- Veteran LUNC chain validator is accused of breaking the fair play rules.
- The community seeks to erase rapidly rising centralization concerns.
- Terra Luna Classic slips 16% with extremely low trading volumes.
Terra Luna Classic’s (LUNC) Layer-1 blockchain faces another downturn as a verbal conflict among chain validators emerges. Specifically, member BullBoss5 penned a proposal to address the violation of the Dynamic Commission mechanism.
“First, we should issue a proposal that clearly outlines the dynComm rule and formally warns JIL2 about the violations, without imposing any immediate consequences,” states the proposal’s text on CommonWealth. The proposal implies that LUNC chain validator JESUSisLORD created a secondary validator node, JESUSisLORD 2, which goes against the chain’s guidelines.
The proposal accuses JESUSisLORD of fragmenting voting power via two different validator nodes to maintain lower commission rates on the chain. If it passes, this proposal will issue a formal warning message to the LUNC validator, giving time for corrective action.
LUNC Validator Responds to Allegations
JESUSisLORD recognized the push to tombstone the two associated validators as “dangerous.” He insisted they “have broken no chain rules,” both chain validators have been operating smoothly with high uptime.
“I will take all available legal options to stop this and to defend and protect my validators and my delegates,” states JESUSisLORD’s X message.
Terra Luna Classic Slips Further in Price
The ongoing crypto market pullback didn’t spare LUNC, as the altcoin plunged harder than Bitcoin (BTC). While Bitcoin hovered around $58,000 with an 8% weekly drop, Terra Luna Classic retreated 13.6% in the latest seven-day timeframe to trade at $0.00007569, according to CoinGecko.
With a sluggish daily trading volume of $20,111,345, LUNC saw a 72% uptick in trading volume on Derivatives. Despite the long versus short LUNC position ratio bullishly standing at 1.36:1, LUNC funding rates remained negative since August 27.
On the Flipside
- While no direct rule states that two validators could not operate under the same owner, the DynComm rule tackles potential centralization issues by dynamically adjusting the commission.
Why This Matters
Voting power is crucial in determining the chain’s direction, while a set of dynamic commission rules prevents centralization and network abuse.
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