- LUNA and LUNC prices surged today as the Terra Classic Community votes on a major upgrade to enhance network security and efficiency.
- The rally is also fueled by anticipation of significant token burns expected to stabilize and restore value to the Terra Classic ecosystem.
LUNA and LUNC prices experienced a significant rally today, reflecting growing market confidence in the cryptocurrency. This surge comes as the Terra Classic Community engages in a pivotal vote on a major upgrade aimed at enhancing the network’s security and efficiency.
Terra Classic Community Proposes Major Upgrade
The Terra Classic community is currently voting on a substantial upgrade proposal, known as v3.1.5. This update focuses on implementing critical security patches and improvements to Terra’s core components, wasmd and wasmvm. The upgrade is set to take place at block height 19,850,000 on September 18, pending community approval. Additionally, the upgrade includes a gas stimulation patch from the previous version, v3.1.4.
Validators and infrastructure providers must implement these changes immediately following the scheduled chain halt. The community’s active participation in the voting process highlights strong support for the network’s evolution, with early votes showing unanimous approval. The proposal also emphasizes thorough testing measures, including a rehearsal upgrade on the rebel-2 testnet, to ensure a smooth transition. Validators have been briefed on rollback plans in case of any issues, showcasing a cautious but proactive approach to the upgrade.
Price Surge and Market Dynamics
The LUNC price increased by 9.12%, reaching $0.00008612, with trading volume skyrocketing by 223.12% to $30.07 million. The crypto reached a high of $0.00008679 over the past 24 hours. However, despite this recent rally, reports indicate several factors that could hinder LUNC’s price from reaching $0.01.
Conversely, LUNA’s price surged by 14.53% to $0.3882, with trading volume spiking by 391% to $75.39 million. The Terra price hit a recent high of $0.3929. The rallies in LUNA and LUNC prices coincide with increasing anticipation of significant token burns within the Terra ecosystem.
Token Burns and Future Prospects
In line with a US court order related to Terraform Labs’ Chapter 11 bankruptcy case, the community anticipates massive burns of USTC and LUNC tokens. Members estimate the burn could involve over 1 billion USTC and 275 billion LUNC, potentially driving further price gains as supply contracts. These burns are seen as a crucial step toward restoring value and stability to the Terra Classic ecosystem. The potential reduction in supply aligns with the community’s broader efforts to rejuvenate the network, especially after a challenging period marked by regulatory scrutiny and market volatility.
As the proposal vote concludes in six days, investor sentiment remains bullish. Early voting results show overwhelming support for the upgrade, reflecting a community eager to advance the network. The robust rally in LUNA and LUNC prices underscores the community’s confidence in these transformative upgrades, setting a positive tone for the future of the Terra Classic ecosystem.
