Terra Luna Classic (LUNC) management today accepted the new proposal that increases the reward rates of validators (validators). Then, reaching the trends on the X platform, LUNC has not yet been able to react in terms of price.
New proposal gets approval from the biggest LUNC validators
The LUNC community has by far accepted a dynamic proposal that sets minimum commissions for validators. This proposal aims to increase the decentralization of the network and protect LUNC against security risks. More validators means the network will be more secure. The administration’s most popular names have also pledged to support the proposal.
The “Dynamic Minimum Commission Based on Voting Power” proposal, No. 11738, submitted earlier this week, has garnered support from the largest LUNC validators. The proposal by StrathCole and HappyCattyCrypto drew attention to the ongoing issue of centralized voting within the LUNC network.
Proposal #11738 about dynamic minimum commission is up for voting on station.https://t.co/O6R9bARdoM
Full proposal text and discussion thread on CW: https://t.co/vTDxSSylKY
Proposal in very(!) simplified terms:https://t.co/96IaHkotbOCast your vote, #LUNCcommunity! #LUNC
— StrathCole (@ColeStrathclyde) August 29, 2023
The new reward rate for the validator has been announced
The community has approved a 5% minimum commission proposal aimed at increasing minimum commissions for validators and strengthening the network by further distributing management votes. Leading validators supported this proposal, gaining more voting power. For example, Allnodes had 16.90% voting power. Other validators supporting the proposal include T.MOM, StakeBin, Lunanauts, Hexxagon, and others.
With this offer, validators with less voting power will be able to claim a more competitive commission. This change will be made by increasing the maximum commission setting of all validators to 20% during an update. In another proposal, management decided that the USTC re-peg team should continue their work.
LUNC Price drops after Binance decision
As we quoted as Kriptokoin.com, Binance burned 796 million LUNC in the 13th batch of the burning mechanism on September 1. Binance’s LUNC burn has dropped below 1 billion for the first time.
LUNC price is down 1% after the Binance token burn. But it’s still down 3% this week. The price is currently trading at the $0.00006088 level.
What does technical analysis say about LUNC?
Technically speaking, recent gains were returned as LUNC price dropped below the 23% Fib level. The recent market rally and LUNC’s 8% gain gave the bulls a lifeline.
On the indicator side, the RSI shows the heavy selling pressure on the Luna Classic. The bullish recovery has taken the RSI to the neutral 50 level, with a rapid decline in the last 24 hours. As of the time of publication, the article had 38 levels, emphasizing the lack of purchasing power.
According to the technical analysis, a break below the 23% Fib gives sellers an opportunity to target the $0.00005 price zone again with little bullish pushback foreseen. On the other hand, the bulls will try to stop the selling pressure between $0.000055 and $0.00006. However, this will depend on the increase in trading volume in the coming days.
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