LUNA and LUNC Prices Soar As Terra Classic Community Gears Up for Major Upgrade Vote, With Anticipation for Massive Burn
The prices of LUNA and LUNC surged by over 14% and 9% respectively today, garnering significant interest from investors. The recent surge in prices has prompted many investors to seek the underlying reasons for this upward movement. It has been revealed that the Terra Classic Community has put forth a proposal for a major update, which has evidently bolstered market confidence.
Terra Luna Major Upgrade Proposal
The Terra Classic community has initiated a vote for a major upgrade proposal aimed at enhancing the network’s security and effectiveness. This proposed update, known as v3.1.5, primarily focuses on introducing critical security patches and improvements, including Terra’s core components, wasmd and wasmvm.
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According to the proposed details, the network will undergo a halt at block height 19,850,000 on September 18 for the upgrade, subject to community approval. The upgrade also encompasses a gas stimulation patch carried over from the previous version, i.e. v3.1.4.
Furthermore, validators and infrastructure providers will be required to implement these changes immediately following the scheduled chain halt. The engagement of the Terra Classic community in this vote signals growing support for the network’s advancement, with early voting results indicating unanimous approval.
A key highlight of the proposal is the rigorous testing measures, including a rehearsal upgrade on the rebel-2 testnet, underscoring the community’s dedication to ensuring a seamless transition. Validators have been briefed on rollback plans in case of any issues, demonstrating a cautious yet proactive approach to the upgrade.
In conjunction with this, the prices of LUNC and LUNA have experienced significant rallies, coinciding with the increasing anticipation of substantial token burns within the Terra ecosystem.
The LUNC price surged by 9.12% to $0.00008612, with its trading volume skyrocketing by 223.12% to $30.07 million. Meanwhile, the LUNA price jumped by 14.53% to $0.3882, while its trading volume saw a 391% increase to $75.39 million. These price surges also align with the mounting anticipation of significant token burns within the Terra ecosystem, as part of a court order associated with Terraform Labs’ Chapter 11 bankruptcy case.
Anticipated LUNC and USTC Burn
The anticipated burns, involving over 1 billion USTC and 275 billion LUNC tokens, are seen as essential for restoring value and stability to the Terra Classic ecosystem. The potential reduction in supply coincides with the community’s broader efforts to revitalize the network, particularly after a period marked by regulatory scrutiny and market volatility.
Proposal Vote Conclusion Soon
With the proposal vote set to conclude in six days, market sentiment remains optimistic. The early voting results indicating overwhelming support for the upgrade reflect a community eager to drive the network forward.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
