The community is grappling with a contentious governance issue as the Terra Luna Classic ecosystem braces for its v2.2.1 core upgrade, scheduled for September 12 at 9:57 UTC. Proposal 11780, aimed at curbing the influx of spam proposals, has sparked a heated debate among validators and community members.
The initiative proposes to quintuple the minimum deposit for submitting proposals from 1 million to 5 million LUNC. While the developer group Hexxagon and key validators such as Lunanauts and Coinpayu endorse the move, it has only secured 34% approval from the community, with a significant 64% voting against it. An additional 2% have exercised a “No with veto” vote. Vocal opposition from JESUSisLORD raises concerns that the proposal could hinder grassroots participation in governance.
Simultaneously, the L1 Terra Classic Task Force is in high gear, preparing for the imminent core upgrade. Adding to the buzz, the USTC Quant team actively engages with centralized exchanges to disseminate their Buy Back Report, aiming to stabilize the USTC peg.
On the financial front, the market indicators for both LUNC and LUNA are bullish. LUNA has experienced a 5% uptick over the past week, largely attributed to Terraform Labs (TFL) efforts. LUNC is also on an upward trajectory, currently valued at $0.00005987. Despite a minor dip, LUNA maintains a positive market of $0.4095.
As the community counts down to the core upgrade, the outcome of Proposal 11780 could serve as a watershed moment for Terra Luna Classic’s governance model. With market sentiment favoring LUNC and LUNA, the community keenly watches how these parallel developments will sculpt the project’s future.