In the dynamic world of blockchain networks, decisions ripple through communities like waves. The Terra Luna Classic community recently faced a pivotal moment when a proposal to expand the validator set encountered fierce debate. Buckle up as we dive into the drama surrounding Terra Classic, Luna, and the SEC settlement.
The Proposal and Its Backstory
Picture this: Terraform Labs and Do Kwon, key players in the crypto saga, recently settled with the U.S. Securities and Exchange Commission (SEC) for a staggering $4.5 billion. Meanwhile, the Terra Luna Classic community grappled with a proposal that could reshape its validator landscape.
The proposal aimed to merge forces with the Terra ($LUNA ) community by integrating Luna v2 validators into Terra Classic. The goal? To enhance decentralization and fortify the network. But as we’ll soon discover, the community’s response was far from unanimous.
The Community’s Verdict
In a digital showdown, Proposal 12116 faced the firing squad. The question on everyone’s minds: Should the validator set expand from 100 to 130? The results were crystal clear:
30.59% voted “Yes”
46.17% voted “No”
22.59% abstained
The verdict? A resounding rejection. The Terra Classic community hesitated to stretch its validator wings at this juncture.
Behind the Numbers
Let’s peek behind the curtain. Out of the 46 validators who cast their digital ballots, only 10 stood in favor of the proposal. Notable validators—Allnodes, Luna Station 88, LuncGoblins, and Autism Staking—stood firmly against it. Their concern? The chain’s current readiness for such an expansion. Allnodes succinctly put it: “The amount of LUNC required to join the active set is not burdensome.”
Dueling Perspectives
The proposer, undeterred, championed decentralization. More validators, they argued, would strengthen the network and benefit the LUNC community. But the opposition raised an eyebrow. They believed that the current $LUNC threshold wasn’t a heavy load to bear. In their eyes, the network wasn’t quite ready for this validator growth spurt.
Burning Bright: LUNC’s Ongoing Efforts
Beyond the proposal fracas, the Terra Luna Classic community continued its fiery dance. Binance, a major player, tossed more fuel into the flames. Their latest move? Burning a whopping 113.71 billion LUNC tokens. And guess what? Binance users contributed a lion’s share—51.9%—to this cosmic bonfire.