Terra Luna Classic Major Upgrade Proposal Approved, Anticipates 42% Rally Extension for LUNC
Terra Luna Classic’s community has approved a significant upgrade proposal aimed at revising the distribution of burn tax. The upgrade will introduce Oracle Split logic to redirect community pool rewards from burn tax to the Oracle Pool (OP) and modify short-term rewards into long-term rewards. This update is expected to bring about a major enhancement in staking and LUNC price.
Terra v3.1.3 Upgrade Proposal Approved
The v3.1.3 upgrade proposal by Terra Classic developer Fragwuerdig has successfully met the required threshold for approval, as indicated by the voting details on the Station wallet. The primary tasks undertaken by the developers, as per the GitHub repository, include fixing parameters keys table, adjusting oracle split logic, and implementing wasmvm v1.5.2 to prevent memory leaks.
The proposal received unanimous support with 99.99% “Yes” votes from validators and delegators. All 35 validators, including prominent names such as Allnodes, Interstellar Lounge, Stakely, JESUSisLORD, HappyCattyCrypto, showed their support for the proposal.
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With this upgrade, the burn tax distribution will be adjusted, with 10% going to the Community Pool and 10% to the Oracle pool, out of the existing 20% allotted from the 0.5% burn tax. Following the blockchain halt, validators are required to update with the v3.1.3 release, and infrastructure providers utilizing mantlemint accelerated LCDs need to install the updated mantlemint version.
LUNC and USTC Performance and Market Trends
In terms of market performance, the Terra Luna Classic ecosystem tokens, LUNC and USTC, have experienced a notable recovery following the selloff due to the BtcTurk hack. Despite LUNC’s 42% rally and USTC’s 52% recovery from the dip, both tokens are still trading below the year-to-date (YTD) high. The impending Tax2Gas upgrade and adjustment in burn tax distribution are expected to further bolster the prices of these tokens.
As of now, LUNC’s price has experienced a 1% decline in the last 24 hours and is currently trading at $0.00008969. The 24-hour trading range stood at $0.00008632 to $0.00009149, with a significant 40% increase in trading volume indicating renewed interest among traders.
Similarly, USTC’s price also dropped 1% over the same period and is now trading at $0.02013. The 24-hour trading range for USTC was between $0.01925 and $0.02049, accompanied by a 12% surge in trading volume over the past day.
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