Terra Luna Classic takes a proactive measure against possible spam attacks with the introduction of Proposal 12097 which would also increase validators’ commission from 0% to 2.5%.

According to the proposal, increasing the minimum commission would motivate small validators to invest in better infrastructures to mitigate attacks. 

Tera Luna Classic (LUNC) takes a drastic approach to revolutionize its ecosystem with a series of approved proposals subject to voting. Over the years, developers have pointed out possible risks to the likes of Cosmos, Solana, and the Polkadot ecosystem, proposing proactive measures to mitigate any future spam attack. 

To prevent such occurrence on the chain and to raise the minimum validators’ commission from 0% to 2.5%, Proposal 12097 has currently been subjected to voting with quorum and pass threshold reached. At press time, the proposal had received 35 “YES” votes in addition to 32% “NO”, 0.5% “NO WITH VETO”, and 32.50% “ABSTAIN” votes. From the vote, it is obvious most of the validators voted in favor of the proposal.

Commenting on this, one of the top validators Allnodes has observed that the VP of the top 15 validators has reduced drastically, and would be significantly less with the 2.5% commission implementation. As a result of this, he and six other validators voted “NO” compared to 33 validators who voted “YES”. 

The top 15 validators had 84.62% VP before the implementation of the dynamic commission. Now they have 69.48%. Numbers would be significantly less with a 2.5% minimum commission.

More on the Terra Luna Classic (LUNC) Proposals

According to an explanation in regards to this proposal,

“increasing the minimum commission is meant to increase the income especially for small validators to motivate them to invest in better infrastructure and increase resistance against attack.”

Interestingly, the same can be said of Proposal 12094 “Proposal to decrease MaxBlockSize”. This has been approved officially by the Terra Luna Classic community after surpassing the threshold. The developer team Genuine Labs was the chief architect of this proposal and is meant to decrease the MaxBlockSize from 5 MB to 2 MB to mitigate peer-to-peer spam.

With all of these approved to serve the best interest of the ecosystem, Proposal 12095 – 10x Gas Fees which Crypto News Flash extensively covered was voted against because it could severely damage DApps and threaten the existence of an auto-compound module. 

In addition to these developments, the Terra Luna Classic community pool balance has also reached a new milestone at an all-time high of 5 billion LUNC. As of April 21, the community pool held 5,005,468,596 LUNC and 11,803,526 USTC. This implies that developers and contributors have access to more funds. However, it has not been utilized to the maximum capacity. 

Contrary to the ongoing activities within the community, LUNC has failed to hold its ground as it breaks major support levels to fall by 9% in the last 24 hours, extending its 30-day decline to 39%. At press time, the asset was trading at $0.0001018 with a 5% decline in its 24-hour trading volume. 

However, analyst Javon Marks believes that the asset could stage a bullish reversal to surge by 270% amid the bull market. His prediction was based on the formation of a massive bull pennant pattern in the long timeline. 

 

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Filed under: Bitcoin - @ April 25, 2024 2:20 pm