The Terra Luna Classic (LUNC) community is making significant strides with a new upgrade proposal that could reshape its future. The proposal, which includes critical security updates and prepares the ecosystem for the much-anticipated Tax2Gas implementation, has led to a 6% surge in LUNC’s price over the past day and more than a 15% jump over the last month. Alongside LUNC, TerraClassicUSD (USTC) is also witnessing an upward trend, further boosting investor optimism.
Terra Luna Classic v3.1.6 Upgrade Proposal Gains Traction
The Terra Luna Classic community recently began voting on the v3.1.6 upgrade proposal, which has the potential to enhance the security and functionality of the ecosystem. Submitted by developer StrathCole, this upgrade is part of a broader effort to secure and optimize the Terra Luna Classic network as it continues to evolve.
The v3.1.6 upgrade includes:
- A Security Patch to wasmvm: This patch updates the wasmvm to version 1.5.5, addressing vulnerabilities and improving the stability of the network.
- Improved Gas Simulation for Taxable Transactions: This update will refine how taxable transactions are processed, an important step toward implementing the upcoming Tax2Gas system, which could significantly impact how network fees are managed and distributed.
The proposal has received overwhelming support from the Terra Luna Classic community, with 100% of validators and delegators voting “Yes.” If approved, the upgrade will go live at block height 20085000, expected to occur on October 4, 2024.
Read more:Terra Luna Classic Proposal Passes: Is a LUNC Price Jump to $0.0003 Imminent?
What is Tax2Gas, and Why Does It Matter?
The Tax2Gas initiative is a key feature in the upgrade roadmap for Terra Luna Classic. It aims to optimize the way gas fees are calculated and taxed on the network, potentially leading to more efficient transaction processing and better resource allocation. For the LUNC ecosystem, this development is crucial as it can improve the network’s scalability and sustainability, which are critical factors for long-term growth.
This new mechanism could also play a role in strengthening community trust, especially after the platform’s previous challenges. The introduction of Tax2Gas is seen as a step toward creating a more balanced and self-sustaining ecosystem.
LUNC Price Surges Amidst Optimism
Amid the excitement surrounding the v3.1.6 upgrade, the price of LUNC has surged by over 6% in the last 24 hours and 10% in the past week. At the time of writing, LUNC is trading at $0.00009369, with a 24-hour trading volume that has spiked by 50%. These gains indicate rising investor interest, particularly as the community moves closer to finalizing the latest upgrade.
Read more:Will Terra Luna Classic’s Ecosystem Upgrades Push LUNC to $0.0003?
Moreover, the anticipation of Binance’s LUNC burn event and the release of Binance CEO Changpeng “CZ” Zhao from legal hurdles has further boosted the momentum. This renewed optimism is likely contributing to LUNC’s upward price trajectory, as the broader Terra Luna Classic ecosystem looks to regain its footing in the market.
USTC Also in Rally Mode
Not only LUNC, but TerraClassicUSD (USTC) has also been experiencing upward momentum. The price of USTC rose by over 5% in the last 24 hours, trading at $0.0193. Like LUNC, USTC’s trading volume has seen a significant increase, jumping 55% within the same timeframe. Open interest in USTC futures has also grown by 7%, indicating heightened speculation and trading activity surrounding the asset.
The Future of Terra Luna Classic and LUNC
As Terra Luna Classic continues its journey toward stability and growth, the upcoming upgrades, including the highly anticipated Tax2Gas implementation, could mark a turning point for the platform. If the v3.1.6 proposal is successfully enacted, it will signal the community’s commitment to restoring confidence in the Terra Luna Classic ecosystem.
The recent price gains and the growing support for LUNC and USTC suggest that the market is reacting positively to these developments. However, it is essential for investors to keep an eye on how the upgrade plays out and whether the bullish momentum can be sustained in the long term.
Conclusion
The Terra Luna Classic ecosystem is moving closer to a significant upgrade that could reshape its future, with the LUNC token seeing notable gains in anticipation. The v3.1.6 proposal includes vital security updates and prepares for the Tax2Gas implementation, which could improve transaction efficiency and long-term sustainability. With LUNC and USTC both showing positive price momentum, the Terra Luna Classic community is gearing up for a potential rally, making it a project to watch in the coming weeks.
