- Terra Luna Classic has upgraded its minimum deposit requirement for new proposals.
- The Terra Luna Classic community’s minimum initial deposit is now set at 1M LUNC.
- LUNC rallied 10% following the new minimum initial deposit approval.
Terra Luna Classic has upgraded the minimum deposit requirement for new proposals in its ecosystem. At the end of a voting process, the Terra Luna community voted in favor of Proposal 12071, titled “Set the Minimum Initial Deposit to 1M LUNC.”
Following the proposal’s description, it aims to clean up the project’s governance system, targeting spam reduction and enhancing proposal quality. A Terra Luna community member commented that “Deposit” is a place in the governance system full of spam. Hence, he no longer goes there nor pays attention to any proposal in the deposit phase.
According to reports, 89% of the Terra Luna community voted in favor of Proposal 12071, reflecting the value that the community attaches to governance conversations. The recently approved proposal aligns with project upgrades, including staking mechanisms and token burn programs.
LUNC’s price reacted positively following the proposal’s approval. TradingView data showed that the Terra Classic native token established a local low at $0.0001162 shortly after voting ended. The price rallied to $0.0001269 in a few hours, gaining nearly 10%. LUNC traded sideways as of the time of writing, with the price reflecting a sideways consolidation following a week of downward movement.
From a monthly perspective, LUNC’s price has increased since the beginning of February. The recent rally reflects a turnaround from a protracted downward movement since December last year. A confirmed trend-reversal could see the altcoin resume the upward rally and head toward last December’s high.
To achieve that, LUNC would rally nearly 130%, overcoming multiple resistances and climbing to $0.0002797. That would also match LUNC’s highest price in 2023 and be a significant level for community members hoping for a complete turnaround for the altcoin’s fortunes.
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