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- Terra Luna Classic community is on the brink of a soft fork vote to amend validator commissions, following a prior misstep setting it to 0%.
- A potential rally in LUNC price is anticipated post the soft fork, amidst other technical enhancements on the blockchain.
In the dynamic terrain of blockchain, self-governance remains a defining aspect. The Terra Luna Classic community is now epitomizing this by spearheading a vote for a soft fork. This technical stride primarily aims at rectifying the validator commission, which had inadvertently landed at a nil percentage during a mainnet upgrade. Additionally, the soft fork embraces several other technical advancements. This step follows a recent proposition to elevate the minimum deposit requisite to 5 million LUNC, targeting the curtailment of spam proposals.
Unveiling The Soft Fork Proposition
The community’s proactive stance surfaced in August 2023, articulating a rejuvenation vision through the narrative,
“Terra Classic Expedition: A united vision”.
In the ensuing discussions, the crux of restoring the validator commission emerged as a focal point.
Till Ziegler, an erstwhile member of the Terra Classic Joint L1 Task Force (L1TF), emphasized the need for a soft fork upgrade as opposed to a mere governance proposal. Echoing this sentiment, blockchain engineer Vinh, advocated for the JL1TF team to unveil the v2.2.2 soft fork, encapsulating a 5% commission clause along with other technical enhancements.
Should the soft fork attain a consensus, validators will be impelled to transition their terrad to version v2.2.2 expeditiously. The benchmark block for this transition has been identified as block 14890000, poised for October 9, 2023.
As of now, the soft fork proposal has garnered unanimous approval, with a 1.64% Yes vote share of the total voting prowess. The voting window remains open until October 3, 2023.
LUNC’s Financial Forecast
Amidst this technical milieu, the financial facet of LUNC is under the microscope. Speculations are rife regarding a potential bullish wave for LUNC, catalyzed by the soft fork. As reported earlier by CoinGape, a surge from the $0.00006 range could propel LUNC to touch the $0.00007 mark. In recent times, the daily trading volume of Terra Classic LUNC has exhibited a zig-zag pattern, oscillating between $350 to $370 million, nurturing a curious anticipation among the trading cognoscenti.
This sequence of technical and community-driven events delineates the robust self-governance ethos within the Terra Luna Classic community, whilst also hinting at potential financial reinvigoration for LUNC.
