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Users Now Need 1M LUNC To Initiate Voting On Their Terra Classic Proposals

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The Terra Classic community voted overwhelmingly in favor of proposal 6082.


Proposal 6082 is now live on the Terra Classic network. Famous community influencer Classy Crypto who authored the proposal, disclosed this in a tweet on Wednesday.

As per the details shared, the community members voted overwhelmingly in favor of the proposal, with 99.83% in favor. Classy Crypto describes the development as the first step towards preventing scams on the community-owned blockchain.

As previously reported by The Crypto Basic, proposal 6082 changes the minimum requirements to propose and initiate voting on a Terra Classic proposal. Consequently, community members must deposit 500,000 Terra Luna Classic (LUNC) to submit a governance proposal on the Terra Station. Additionally, to start voting on the proposal, users would have to deposit an additional 1,000,000 LUNC.

Notably, both metrics were at 0 and 345,000 LUNC before proposal 6082.

The proposal came as the network witnessed a proliferation of scam proposals on the Terra Station looking to take advantage of the hype surrounding the LUNC community in recent months to rob investors of their LUNC holdings. Notably, Classy Crypto disclosed that he had received several complaints from members of his audience who had lost thousands of dollars to these scams. As a result, working with Terra Classic core developer Edward Kim and Terra Rebels admin ClanMudhorn, it was agreed that the community had to raise the minimum requirements to make proposals on the Terra Station.

Notably, the proposal received support from several influential members of the community, including the independent development group Terra Rebels. However, some community members still raised concerns over the dependence of the measure on the price of LUNC, noting that it could also prevent community members with great ideas but little cash from contributing.

One such person, StrathCole, a member of the LUNCPenguins, another group also helping with developmental activity, disclosed that he voted no to the proposal for these reasons. While conceding that he understands the reasoning behind the proposal, StrathCole asserts that it would be better to create more scam warnings on the Terra Station to inform users better.

Meanwhile, the announcement by Classy Crypto has been met with mostly positive responses. For example, one user described it as a big step for the network.

Classy Crypto was among members of the LUNC Classic community who launched validators yesterday.

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Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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