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03/07/2024

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Terra Classic's Validator Support Expansion

The Terra Classic community recently voted on a significant proposal aiming to expand support for validators. This proposal also aims to enhance chain security and decentralization.

Terra Classic's Validator Support Expansion

The Terra Classic community recently voted on a significant proposal aiming to expand support for validators. This proposal also aims to enhance chain security and decentralization.

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The Terra Luna Classic community is voting on another major proposal to prevent the exodus of validators, particularly small ones. This proposal aims to enhance chain security and decentralization by increasing the number of validators, thereby improving network security.

Terra Luna Classic: Proposal for 5% Validator Commission

The Terra Luna Classic community is currently voting on Proposal 12089, which seeks to reintroduce a 5% commission for validators. This commission had been restricted following the introduction of the dynamic commission (DynComm) last year. Importantly, this proposed parameter change does not impact the DynComm Module.

The rationale behind the proposal is to address the need for reimplementation of a minimum fee to support the active set of validators and facilitate ongoing development efforts. The proposal highlights the loss of several validators over the past five months, with some struggling to cover the costs of running their nodes. This situation is anticipated to worsen as delegators withdraw their stake during bullish market phases to capitalize on profits.

Furthermore, the proposal cites examples of validators such as PFC, TMOM, and Lux Blockchain that have ceased operations, along with others nearing closure due to financial challenges. Additionally, it notes instances where validators have shut down without notifying their delegators or failing to upgrade to maintain their position in the active set, resulting in a substantial amount of staked LUNC being jailed.

If passed, the proposal is expected to offer benefits to delegates and mitigate the risk of Sybil Attacks. Currently, the proposal has garnered 81% of votes in favor, with 10 out of 11 validators supporting it. Notable validators, including Interstellar Lounge, StakeBin, and LUNC Development Fund, have voted in favor of the proposal.

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Terra Luna Classic and USTC Prices Amidst Volatility

Terra Luna Classic (LUNC) faced a 3% decline in the past 24 hours following a local high of $0.0002517. Presently, the price hovers around $0.0001976, with fluctuations between $0.0001837 and $0.0002029 within the day. Additionally, trading volume has plummeted by 70% during this period.

Similarly, USTC’s price continues to fluctuate around $0.03670, exhibiting volatile movements over the past week. Currently maintaining its value at $0.03670, USTC also witnessed a significant 70% drop in trading volume within the last 24 hours.

Expectations suggest that prices may remain stable until the implementation of major upgrades scheduled for March, with overall market sentiment holding a neutral stance.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

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