As an analyst with a background in blockchain and cryptocurrency markets, I’ve been closely monitoring the recent developments surrounding Terra Luna Classic (LUNC) and its community. The rejection of Proposal 12116 to increase the validator set from 100 to 130 is a significant turn of events that warrants further analysis.
News from LUNC: The Terra Luna Classic community thwarted a contentious proposal aimed at expanding the number of validators on the blockchain to 130. This decision follows Terraform Labs and Do Kwon’s agreement with the U.S. SEC for a $4.5 billion settlement. Some believed this proposal represented an early merge attempt between Terra (LUNA) and Terra Classic communities, as it would have incorporated Luna v2 validators into Terra Classic post-settlement, enhancing the network’s decentralization.
Terra Luna Classic Rejects Proposal
The Terra Luna Classic group is hesitant to expand the number of validators from 100 to 130 at present, as they anticipate the return of validators from Terra Luna v2 following the Terraform Labs and U.S. SEC settlement. Proposal “Increase Validator Active Set to 130” in the governance vote did not receive enough approval to pass.
As an analyst, I’d put it this way: The “Yes” votes for the proposal accounted for a mere 30.59% of the total tally. Conversely, a substantial 46.17% represented “No” votes, while 22.59% were abstentions. Ultimately, the LUNC proposition failed to gain approval from the majority following its rejection by leading delegates and validators. Among the 46 validators who cast their ballots, a minority of 10, including Allnodes, Luna Station 88, LuncGoblins, Austism Staking, and others, opposed the proposal.
According to Allnodes, the chain isn’t prepared yet for this process, as the needed LUNC quantity to join the active set isn’t excessively high.
As a researcher examining the Terra Classic network, I would propose that enlarging the validator set to include approximately 130 members could enhance the network’s decentralization and bring about significant benefits for the LUNC community.
LUNC and USTC Prices Jump Defying Market Sentiment
As a researcher studying the cryptocurrency market, I’ve noticed an uptick in momentum for Terra Classic ecosystem tokens following BtcTurk crypto exchange’s decision to delist LUNC after a hack. In response, open interest for LUNC futures has surged by 24% within the past 4 hours.
In just 24 hours, the value of LUNC has surged by over 10%, reaching a current price of $0.00008246. The day’s lowest and highest prices were recorded at $0.00007255 and $0.00008257, respectively. Additionally, there has been a significant uptick in trading activity, with volume having risen by approximately 50% compared to the previous 24-hour period.
Simultaneously, the cost of USTC surged by over 5%, reaching $0.0181. The trading volume in the last 24 hours increased by 136%. Additionally, there was a growth of more than 21% in USTC futures open interest within the recent hours, suggesting a potential shift in trend.
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2024-06-24 18:54