As an experienced analyst, I believe the Terra Luna Classic community’s decision to increase the validator set on their blockchain is a positive step towards enhancing the network’s decentralization and benefiting the LUNC community. The proposal, if passed, will bring back validators from Terra Luna v2, which could potentially stabilize the network and improve its overall security.
Update from LUNC News: The Terra Luna Classic community has initiated another round of voting on a contentious proposal to expand the number of validators on their blockchain. This decision follows the announcement that Terraform Labs and Do Kwon have reached an agreement with the U.S. SEC for a settlement worth $4.5 billion. The objective of this proposal is to integrate Luna v2 validators into Terra Classic post-settlement, thereby enhancing the network’s decentralization and advancing the interests of the LUNC community.
Terra Luna Classic Validator Set Boost Proposal
Proposal 12116 proposes expanding the active validator set in the Terra Lunc Classic network to 130 members if approved during the governance vote on the Station wallet. This expansion aims to accommodate more validators, including those returning from Terra Luna v2 following the settlement between Terraform Labs and the U.S. SEC.
Increasing the size of the validator set in Terra Classic from its current number to 130 will enhance the network’s decentralization and bring about advantages for the LUNC community.
As a crypto investor, I’m keeping an eye on the latest developments regarding a specific proposal in the LUNA network. At the moment of writing, this proposition has garnered 38.04% affirmative votes. Notably, Allnodes, one of the top validators, cast a “No” vote, arguing that the amount of LUNC needed to join the active set is not excessive. However, it’s important to note that delegates representing an impressive 93.43% of the community have voiced their approval for this proposal.
As a crypto investor, I can tell you that out of the validators who participated in the recent proposal vote, 16 cast their ballots in approval while five validators, including Vegas Node, Jesusislord, Nitawa, SolidVote, and Hexxagon, among others, voted in favor. Five validators expressed their dissenting opinions, one validator used a veto, and four validators chose to abstain from the vote.
LUNC and USTC Prices Hitting Resistance
TheTokens in the Terra Classic ecosystem are encountering resistance at certain levels as they attempt to build momentum for price increases. However, these attempts have been unsuccessful due to the ongoing hesitancy and instability in the larger cryptocurrency market.
In the past 24 hours, LUNC’s price surged by 2%, reaching a peak of $0.00009432. However, it subsequently retreated and now stands at $0.00009079. The hourly low was recorded at $0.00008877. This price action suggests that the upward momentum may have weakened. Additionally, trading volume has dropped by 45%, suggesting reduced participation from traders in the market.
According to CoinGlass data, it appears that the prices of LUNC are predominantly being influenced by futures traders at the moment. In the past day, there has been a notable increase of over 4% in the total open interest for LUNC futures contracts. However, more recent trading activity has seen LUNC being sold off by these same traders.
Concurrently, USTC experienced a decline of over 1%, now trading at $0.01847. The volume of trades in the last 24 hours decreased by approximately 63% compared to the previous period, as investors struggled to maintain the price rise. The peak price for USTC within this timeframe reached $0.01972.
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2024-06-20 17:51