Terra Classic and LUNA’s Initial Merger Effort Faces Major Roadblock

LUNC News: The Terra Luna Classic community rejected a highly debated proposal to increase the validators set to 130 on the blockchain. The move comes after Terraform Labs and Do Kwon agreed to settle with the U.S. SEC for $4.5 billion. Some saw the proposal as an initial merge effort with Terra (LUNA) community by bringing Luna v2 validators to Terra Classic after the TFL and SEC settlement, bolstering the network’s decentralization.

Terra Luna Classic Rejects Proposal

The Terra Luna Classic community is currently reluctant to increase the validator limit to 130 from 100, as they look to welcome back validators from Terra Luna v2 after Terraform Labs and the U.S. SEC settlement. Proposal 12116 “Increase Validator Active Set to 130” failed to reach pass threshold in the governance voting.

The proposal received a mere 30.59% “Yes” votes. Notably, 46.17% “No” and 22.59% “Abstain” votes took down the LUNC proposal after denial by top delegates and validators. Among 46 validators who voted, only 10 such as Allnodes, Luna Station 88, LuncGoblins, Austism Staking, and others voted against the proposal.

Allnodes stated the chain is not currently ready for it, stating “The amount of LUNC required to get into the active set is not burdensome.”

Proposer suggested that expanding the validator set to 13o will strengthen Terra Classic network’s decentralization and benefit the LUNC community.

Also Read: Institutional Investors Sell Bitcoin, Ethereum Worth $690M, Buys XRP

LUNC and USTC Prices Jump Defying Market Sentiment

Terra Classic ecosystem tokens gained upside momentum amid a rearrangement of LUNC positions after BtcTurk crypto exchange delisted LUNC after the hack. LUNC futures open interest rises 24% in the last 4 hours.

LUNC price soars more than 10% in 24 hours. The price currently trades at $0.00008246, with a 24-hour low and high of $0.00007255 and $0.00008257, respectively. Moreover, trading volume has increased by 50% in the last 24 hours.

Meanwhile, USTC price also jumped more than 5%, with the price currently changing hands at $0.0181. The 24-hour trading volume saw a rise of 136%. USTC futures open interest also rise over 21% in the past few hours, implying a possible reversal.

Also Read: Elon Musk’s X Payments Nears Launch, Receives Another Money Transmitter License

✓ Share:

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.