Terra Classic contemplates deposit hike to curb spam proposals

This measure is intended to counteract the influx of spam and irrelevant proposals submitted for voting within the Terra Classic community.

The Terra Classic community is voting on multiple proposals, with concerns raised about an uptick in spam following a decline in Luna Classic (LUNC) prices. A new proposal seeks to raise the minimum deposit requirement from 1 million LUNC to 5 million LUNC, with expectations of a potential price increase ahead of the upgrade.

Proposal 11780, called the “Initiative to Address Spam Proposals by Raising Minimum Deposit to 5M LUNC,” is under consideration. Its objective is to elevate the minimum deposit requirement from 1 million LUNC to 5 million LUNC, creating a higher barrier for scam proposals to advance beyond the deposit phase. This measure is intended to counteract the influx of spam and irrelevant proposals submitted for voting within the Terra Classic community.

Validators agree that the existing 1 million LUNC threshold is insufficient in deterring these proposals. Hexxagon, the developer team responsible for the community-owned Station wallet, has observed an uptick in spam 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

At the time of writing, the proposal has 34% of votes in favor, 64% of votes against and 2% of votes “No with veto.” Nine validators, including Hexxagon, Lunanauts and Coinpayu, favor the proposal.

Meanwhile, Terra Classic developers are gearing up for the v2.2.1 core upgrade, scheduled for Sept. 12 at 9:57 am UTC. Additionally, the TerraUSD Classic (USTC) quant team has initiated contact with centralized exchanges in an effort to reestablish the peg of USTC.

Related: Prime Trust parent company lost $8M investing in TerraUSD

LUNC and Terra (LUNA) have experienced a significant surge in trading volumes recently, propelled by important community-approved proposals. LUNA, led by Terraform Labs, has seen a growth of over 5% in the past week, while LUNC is also displaying upward momentum in anticipation of the core upgrade by its developer team.

Magazine: Alameda’s $38B IRS bill, Do Kwon kicked in the assets, Milady frenzy: Asia Express