Validators run Terra Classic Core, propose and sign blocks, and receive delegated LUNC. Staked weight participates in governance; delegators who do not vote generally follow their validator's vote, while direct voting can override it. Misbehavior can slash validator and delegated stake. On September 4, 2026, queried parameters set a maximum active validator set of 110, 21-day unbonding and a 2.5% minimum commission. This parameter query did not establish how many validators were actually active.
On the same date, LCD queries placed total supply recorded by the chain's bank module at about 6.450 trillion LUNC and the burn tax at 1.5%. This accounting total is not exchange-reported circulating supply. The tax applies to covered on-chain messages, not every exchange trade, and code routes receipts among the community pool, oracle module and burn module. The whole 1.5% is not necessarily destroyed.
Governance parameters then required a 5 million LUNC deposit, seven-day vote, 40% quorum, more than 50% yes among counted votes and a 33.4% veto threshold. Parameter proposals can execute through module authority, but software upgrades need maintainers to publish code and validators to install it. The v14.2 procedure illustrates the boundary: governance schedules a halt; operators replace the binary and restart consensus.
