As an experienced analyst, I believe that the upcoming v3.0.1 upgrade for Terra Luna Classic is a significant development that should have a positive impact on the price of $LUNC. The fact that the community has overwhelmingly approved this upgrade, and it’s being implemented by a reputable team like Genuine Labs, bodes well for the long-term health and stability of the blockchain.
The Terra Luna Classic community is prepared to initiate the long-awaited v3.0.1 update soon, with the implementation scheduled to commence within the next few hours.
Terra Luna Classic Upgrade: Market Reaction
Based on a recent update from community member @MrDiamondhandz1 in X, the scheduled upgrade is set to begin within the next few hours. Consequently, there will be a brief interruption to the $LUNC blockchain during this process.
Mr. Diamondhandz1 shared the update, stating:
In around two hours, @Genuine\_\_Labs will initiate the v3.0.1 update for the LunaClassic blockchain. During this time, the $LUNC chain will be momentarily suspended. This pause is necessary to facilitate the upgrade process and further advance the recovery efforts. Keep developing!
In about two hours, Genuine__Labs will initiate the update to version 3.0.1 of their software. During this time, the LUNC blockchain will be temporarily suspended.
As a dedicated researcher in the field of blockchain technology, I believe it’s time for us to advance the LunaClassic project and carry on with our recovery efforts. Let’s keep pushing forward and building together! #Crypto #LUNCCommunity #Binance @heyibinance @_RichardTeng
— Mr. Diamondhandz1 (@MrDiamondhandz1) June 2, 2024
Significantly, the Terra Luna Classic community reached a consensus in favor of upgrading to version 3.0.1, with a nearly unanimous approval rating of 99.9% from both members and validators. This decision was initiated by Genuine Labs, the Terra Luna Classic Layer 1 development team, who proposed a suite of major updates including SDK 47 and other substantial improvements to the blockchain.
With the community eagerly anticipating this significant update, the value of LUNC has unexpectedly decreased by 2.95% over the past day, reaching $0.0001163 according to CoinMarketCap’s latest figures. Analysts find this anomalous as the forthcoming new development was expected to elicit a favorable response in the market.
Binance’s Role in LUNC Recovery
As the SEC announced a settlement with Terraform Labs and its founder Do Kwon, investors in the Terra ecosystem have shown optimistic reactions towards the associated tokens.
According to Coingape’s analysis, there was optimism that LUNC could reach the $1 price point due to the favorable SEC settlement news. The upcoming v3.0.1 upgrade for Terra demands validators to swap out the previous binary with a new one in order to improve the network’s performance and functionality.
The price recovery plan for Terra Luna Classic has seen Binance, the leading cryptocurrency exchange globally, incinerate an impressive 1.35 billion tokens from its own reserves as per its internal LUNC mechanism to bolster community support. As reported, Binance’s total burn of Terra Luna Classic tokens reaches over 60 billion, accounting for approximately 52% of the overall token supply.
Read More
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- USD COP PREDICTION
- Ethereum (ETH) Crashes Dramatically, What’s Next? Solana (SOL) Can Still Reach $200, XRP Struggling Before $0.63 Test
- Profit from the Dip: Hong Kong To Debut Asia’s First Inverse Bitcoin ETF — Here’s When
- US Govt Dumps $4M In Bitcoin Again, Another BTC Selloff Ahead?
- Bitwise Ether ETF Reveals 10% Profit Donation To Ethereum Developers
- Breaking: Spot Ethereum ETF Trading Affirmed by US SEC
- Dogecoin (DOGE) on Rise? All You Need to Know This Week
2024-06-02 21:54