The Terra Classic community is currently addressing concerns related to spam proposals, which have increased following a drop in Luna Classic (LUNC) prices. To combat this issue, a new proposal, Initiative 11780, titled "Initiative to Address Spam Proposals by Raising the Minimum Deposit to 5 Million LUNC," is being considered. The proposal aims to raise the minimum deposit requirement from 1 million LUNC to 5 million LUNC. This move is intended to establish a higher barrier to prevent scam proposals from progressing beyond the deposit stage, effectively curbing the influx of spam and irrelevant proposals within the Terra Classic community.
Validators have expressed consensus that the current 1 million LUNC threshold is insufficient to deter such spam proposals. Hexxagon, the development team behind the community-owned Station wallet, has reported a noticeable increase in spam proposals. At the time of writing, the proposal has garnered 34% of votes in favor, 64% against, and 2% in the "no" category. Notably, nine validators, including Hexxagon, Lunanauts, and Coinpayu, are in support of this proposal.
Concurrently, Terra Classic developers are gearing up for the v2.2.1 core upgrade, scheduled for September 12 at 9:57 AM UTC. Additionally, the TerraUSD Classic (USTC) quant team has initiated contact with centralized exchanges in an effort to re-establish the peg to USTC. Transaction volumes for both LUNC and Terra have witnessed significant increases recently, largely driven by crucial community-approved proposals. LUNA, under the leadership of Terraform Labs, has seen a more than 5% increase in value over the past week , while LUNC is also experiencing an uptrend due to core upgrades by the development team.
