• Community rejects expanding validator set from 100 to 130.
• Settlement with U.S. SEC leads to validator dispute: $4.5 billion settlement sparks validator dispute over network decentralization.

The Terra Luna Classic community has rejected a highly debated proposal to increase the validator set to 130 on the blockchain. This decision comes in the wake of Terraform Labs and Do Kwon’s agreement to settle with the U.S. SEC for $4.5 billion.

According to updates shared in Today’s Coin Market Cap news, the proposal aimed to merge efforts with the Terra (LUNA) community by incorporating Luna v2 validators into Terra Classic, thereby enhancing the network’s decentralization. The community’s reaction can be summarized as follows:

1. Proposal Rejection: The community voted against Proposal 12116, which sought to increase the validator limit from 100 to 130. The proposal received only 30.59% “Yes” votes, while 46.17% voted “No,” and 22.59% abstained. This outcome reflects the community’s reluctance to expand the validator set at this time.
2. Voting Breakdown: Out of 46 validators who participated in the vote, only 10 supported the proposal. Notable validators such as Allnodes, Luna Station 88, LuncGoblins, and Autism Staking voted against it, citing concerns about the current readiness of the chain for such an expansion. Allnodes stated, “The amount of LUNC required to get into the active set is not burdensome.”
3. Proposer’s Perspective: The proposer argued that increasing the validator set would strengthen the network’s decentralization and benefit the LUNC community. However, the opposition believed that the amount of LUNC required to join the active set is not yet a burden, suggesting the network is not prepared for this change.

LUNC Community’s Ongoing Efforts

Earlier, CNF reported that the total LUNC burned has surpassed 113.71 billion. This latest burn by Binance means that the total LUNC tokens burned by the Terra Luna Classic community has now gone past the 113.71 billion mark. Of this total, Binance users contributed a large share, responsible for about 51.9% of the overall tokens that have been burned by the community.

The continued burning of the token supply by the exchange aligns with the goal of fostering the development and stability of Terra Luna Classic. At the time of writing, Terra (LUNA) is priced at $0.4268, reflecting an increase of 4.41% in the past day and 3.01% in the past week. See the price chart of LUNA below.

The community’s decision underscores a cautious approach towards enhancing network decentralization, ensuring the readiness and stability of Terra Luna Classic.