LUNA, LUNC Price Rallies As Terra Classic Community Votes On Major Upgrade

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As a seasoned crypto investor with a keen eye for opportunities and a knack for spotting potential, I find myself intrigued by the recent developments surrounding Terra Classic (LUNA and LUNC). The prospect of a major upgrade, coupled with the impending token burn, has stirred a sense of excitement within the community.

Today saw significant increases in the prices of LUNA and LUNC, with gains of approximately 14% and 9%, respectively. These upward movements have attracted substantial attention from investors. Concurrently, the strong surge has sparked curiosity among investors, who are seeking explanations for this spike. However, a recent announcement indicates that the Terra Classic Community is considering voting on a significant update, which seems to have increased market optimism.

Terra Classic Community Proposes Major Upgrade

The Terra Classic community has recently started voting on a major upgrade proposal that aims to boost the network’s security and efficacy. The proposed update, known as v3.1.5, focuses on introducing critical security patches and improvements, which include Terra’s core components wasmd and wasmvm.

Significantly, as per the outlined plans, the network is scheduled to stop at block number 19,850,000 on September 18 for an update, subject to community acceptance. Furthermore, this upgrade encompasses a gas-boosting fix that was present in the previous version, specifically v3.1.4.

Immediately following the planned stoppage of the chain, validators and infrastructure providers must promptly make these changes. The increasing backing for the network’s development, as demonstrated by the Terra Classic community’s involvement in this vote, is evident, with early voting indicating universal approval.

Furthermore, the plan emphasizes strong testing methods, such as upgrading the rebel-2 test network for practice, demonstrating the community’s dedication to facilitating a seamless transition. Validators have been informed about rollback strategies in case of any problems, indicating a careful yet active stance towards the upgrade process.

LUNA And LUNC Price Rallies As Token Burn Looms

The LUNC price was up 9.12% to $0.00008612, while its trading volume skyrocketed 223.12% to $30.07 million. Notably, the crypto has touched a high of $0.00008679 over the last 24 hours. However, despite the recent rally, a report reveals key reasons that could hinder LUNC price rally to $0.01.

Conversely, the price of LUNA surged by 14.53% to reach $0.3882, and its trading volume soared by an impressive 391% to $75.39 million. In addition, the price of Terra has peaked at a recent high of $0.3929. At the same time, this upward trend in LUNA and LUNC prices is accompanied by growing excitement about potential substantial token burns within the Terra network.

In line with a court order related to Terraform Labs’ Chapter 11 bankruptcy proceedings in the US, the community anticipates a significant amount of both USTC and LUNC tokens will be destroyed. Community members predict that this burn could exceed 1 billion USTC and 275 billion LUNC. This reduction in supply could potentially boost prices due to scarcity.

Restoring value and stability to the Terra Classic ecosystem is achieved through these burns, which are viewed as an essential step. The reduction in supply supports the larger aim of revitalizing the network, particularly during a tough time that included increased regulatory oversight and market turbulence.

From my perspective as an analyst, as we approach the conclusion of the proposal vote in just six days, the general mood among investors continues to lean optimistically, or “bullish.” Preliminary voting data indicates a strong endorsement for the upgrade, which underscores a community that is highly motivated and eager to drive the network’s growth forward.

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2024-09-10 19:38