The Terra Luna Classic LUNC community is voting for a soft fork that will set a minimum validator commission of 5% and introduce other technical improvements. The soft fork proposal has a deadline of October 3, 2023.
The Terra Luna Classic LUNC community is set to vote for a soft fork that will set a minimum validator commission of 5% and introduce some other technical improvements.
This comes after the recent proposal to raise the minimum deposit amount to 5 million LUNC to prevent spam proposals.
In August 2023, the community members proposed a vision for revival and better governance on the blockchain, laying out ideas and proposals for the chain titled “Terra Classic Expedition: A united vision.”
One of the proposed changes was to set a minimum validator commission after it was accidentally set to 0% during the mainnet upgrade.
Till Ziegler, a former member and contributor of the Terra Classic Joint L1 Task Force (L1TF) team, proposed that a soft fork upgrade was needed instead of a simple governance proposal.
Following this, Vinh, a blockchain engineer, proposed that the JL1TF team release the v2.2.2 soft fork, which includes the 5% commission part and some other improvements.
Voting deadline and technical improvements
The soft fork proposal has just been submitted and has a deadline for voting until October 3, 2023. So far, the soft fork proposal received a unanimous Yes vote share of 1.64% out of the total voting power.
“If passed, validators are required to upgrade their terrad to v2.2.2 as soon as possible. The deadline for terrad v2.2.2 will be block 14890000 (October 9, 2023),”
Vinh wrote in the proposal.
The soft fork proposal also includes some other technical improvements, such as fixing the gas estimation issue, adding more RPC endpoints, and enabling state sync.
LUNC price outlook
The Terra Luna Classic LUNC community also voted to cease all minting and reminting of Terra Classic USD (USTC) in September 2023. This was done to reduce inflation and increase scarcity of the native token.
The LUNC price has been trading in a narrow range of $0.00006 in the last few days, with a daily trading volume fluctuating between $350 to $370 million.
Some analysts believe that a bullish wave from the current range has potential to trigger a recovery for the token back to the $0.00007 mark for LUNC price.
However, others caution that the token faces strong resistance at $0.00007 and needs more positive catalysts to break out of the downtrend.
