Terra Classic Proposal Aims to Counter Spam with 5 Million LUNC Minimum Deposit
In a bid to address growing concerns about spam proposals plaguing the Terra Classic (Terra) community, members are currently voting on Proposal 11780, aptly named the “Initiative to Address Spam Proposals by Raising Minimum Deposit to 5M LUNC.” The proposal aims to raise the minimum deposit requirement from 1 million LUNC (Luna Classic) to 5 million LUNC, effectively creating a higher barrier to prevent scam proposals from advancing beyond the deposit phase. With the decline in Luna Classic (LUNC) prices in recent times, this move is seen as a crucial step to maintain the integrity of the Terra Classic ecosystem.
The surge in spam proposals has become a pressing issue for the Terra Classic community. These proposals not only clog the decision-making process but also pose a threat to the overall health of the platform. As a result, developers and validators within the Terra Classic network are rallying behind the proposed increase in the minimum deposit requirement to weed out fraudulent and irrelevant proposals.
Initiative to combat spam proposals by increasing minimum deposit amount to 5M LUNC
We currently have seen an increase in “SPAM” proposals going up, since the price of LUNC has dropped, 1M LUNC is no longer effective in combatting these types of proposals, this proposal will…
— Hexxagon (@hexxagon_io) September 8, 2023
Hexxagon, the developer team behind the community-owned Station wallet, has been among the most vocal proponents of this initiative. They have observed a noticeable uptick in spam proposals, which they believe threatens the productive functioning of the Terra Classic community. To tackle this issue head-on, Proposal 11780 suggests a significant hike in the minimum deposit, a move that they argue will discourage malicious actors from flooding the system with spam.
As of the time of writing, Proposal 11780 has garnered significant attention, with 34% of the community members voting in favor of the proposal, while 64% have voted against it. A small but notable 2% of voters have opted for a “No with veto” stance. Notably, nine validators, including prominent names like Hexxagon, Lunanauts, and Coinpayu, have thrown their support behind the proposal, highlighting the severity of the spam issue from an operational perspective.
The proposed increase in the minimum deposit is not happening in isolation. Terra Classic developers are concurrently preparing for the v2.2.1 core upgrade, scheduled to take place on September 12 at 9:57 am UTC. This upgrade is expected to bring several improvements and optimizations to the Terra Classic ecosystem, further enhancing its capabilities.
Additionally, TerraUSD Classic (USTC) quant teams have initiated discussions with centralized exchanges, with the aim of reestablishing the peg of USTC. This is a pivotal move to ensure the stability and reliability of the Terra Classic ecosystem, providing a robust foundation for the proposed changes.
In summary, the Terra Classic community is at a crossroads, facing a dual challenge of spam proposals and a decline in Luna Classic prices. Proposal 11780, advocating for an increase in the minimum deposit requirement, has emerged as a key strategy to combat the former issue. While the voting results are still pending, the Terra Classic community, with its dedicated validators and developers, remains committed to maintaining the integrity of the platform as they approach a critical core upgrade and explore options to stabilize TerraUSD Classic.
The future of Terra Classic hangs in the balance, as its members weigh the potential benefits of Proposal 11780 against the broader backdrop of the platform’s ongoing evolution.
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