The prices of LUNA and LUNC have seen a significant rally as the Terra Classic Community votes on a major upgrade, fueled by growing anticipation over substantial token burns. This rally highlights increasing market confidence in these cryptocurrencies, signaling optimism around the proposed changes.
Highlights:
- LUNA and LUNC prices surged, with LUNA gaining over 14% and LUNC rising by more than 9%, indicating renewed investor interest.
- Terra Classic Community is voting on a critical upgrade, aiming to enhance the network’s security and efficiency.
- The upgrade proposal includes key security and gas stimulation patches, expected to ensure a smooth transition and increased network stability.
Terra Classic Community Proposes Major Upgrade
The Terra Classic community is actively engaged in voting on a pivotal upgrade proposal, known as v3.1.5, designed to strengthen the network’s security and operational effectiveness. This upgrade is poised to address critical security vulnerabilities in Terra’s core components, specifically wasmd and wasmvm, which are crucial for the blockchain’s functionality.
According to the proposal, the network will halt at block height 19,850,000 on September 18, to implement the upgrade, subject to community approval. The upgrade also includes a gas stimulation patch, enhancing the network’s transaction processing capabilities, carried over from the previous version, v3.1.4.
Validators and infrastructure providers have been urged to prepare for these changes immediately after the scheduled chain halt, highlighting the community’s proactive approach. The early voting results indicate unanimous approval, reflecting strong support for the upgrade.
The proposal underscores rigorous testing protocols, including a rehearsal upgrade on the rebel-2 testnet, which demonstrates the community’s commitment to a seamless transition. Furthermore, validators have been briefed on rollback plans in case of unforeseen issues, showcasing a cautious yet decisive strategy toward implementing these changes.
LUNA and LUNC Rally Amid Anticipation of Token Burns
LUNC’s price rose by 9.12% to $0.00008612, with a remarkable 223.12% surge in trading volume, reaching $30.07 million. The token reached a high of $0.00008679 in the last 24 hours. Meanwhile, LUNA’s price climbed 14.53% to $0.3882, with trading volume skyrocketing by 391% to $75.39 million, touching a high of $0.3929. This rally coincides with heightened anticipation surrounding significant token burns within the Terra ecosystem.
As part of a U.S. court order associated with Terraform Labs’ Chapter 11 bankruptcy case, the community is expecting massive burns of USTC and LUNC tokens. Estimates suggest that over 1 billion USTC and 275 billion LUNC could be burned, which is likely to further drive price increases by reducing the overall supply.
These burns are seen as critical to restoring value and stability to the Terra Classic ecosystem, aligning with broader community efforts to rejuvenate the network after a turbulent period marked by regulatory challenges and market volatility.
Investor Sentiment Remains Bullish
With the voting on the upgrade proposal set to conclude in six days, investor sentiment continues to be bullish. The early voting results reveal overwhelming support, underscoring a community determined to advance the network’s capabilities. The potential for significant token burns and the implementation of crucial security upgrades have positioned LUNA and LUNC as attractive prospects in the current market environment.
As the Terra Classic Community moves forward with these proposed changes, all eyes will be on how these developments impact the broader ecosystem and whether they can sustain the momentum in LUNA and LUNC’s price performance. The outcome of the vote and the successful execution of the upgrade will be pivotal in shaping the future trajectory of the Terra Classic network.
