Terra Luna Classic initial minimum deposit proposal officially approved, LUNC price increasing

Terra Luna Classic’s proposal to increase the initial minimum deposit was successfully approved by the community, with the aim of reducing a significant increase in spam proposals recently. It will provide a barrier to entry in the deposits section to prevent these proposals from appearing even in the deposit stage by requiring a minimum initial deposit of 1 million LUNC.

The Terra Luna Classic community approves an important proposal

Proposal 12071”Set the minimum initial deposit to 1 million LUNC” has exceeded the access threshold in the Station’s portfolio, garnering considerable support from the Terra Luna Classic community. This causes spam proposals or poorly written proposals to be significantly reduced in the deposit section of the Station wallet.

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

CoinGape reported that a parameter change will increase the minimum initial deposit ratio for governance proposal deposits to 20%. Notably, the initial amount for the deposit phase will be 1 million LUNC, while the deposited proposal will still need to meet the deposit amount of 5 million to proceed to the governance voting phase.

Read also: Terra Vs SEC: Court sets pre-trial deadline as Kwon sets for extradition to US

LUNC and USTC prices gain momentum

LUNC and USTC prices increased more than 23% in one month. Terra Classic Ecosystem prices have gained momentum amid increased development activity. According to CoinGape analysis, here are 5 reasons why LUNC price can reach $0.0002 soon.

LUNC price increased by 2% at the beginning of the trading session, but is currently down by around 1% over the past 24 hours. The 24-hour low and high are $0.000116 and $0.000125, respectively. Furthermore, the trading volume has increased slightly in the last 24 hours.

Meanwhile, the price of USTC has increased by more than 2% in the past 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%.

Read also: Top-Performing Crypto Tokens See Average Volume of $8 Billion in This Bullish Rally

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