The Terra Luna Classic (LUNC) community has reached a significant milestone with the completion of the v3.1.6 upgrade, which introduces the highly anticipated Tax2Gas feature. This update not only strengthens the blockchain’s security but also enhances transaction efficiency, creating a ripple of optimism within the ecosystem.
Key Highlights of the v3.1.6 Upgrade
- Enhanced Security: The v3.1.6 update comes with a critical security patch for the WebAssembly Virtual Machine (WasmVM), which is now upgraded to version 1.5.5. This improvement ensures that Terra Luna Classic’s blockchain remains resilient against potential vulnerabilities, protecting users and transactions from potential threats.
- Tax2Gas Implementation: A major component of this upgrade is the groundwork laid for the upcoming Tax2Gas feature. This feature will streamline the network’s gas tax system, allowing for more efficient taxable transaction simulations. Previously, this functionality was limited to endpoint providers, but with the upgrade, it becomes accessible to the broader network, boosting overall transaction handling.
- Community Support and Validator Consensus: The upgrade passed with 100% of the community votes in favor, highlighting widespread consensus and excitement for what’s to come. The blockchain was halted briefly at block height 20085000 to allow validators to implement the terrad client update, demonstrating the technical precision involved.
Why Tax2Gas Matters
The implementation of Tax2Gas is poised to play a pivotal role in the future of Terra Luna Classic. By optimizing the gas tax system, it is expected to reduce friction in transactions, making them faster and more cost-effective. This not only improves user experience but also enhances the scalability of the network, a crucial factor for long-term growth.
Developer StrathCole, who spearheaded the proposal, emphasized the importance of these improvements for the ecosystem’s stability and future development. The overwhelming support from validators and community members alike indicates strong confidence in the project’s direction.
Market Reaction: LUNC Price Rallies
Following the successful upgrade, both LUNC and USTC experienced notable price rallies. LUNC surged by over 6%, trading at $0.00008679, while USTC jumped more than 7%, trading at $0.02188. The surge in prices reflects growing investor confidence, buoyed by the promising technical advancements within the network.
Trading volumes also soared, with LUNC’s volume climbing 22% to $20.05 million and USTC’s volume increasing by 106% to $49.81 million. These positive price movements suggest that the market views the upgrade as a critical step toward restoring Terra Luna Classic’s reputation and long-term viability.
The successful implementation of the v3.1.6 upgrade is just the beginning for Terra Luna Classic. The full deployment of Tax2Gas could act as a catalyst for further growth, particularly as the community focuses on regaining investor confidence. With enhanced security and transaction efficiency, LUNC is well-positioned for future success in the highly competitive crypto landscape.