Terra Luna Classic Key Proposal Fails, LUNC Price Soars 5%

LUNC News: Terra Luna Classic community has rejected a crucial proposal on preventing validators from running multiple nodes on the chain. The proposal received some votes in favor from validators, but top validator Allnodes voted “No” citing “No enforceable rules should not be created on permissionless blockchains” as the reason.

Terra Luna Classic Proposal Rejected

Proposal 12101 “Rules to prevent double & network validating” has failed to pass governance vote. The proposal aimed ar tackling the emergence of validators running multiple nodes on the chain, posing a risk to the decentralization and security of the network.

The proposal received nearly 38% “Yes” votes, along with 37% “No”, 21% “No with veto” and 4% “Abstain” votes. The proposal has not received support from validators and delegators. Out of 45 validators who participated in the voting, only 20 validators including Interstellar Lounge, HappyCattyCrypto, TerrCVita, LBUN Project, and StakeBin voted in favor of the proposal.

As CoinGape reported earlier, this measure addresses concerns about potential risks to the network’s security and decentralization. Validators currently operating multiple nodes would need to revert to a single-node operation. Non-custodial providers must enforce these restrictions rigorously. The proposal seeks to diminish the likelihood of Sybil attacks, where one entity controls multiple nodes, thus compromising the network’s integrity.

Also Read: Binance Burns 1.4 Billion Terra Luna Classic (LUNC) Tokens

LUNC Price Soars 5%

LUNC price jumped 5% in a day amid market-wide buying. The price is currently trading at $0.0001096. The 24-hour high and low are $0.0001047 and $0.0001097, respectively. Moreover, trading volume has increased slightly in the last 24 hours.

Meanwhile, USTC price climbed 1% in the last 24 hours, with the price currently trading at $0.01981. The 24-hour low and high are $0.01941 and $0.01992, respectively.

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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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