in the active set, causing almost 22 billion in staked LUNC with jailed validators.
The proposal, if passed, will bring added benefits to delegates and reduce the odds of the Sybil Attack. Until now, the proposal has received 81% votes in favor, with 10 out of 11 validators supporting the proposal. Top validators such as Interstellar Lounge, StakeBin, and LUNC Development Fund have voted “Yes.”
Also Read: Terra Luna Classic Submits Revised Core Upgrade Proposal, LUNC Price to $0.0005 Next?
LUNC and USTC Saw Profit Booking
LUNC price fell 3% in the past 24 hours after hitting a local high of $0.0002517. Terra Luna Classic price is trading at $0.0001976, with a 24-hour low and high of $0.0001837 and $0.0002029, respectively. Moreover, trading volume has decreased by 70% in the last 24 hours.
Meanwhile, USTC price continues to trade near $0.03670 with volatile price movements for a week. The price is currently trading at $0.03670. Furthermore, USTC trading volume has also dropped 70% in the past 24 hours.
The prices will continue to consolidate until the major upgrades planned in March take effect, with the broader market sentiment remaining neutral.
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