Terra Classic Raises Minimum Deposit to Curb Spam

Terra Classic community is voting on a proposal to set the minimum initial deposit to 1 million LUNC, aiming to deter spam.

The Terra Classic community votes on another proposal about altering the minimum deposit despite ongoing spam proposals. The minimum deposit amount increased from 1 million LUNC to 5 million LUNC in September of the previous year.

There is a vote being held in the station wallet for proposal 12071, which is titled “Set the Minimum Initial Deposit to 1 Million LUNC” by the Terra Classic community. There has been an increase in the deposit voting section for proposals that are either spam or poorly worded.

This Terra Classic proposal intends to establish a barrier to entry into the deposit section to prevent these suggestions from even being considered for inclusion in the deposit phase.

The modification in the parameters will increase the minimum initial deposit ratio for governance proposal deposits to 20%. The required initial deposit is equal to one million LUNC, which is the same as the current minimum deposit amount of five million LUNC.

Notably, the fact that the initial amount for the deposit phase will be one million LUNC and the proposal must still meet the deposit amount of 5 million LUNC to move on to the governance vote stage.

Up to this point, the plan has been met with almost 98% responses of “yes” and 1% responses of “no with veto,” in addition to some responses of “no” and abstention.

Each of the 18 validators who have participated up to this point has approved the proposal. Some members of the Terra Classic community believe that the amount is still significantly higher.

With the price currently trading at $0.000129, the LUNC price has increased by 1% in the past 24 hours following a 15% rise that occurred the previous week.

The low for the 24 hours is $0.000127, while the high for the same period is $0.000135. However, over the past 24 hours the volume of trading has declined by 24%.

LUNC’s price may soon reach $0.0002. In the meantime, the price of USTC has increased by more than 5% during the first 24 hours and it is currently trading at $0.0329.

The price of USTC was as high as $0.0313 and a low of $0.0351 during the past 24 hours respectively. The volume of trading has increased by 130% over the past 24 hours. In just one week, USTC has experienced a surge of 28%.