The Terra Luna Classic community is currently voting on a proposal to introduce dynamic minimum commissions for validators based on voting power. The proposal aims to improve decentralization and safeguard the Terra Luna Classic network against potential vulnerabilities due to centralization issues. Top validators have expressed support to the proposal.
Terra Luna Classic Proposal Gains Support From Top Validators
Proposal 11738 “Dynamic Minimum Commission based on Voting Power” submitted earlier this week has gained support from top validators. The proposal submitted by StrathCole and HappyCattyCrypto pointed out the ongoing centralized voting issue within the Terra Luna Classic network. Currently, it has a Nakamoto index of 3-4.
The community approved a 5% minimum commission proposal to increase validators on the chain and reward validators. Also, it makes the governance voting more decentralized. However, top validators have further consolidated their voting power leading to higher centralization than before.
Until now, the proposal has received 77% “Yes” votes, but is still away from passing the quorum. Also, it has received 9% “Abstain” and 14% “No” votes. The deadline for the proposal is September 5.
Validators have shown support for the proposal, with Allnodes having 16.90% voting power in favor of it. Other validators that have supported the proposal include T.MOM, StakeBin, Lunanauts, Hexxagon, and others. JESUSisLORD, SolidVote, and MoonRunners voted “No” in the governance voting.
If the proposal is passed, validators with less voting power can charge a more appealing commission and have a broader range of delegators. During the chain update for this implementation, all validators’ maximum commission setting will be raised to 20%.
LUNC Price Falls After Lower Burns by Binance
Binance burned 796 million Terra Luna Classic (LUNC) tokens in the 13th batch of LUNC burn mechanism on September 1. It’s the first time the LUNC burn by Binance has fallen below 1 billion.
LUNC price fell 1% after the Binance LUNC burn, but it’s still down 3% this week. The price is currently trading at $0.000061. The 24-hour low and high are $0.0000598 and $0.0000617, respectively.
Meanwhile, USTC price jumped 3% in the past 24 hours after the USTC repeg team’s proposal passed. The price currently trading at $0.012. However, the trading volume has decreased by 54% in the past 24 hours.
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