Terra Luna Classic Major Upgrade Proposal Passed, LUNC To Extend 42% Rally

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As a seasoned researcher with extensive experience in the cryptocurrency market, I am excited to share my perspective on the recent Terra Luna Classic (LUNC) upgrade and its potential impact on the token price.

The Terra Luna Classic community has reached a consensus and approved a significant proposal for updating the burn tax distribution. This modification will incorporate Oracle Split logic, allowing community pool rewards from burn tax to be redirected to the Oracle Pool (OP). Additionally, the terrad client will reallocate short-term rewards towards long-term incentives. The implementation of this upgrade is expected to significantly enhance staking and contribute positively to the LUNC price.

Terra Luna Classic Upgrade v3.1.3 Proposal Officially Passed

As a researcher, I’ve discovered that the proposed upgrade version 3.1.3 by Fragwuerdig, a well-known developer of Terra Classic, has exceeded the required approval percentage in the voting process, as evidenced by the Station wallet’s records. Based on GitHub updates, the developers focused primarily on three main objectives: rectifying issues with the parameters keys table, readjusting oracle split logic, and implementing wasmvm version 1.5.2 to eliminate potential memory leaks.

According to previous reports on CoinGape, the blockchain is expected to pause at height 19108180 around July 29, 13:00 UTC. The community is eagerly waiting for significant updates related to token burns from TFL prior to this halt.

The proposition garnered a nearly unanimous approval with 99.99% “Yes” votes from validators and delegators, signifying strong endorsement. Out of the 35 validators involved in governance voting, all of them, namely Allnodes, Interstellar Lounge, Stakely, JESUSisLORD, and HappyCattyCrypto, cast their votes in favor of the proposition.

Terra Classic imposes a burn tax of 0.5%. Of this amount, 80% is allocated for burning, while the remaining 20% is currently split between the Community Pool (10%) and rewards (10%). Following an upgrade, the distribution of the 20% will change, with 10% going to the Community Pool and the other 10% being directed towards the Oracle pool.

Based on my extensive experience in blockchain technology and network maintenance, I strongly recommend that validators promptly update their systems with the v3.1.3 release following the chain halt. This action is crucial for ensuring smooth operations and maintaining the integrity of the network. Additionally, infrastructure providers using mantlemint accelerated LCDs should install the latest version of mantlemint without delay. My past experiences have taught me that failing to keep up with software updates can lead to potential vulnerabilities and system instability. By following these instructions, we can collectively work towards minimizing downtime and maintaining the reliability of our blockchain infrastructure.

LUNC and USTC To Further Rally?

The ecosystem tokens of Terra Luna Classic experienced a notable bounce back from the selloff triggered by the BtcTurk hack. LUNC surged by 42% and USTC rebounded by 52% from their dips. However, these tokens are currently trading below their year-to-date (YTD) peak prices. The distribution of burn tax and the anticipated Tax2Gas upgrade are expected to generate additional momentum and potentially push up token prices further.

In the previous 24 hours, LUNC’s price dipped by 1%, now sitting at $0.00008969. The lowest and highest points of trading during this period were $0.00008632 and $0.00009149 respectively. Notably, there has been a substantial surge in trading activity, with a 40% increase in volume, suggesting heightened investor attention.

Simultaneously, USTC’s price decreased by 1%, now at $0.02013. The price range for the past 24 hours was between $0.01925 (low) and $0.02049 (high). Notably, there was a 12% increase in trading volume over the previous day.

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2024-07-22 18:26