Terra Classic Votes to Bring LUNA Validators Bolstering Decentralization

LUNC News: The Terra Luna Classic community started voting again on a highly debated proposal to increase the validators set on the blockchain. The move comes after Terraform Labs and Do Kwon agreed to settle with the U.S. SEC for $4.5 billion. The proposal aims to bring Luna v2 validators to Terra Classic after the TFL and SEC settlement, bolstering the network’s decentralization and benefiting the LUNC community.

Terra Luna Classic Validator Set Boost Proposal

Proposal 12116 “Increase Validator Active Set to 130” is currently undergoing governance voting on the Station wallet. If passed, the Terra Lunc Classic community will increase the validator limit to 130 from the current 100, as they look to welcome back validators from Terra Luna v2 after Terraform Labs and the U.S. SEC settlement.

Expanding the validator set to 13o will strengthen Terra Classic network’s decentralization and benefit the LUNC community.

At press time, the proposal has received 38.04% “Yes votes” after top validator Allnodes voted “No” citing “The amount of LUNC required to get into the active set is not burdensome.” Nevertheless, the proposal received 93.43% votes from delegates, indicating major support from the community.

Among validators, 16 voted in favor of the proposal while five voted “No”, one “No with veto” and four “Abstain” votes. Vegas Node, Jesusislord, Nitawa, SolidVote, Hexxagon and other validators voted in favor of the proposal.

Also Read: Terra Luna Classic Community Passes Major Tax2Gas Proposal, LUNC Price To $1

LUNC and USTC Prices Hitting Resistance

Terra Classic ecosystem tokens hitting resistance levels to gain upside momentum, but fail to break the levels amid uncertainty in the crypto market.

LUNC price jumped 2% in the last 24 hours but gave up most gains once again. The price currently trades at $0.00009079, with a 24-hour low and high of $0.00008877 and $0.00009432, respectively. Moreover, trading volume decreased by 45% in the last 24 hours, indicating a lack of interest among traders.

Futures traders are mainly moving LUNC prices, as per CoinGlass data. The total LUNC futures open interest jumped over 4% in the last 24 hours, but traders sold LUNC in the last few hours.

Meanwhile, USTC price also fell more than 1%, with the price currently changing hands at $0.01847. The 24-hour trading volume saw a 63% drop in the last 24 hours as traders failed to hold the recovery. USTC hit a 24-hour high of $0.01972.

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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.

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