Major Upgrade for LUNC Approved

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The Terra Luna Classic community has enthusiastically endorsed Genuine Labs’ proposal for a significant upgrade, signaling a promising future for LUNC’s value as the burn rate escalates. This approval marks a pivotal step in enhancing the platform’s security, functionality, and ability to interact seamlessly with other systems. 

Security and Functionality Boost

Genuine Labs’ proposal, known as Proposal 12088, aims to fortify the platform by implementing advanced upgrades to Wasmd, IBC Go, and Cosmos SDK. This initiative has garnered overwhelming support, with a staggering 99.95% of votes in favor, showcasing the community’s solid backing. The upgrade roadmap includes transitioning to Cosmos SDK versions 0.47 and later 0.50.1, promising to elevate security measures, interoperability, and developer engagement while optimizing overall performance.

Unanimous Support from Validators

The proposal received unanimous approval from all participating validators, highlighting notable names such as Allnodes, Orion, Interstellar Lounge, Stakely, and JesusIsLord. Genuine Labs has outlined an 8-week timeline for executing these enhancements, with a budget estimation of $30,000. This development is expected to significantly benefit the Terra Luna Classic ecosystem by offering improved security and operational capabilities.

LUNC’s Market Performance Amid Rising Burn Rate

A remarkable increase in the LUNC token burn rate has been observed this month, averaging a daily burn of 200 million tokens. This heightened activity contributed to a notable uptick in the futures open interest on major derivatives exchanges, exceeding 2%. Over the past week, the price of LUNC has surged by over 12%, now trading at $0.000193, indicating a positive market response to the upgrade proposal and the enhanced burn rate. The community remains optimistic, foreseeing a potential rally should the price break above $0.0005.

Meanwhile, the price of USTC remains relatively stable, with minor fluctuations observed in its trading volume. The focus remains on LUNC’s promising trajectory as the community and investors anticipate the benefits of the approved upgrades, setting a positive outlook for Terra Luna Classic’s future.

Ayushi Somani
Ayushi Somani
Ayushi Somani is an academically gifted individual who has a passion for blockchain technology. She is well-versed in the technology, having been an early adopter of cryptocurrency and investing in Bitcoin and several other digital currencies.

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