Altcoin
Validators Violating Chain Rules, Terra Luna Classic Price Slips
LUNC News: The community members have claimed that some validators are apparently violating the chain rules. A proposal is suggested regarding the violation of the dynamic commission (DynComm) rule by validator “JESUSisLORD 2”. Meanwhile, Terra Luna Classic price has dropped another 2% over the last day amid broader crypto market uncertainty.
Proposal to Address Violation of Terra Luna Classic Rule
A Terra Luna Classic community member has submitted a proposal for discussion in a commonwealth forum alleging that JESUSisLORD 2 (JIL2) validator is violating the network rule. He claimed that the validator has created a secondary validator under the same entity to circumvent the rule, violating DynComm rule.
LUNC community members agree this behavior sets a harmful precedent, while some argue that the rule regarding second validator doesn’t explicitly exist. Instead of immediate punitive actions, the proposal aims to give a formal warning to the validator, without imposing immediate consequences.
Terra Luna Classic community implemented the dynamic commission to promote fairness and prevent centralization. This rule dynamically adjusts the commission rate based on a validator’s voting power, allowing distribution among other validators.
Happy Catty Crypto, another LUNC validator with high voting power, noted that the chain is subjected to a significant amount of abuse. He revealed that a community member Rexyz operates three nodes, one for each division of his project. Other members also agree with cleaning the chain to maintain ethical standards.
LUNC Price Falls Below Support Amid the News
Terra Luna Classic ecosystem tokens saw a massive selloff amid the broader crypto market meltdown. LUNC and USTC prices dropped 14% as traders liquidated long positions despite the opening of Shuttle Bridge by Terraform Labs.
LUNC price failed to hold above the $0.000080 support in the last 24 hours amid market uncertainty, with the price currently trading at $0.00007907. The 24-hour low and high are $0.00007738 and $0.00008084, respectively. Moreover, trading volume has slipped by 32% in the last 24 hours.
Terra Luna Classic price shows weakness as it trades under 50-DMA (red). It has also slipped below the descending trendline, indicating the price is under pressure with RSI also sliding lower.
Meanwhile, USTC price climbed more than 2%, with the price now trading at $0.0161. Traders are buying the dip as the price dropped 14% in a week. However, the trading volume saw a 47% drop over the last day.
Varinder Singh
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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