Terra Classic and LUNA’s Initial Merger Efforts Face Major Obstacles
LUNC News: The terra luna Classic community has rejected a highly controversial proposal to increase the number of validators on the blockchain to 130. The move comes after Terraform Labs and Do Kwon reached a settlement with the US SEC for $4.5 billion. Some saw the proposal as the first effort to integrate with the Terra (LUNA) community, which strengthens the decentralized nature of the network by bringing Luna v2 validators to Terra Classic following the TFL and SEC agreement.
Terra Luna Classic Rejected the Offer
The Terra Luna Classic community is currently reluctant to increase the validator limit from 100 to 130 because they plan to welcome validators back in Terra Luna v2 after Terraform Labs and the US SEC settlement. Offer 12116 “Increase Authenticator Active Setting to 130It did not reach the passing threshold in the management vote.
The proposal received only 30.59 percent of “Yes” votes. Notably, after it was rejected by senior delegates and validators, 46.17% “No” and 22.59% “abstain” votes rejected the LUNC proposal. Among the 46 validators who voted, only 10 voted against the proposal, including Allnodes, Luna Station 88, LuncGoblins, Austizm Staking, and others.
“The amount of LUNC required to enter the active cluster is not burdensome,” said all nodes, stating that the chain is not currently ready for this.
The proponent suggested that expanding the validator set to 13o would strengthen the decentralized nature of the Terra Classic network and benefit the LUNC community.
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LUNC and USTC Prices Rising Against Market Sentiment
Terra Classic ecosystem tokens gained upward momentum with the reorganization of LUNC positions after the btcturk exchange delisted LUNC after the hack. LUNC futures open interest increased by 24% in the last 4 hours.
LUNC price increased by more than 10% in 24 hours. Price is currently trading $0.00008246The 24-hour low and high were $0.00007255 and $0.00008257 respectively. Additionally, transaction volume increased by 50% in the last 24 hours.
Meanwhile, USTC price has also increased by more than 5% and the price is currently changing hands at $0.0181. 24-hour trading volume increased by 136%. USTC futures open interest has also increased by over 21% in the last few hours, indicating a possible reversal.
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