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Users Now Need 1M LUNC To Initiate Voting On Their Terra Classic Proposals

The Terra Classic community voted overwhelmingly in favor of proposal 6082.

Proposal 6082 is now live on the Terra Classic network. Famous community influencer Classy Crypto who authored the proposal, disclosed this in a tweet on Wednesday.

As per the details shared, the community members voted overwhelmingly in favor of the proposal, with 99.83% in favor. Classy Crypto describes the development as the first step towards preventing scams on the community-owned blockchain.

As previously reported by The Crypto Basic, proposal 6082 changes the minimum requirements to propose and initiate voting on a Terra Classic proposal. Consequently, community members must deposit 500,000 Terra Luna Classic (LUNC) to submit a governance proposal on the Terra Station. Additionally, to start voting on the proposal, users would have to deposit an additional 1,000,000 LUNC.

Notably, both metrics were at 0 and 345,000 LUNC before proposal 6082.

The proposal came as the network witnessed a proliferation of scam proposals on the Terra Station looking to take advantage of the hype surrounding the LUNC community in recent months to rob investors of their LUNC holdings. Notably, Classy Crypto disclosed that he had received several complaints from members of his audience who had lost thousands of dollars to these scams. As a result, working with Terra Classic core developer Edward Kim and Terra Rebels admin ClanMudhorn, it was agreed that the community had to raise the minimum requirements to make proposals on the Terra Station.

Notably, the proposal received support from several influential members of the community, including the independent development group Terra Rebels. However, some community members still raised concerns over the dependence of the measure on the price of LUNC, noting that it could also prevent community members with great ideas but little cash from contributing.

One such person, StrathCole, a member of the LUNCPenguins, another group also helping with developmental activity, disclosed that he voted no to the proposal for these reasons. While conceding that he understands the reasoning behind the proposal, StrathCole asserts that it would be better to create more scam warnings on the Terra Station to inform users better.

I just decided to vote “no” on #LUNC governance proposal 6082.

Don’t think it prevents scammers from doing what they do.
Might prevent small holders with potentially good ideas bringing them forward (losing deposit if quorum not reached).
Price/cost very volatile.

But …

— StrathCole (@ColeStrathclyde) October 19, 2022

Meanwhile, the announcement by Classy Crypto has been met with mostly positive responses. For example, one user described it as a big step for the network.

A big step for our #LUNCcommunity #LUNC

— CryptoDef – LUNC HOLDER (@cryptounknown) October 26, 2022

Classy Crypto was among members of the LUNC Classic community who launched validators yesterday.

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