The Terra Luna Classic community recently made a significant decision regarding the proposed expansion of the validator set on the blockchain. This decision was influenced by the resolution of a $4.5 billion settlement with the U.S. SEC, leading to a dispute among validators over network decentralization.
The community of Terra Luna Classic rejected a contentious proposal to increase the validator set to 130, following the agreement between Terraform Labs and Do Kwon with the U.S. SEC. The proposal aimed to integrate Luna v2 validators from the Terra (LUNA) community into Terra Classic, with the goal of improving network decentralization.
Summary of Community Reaction
1. Proposal Rejection:
The community voted against Proposal 12116, which intended to raise the validator limit from 100 to 130. The outcome revealed that only 30.59% of the votes were in favor of the proposal, while 46.17% opposed it, and 22.59% abstained. This outcome signifies the community's hesitation to expand the validator set at the current juncture.
2. Voting Breakdown:
Out of the 46 validators that participated in the vote, only 10 supported the proposal. Notable validators like Allnodes, Luna Station 88, LuncGoblins, and Autism Staking voted against the proposal, expressing concerns about the chain's readiness for such an enlargement. Allnodes highlighted that the threshold of LUNC required to enter the active set is not overly burdensome.
3. Proposer's Argument:
The proposer advocated for enlarging the validator set to enhance network decentralization and benefit the LUNC community. However, the opposing side contended that the current LUNC requirements for joining the active set are manageable, suggesting that the network may not be prepared for the proposed change.
LUNC Community’s Ongoing Initiatives
Recent reports indicate that the total LUNC burned has exceeded 113.71 billion tokens. Binance contributed significantly to this burn, accounting for approximately 51.9% of the overall tokens eliminated by the community.
The continuous burning of tokens by Binance aligns with the objective of promoting the development and stability of Terra Luna Classic. Presently, Terra (LUNA) is valued at $0.4268, marking a 4.41% increase in the last day and a 3.01% rise over the past week.
The community's deliberative stance highlights its cautious approach towards reinforcing network decentralization and ensuring the readiness and stability of Terra Luna Classic.
