Terra Luna Classic Minimum Initial Deposit Proposal Officially Passed, LUNC Price Jumps

Terra Luna Classic proposal of raising the minimum initial deposit is successfully passed by the community, aiming to cut down a significant increase in spam proposals recently. It will provide an entry barrier into the deposit section to prevent these proposals from even appearing in the deposit phase by requiring a minimum initial deposit of 1 million LUNC.

Terra Luna Classic Community Passes Major Proposal

Proposal 12071 “Set the Minimum Initial Deposit to 1M LUNC” has surpassed the pass threshold in the Station wallet, garnering substantial support from the Terra Luna Classic community. This makes spam proposals or poorly written proposals to reduce significantly in the deposit section of Station wallet.

The proposal received over 89% votes in favor, with 9% “No” and 1% votes each for “No with veto” and “Abstain”. The community considers the proposal crucial amid recent positive developments. Among 49 validators who participated, 43 validators including Allnodes, Orion, Interstellar Lounge, Interstake One, and Luna Station 88 voted in favor of the proposal. Few Terra Luna Classic validators voted No and Abstain in the governance voting.

CoinGape reported that a parameter change will raise the minimum initial deposit ratio for governance proposal deposits to 20%. Notably, an initial amount for the deposit phase will be 1 million LUNC, with the proposal in deposit still having to fulfill the 5 million deposit amount to proceed to the governance voting stage.

Also Read: Terra Vs SEC — Court Sets Pretrial Deadline As Do Kwon Set for US Extradition

LUNC and USTC Prices Gain Momentum

LUNC and USTC prices have rallied over 30% in a month. The Terra Classic ecosystem prices have gained momentum amid rise in development activity. As per CoinGape analysis, here are 5 reasons why LUNC price can hit $0.0002 soon.

LUNC price jumped 2% in the past 24 hours, with the price currently trading at $0.000121. The 24-hour low and high are $0.000116 and $0.000125, respectively. Moreover, trading volume has increased slightly in the last 24 hours.

Meanwhile, USTC price has soared more than 2% in the last 24 hours, with the price currently trading at $0.031. The 24-hour high and low are $0.0285 and $0.0320, respectively. Trading volume increased in the last 24 hours by 66%.

Also Read: Best Performing Crypto Tokens Recording $8B Avg Volume In This Bull Rally

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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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