.png)
The suggestion made by the Terra Luna Classic (LUNC) community to bring back the total number of validators to 130 was formally turned down. It turned out to be one of the two major suggestions that the community rejected that could have improved the Terra Classic chain's security and usefulness. The idea was voted down by validators who believed it to be immoral and self-serving.
Read Also: What Exactly Was the Big Mistake in the SEC X Hack?
Failure of Terra Classic Proposal to Restore Validators
The Terra Classic community rejects proposal 11966, "Restore Validator List to 130." The plan sought to expedite the procedure and give the restoration of 130 validators on the Terra Classic chain top priority. "Our goal is to minimize the load on developers while ensuring the network's continued robustness and decentralization."
Voters responded to the proposal with 27% voting "yes," 50% voting "no," 1% voting no with a veto, and 21% abstaining. After Allnodes, the top validator with 15% of the vote, and other validators cast "No" votes on the proposal, it was unable to cross the threshold.
Out of the 57 validators who took part in the vote, 23 validators—including Allnodes, Interstake One, Luna Station 88, StakeBin, PFC, and Lunanauts—voted against the proposal, while 17 validators—including JESUSisLORD, HappyCattyCrypto, and TerraCVita—voted in favor of it.
Concerns have been voiced by a few validators over the combination of the minimum validator delegation modification and validator restoration. "Separately addressing these issues will ensure transparency and prevent potential red flags," according to them.
Others cited selfish and unethical as key reasons for their “No” votes on the proposal, despite considering the benefits of the large active size of validators.
Loss of Upside Momentum for USTC and LUNC
Concerns have been expressed in the community about LUNC possibly being delisted from cryptocurrency exchange crypto com. Notably, there is a little decrease in LUNC trading volumes on the platform. The cryptocurrency exchange has not yet answered CoinGape's question on its legitimacy.
The price of LUNC decreased by 2% over the previous day to trade at $0.000111. $0.000103 is the 24-hour high, and $0.000113 is the 24-hour low. Furthermore, over the past day, trade volume has dropped by 15%.
In the meantime, the price of USTC has decreased by 2% during the past day to $0.0270. $0.0257 is the 24-hour high, while $0.0280 is the 24-hour low. A 53% decline in trade volume has occurred.