Breaking News: Terra Luna Classic (LUNC) Developers Announce Security Enhancement and 110B LUNC Burn
3 mins read

Breaking News: Terra Luna Classic (LUNC) Developers Announce Security Enhancement and 110B LUNC Burn

  • The Terra Luna Classic (LUNC) ecosystem is undergoing significant enhancements with Genuine Labs’ proposal for a Security Package upgrade and preparations for the Columbus-5 upgrade on testnet.
  • Meanwhile, community-driven efforts have led to the burning of over 110 billion LUNC tokens, contributing to a reduction in supply and potential impact on token economics amidst market fluctuations.

In the latest update from Genuine Labs, core developers of Terra Luna Classic (LUNC) have revealed significant advancements in enhancing the security and functionality of the blockchain through a comprehensive Security Package upgrade. This initiative aims to bolster the chain’s security features, improve interoperability, and ensure a robust foundation for future developments.

Security Package Update by Genuine Labs

Genuine Labs, a key development group behind Terra Luna Classic, recently announced progress on the Security Package enhancement, highlighting their commitment to strengthening the network’s infrastructure. This includes crucial upgrades to core repositories such as SDK47, alongside fixes to e2e tests and interchain compatibility issues.

According to Genuine Labs, the next phase involves collaboration with validators to set up a testnet environment for implementing the security upgrade. Subsequently, the team plans to propose the Columbus-5 upgrade, a pivotal step toward advancing Terra Luna Classic’s capabilities.

“Community support is pivotal to our mission. We’re grateful for the opportunity to contribute these upgrades to Terra Luna Classic,” stated Genuine Labs.

Milestone Achievement: 110 Billion LUNC Tokens Burned

In parallel news, the Terra Luna Classic community has achieved a significant milestone by burning over 110 billion LUNC tokens. This concerted effort, initiated after assuming responsibility for the chain post-Terra-Luna crisis, aims to reduce the circulating supply of LUNC tokens, potentially bolstering value over time.

The latest data from StakeBin reveals a recent dip in the burn rate, likely correlated with an upward trend in LUNC prices. Despite this, the ongoing burn campaign underscores the community’s commitment to optimizing tokenomics and ensuring a sustainable ecosystem.

Market Response and Price Trends

Amid a broader market selloff, both LUNC and USTC prices experienced moderate declines. LUNC prices fell by 6% over the last 24 hours, settling around $0.000131. Similarly, USTC, the stablecoin counterpart, saw a 4% drop, currently trading at $0.0251.

Despite short-term fluctuations, futures data on Binance and Bybit suggest a growing interest among traders, anticipating a potential rebound in LUNC prices. This sentiment is reinforced by increased open interests observed in recent hours.

Looking Ahead: Projected Roadmap and Community Engagement

As Genuine Labs gears up for the Columbus-5 upgrade proposal, the Terra Luna Classic community remains actively engaged in shaping the chain’s future. Continued collaboration between developers, validators, and stakeholders underscores a shared vision of advancing Terra Luna Classic’s position within the broader blockchain landscape.

Stay tuned for further updates on Terra Luna Classic’s Security Package upgrade and ongoing initiatives aimed at fostering growth and sustainability within the ecosystem.

For more insights into the Terra Luna Classic (LUNC) ecosystem and its evolving dynamics, join the conversation and follow the latest developments from Genuine Labs and community contributors.