Terra Luna Classic (LUNC) Community Rejects Proposal to Increase Validator Set to 130

The Terra Luna Classic community has rejected a highly debated proposal to increase the validator set to 130 on the blockchain.

Terra Luna Classic (LUNC) community has rejected a hotly debated proposal to expand the validator set on the blockchain to 130 validators. This decision comes as Terraform Labs and Do Kwon have agreed to settle with the U.S. SEC for $4.5 billion.

The proposal in question aimed to merge efforts with the Terra (LUNA) community by integrating Luna v2 validators into Terra Classic, ultimately enhancing the network’s decentralization. However, the community has decided to proceed with caution in this matter.

LUNC Community’s Burning Efforts Continue

As reported earlier by CNF, the total LUNC burned has now crossed 113.71 billion. With the latest burn by Binance, the total LUNC tokens burned by the Terra Luna Classic community has surpassed the 113.71 billion mark. Binance users have played a significant role in these burns, contributing approximately 51.9% of the total tokens burned by the community.

These burns align with the broader goal of facilitating the development and stability of Terra Luna Classic. At the time of writing, Terra (LUNA) is trading at $0.4268, up 4.41% in the past 24 hours and 3.01% over the last 7 days. Check out the LUNA price chart below.

This cautious approach by the community ensures the readiness and stability of Terra Luna Classic as it pertains to network decentralization.

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