As a seasoned crypto investor with years of experience navigating the volatile and dynamic world of blockchain technology, I have learned to appreciate the importance of staying informed about every update within my portfolio. The recent Terra Luna Classic (LUNC) upgrade to v3.1.3 was a significant development that caught my attention due to its potential implications for staking and price movement.
Terra Luna Classic has successfully undergone an update to version 3.1.3, aimed at adjusting the burn tax distribution. This upgrade introduced Oracle Split logic, which redirects community pool rewards from burn tax to the Oracle Pool (OP) and terrad client to rectify memory leak issues. The update was executed seamlessly without any interruption in service or loss of chain blocks.
Terra Luna Classic Upgraded to v3.1.3
The latest version 3.1.3 update from renowned developer Fragwerdig has been successfully implemented on the Terra Classic chain starting at block height 19118180 on July 29. This significant upgrade was executed collaboratively with validators and developers like Genuine Labs, ensuring a seamless transition without interruption. The key improvements include Oracle split logic and an update to wasmvm version 1.5.2 to address memory leak issues. With an impressive 99.99% approval from validators and delegators in the proposal vote, this upgrade has gained strong endorsement.
Terra Classic imposes a tax of 0.5% for every transaction. Out of this tax, 80% is allocated for burning, which reduces the total supply of the token. The remaining 20% is split between two pools: the Community Pool, receiving 10%, and the Oracle Pool, also receiving 10%. This mechanism benefits validators as the update is expected to significantly enhance staking and increase the value of LUNC.
The quantity of staked LUNC reaches 1.04 trillion, fueled by investor expectations of growth, following Terraform Labs’ bankruptcy filing. The staking ratio surges to 15.39%, marking a new peak post-upgrade.
LUNC and USTC Pared Earlier Gains
1. The Terra Luna Classic token suite within its ecosystem has struggled to generate positive price momentum following an update, with both LUNC and USTC transactions exhibiting low volume. The recent burn tax redistribution has left the community eagerly anticipating the imminent rollout of the significant Tax2Gas upgrade.
In the previous 24 hours, the value of LUNC decreased by 0.5%, now priced at $0.00008353. The lowest and highest points during this period were $0.00008235 and $0.00008578 respectively. Notably, trading volume has experienced a surge of 15%. According to CoinGape Markets’ assessment, LUNC is predicted to bounce back and reach $0.0001 following a breakout on smaller timeframes.
Currently, the USTC price has decreased by 0.60%, now standing at $0.01979. Its 24-hour range extends from $0.01947 (low) to $0.02032 (high). Notably, trading volume experienced a decline of 31% over the past day.
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2024-07-29 21:56