Terra Luna Classic(LUNC) Embraces Major Upgrades with Genuine Labs’ Security Proposal

Estimated read time 3 min read
  • The Terra Luna Classic community has overwhelmingly approved Genuine Labs’ proposal for major core upgrades, signaling a transformative period ahead.
  • Additionally, the burn rate of LUNC tokens has surged, impacting market dynamics and driving anticipation for future price movements.

The Terra Luna Classic community is poised for a significant transformation as developer Genuine Labs’ proposal for core updates gains overwhelming support. With security, functionality, and interoperability at the forefront, this proposal marks a pivotal moment for Terra Luna Classic’s evolution.

Terra Luna Classic Set for Major Upgrade

In a resounding show of support, Proposal 12088, titled “Genuine Labs’ security upgrade packages,” has surpassed the necessary voting threshold. This mandate paves the way for crucial enhancements, including upgrades to Cosmos SDK versions 0.47 and 0.50.1, along with improvements to IBC Go and Wasmd. The proposal’s approval, with an astounding 99.95% “Yes” vote, underscores the community’s confidence in Genuine Labs’ vision.

Genuine Labs plans to execute these upgrades swiftly, targeting completion within 8 weeks and allocating an estimated budget of $30K. The adoption of Cosmos SDK 0.47.10 promises heightened security, improved interoperability, and developer-friendly enhancements, positioning Terra Luna Classic for enhanced utility and performance within the broader Cosmos network.

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LUNC and USTC Price Performance Amid Rise in Burn Rate

The recent surge in the burn rate of LUNC tokens has captured the attention of investors and enthusiasts alike. With an average daily burn of 200 million tokens and a staggering 1.3 billion tokens burned in a single week, the supply of LUNC has dwindled significantly. This scarcity has contributed to a more than 2% increase in futures open interest across major derivatives exchanges.

Despite market volatility, the price of LUNC has demonstrated resilience, experiencing a 1% uptick in the past 24 hours and a notable 12% surge over the week, with a current trading price of $0.000193. Anticipation looms for a potential breakout above $0.0005, which could catalyze a substantial rally, according to community sentiment.

In contrast, USTC price movements have remained relatively stable, hovering near $0.03600. While trading volume has experienced a minor decline of 7% over the past 24 hours, market observers remain cautiously optimistic about future developments.

The Significance of “Drops” for XRP’s Scalability

In a parallel narrative, David Schwartz, CTO of Ripple, elucidated the importance of “drops” within the XRP ecosystem. Drops serve as the fundamental unit for facilitating transactions and ensuring scalability, aligning with XRP’s overarching goal of efficiency and accessibility.

Addressing stakeholder concerns, Schwartz emphasized the adaptability of the 10 XRP wallet reserve, reassuring the community of its ability to adjust to market dynamics while maintaining functionality. His transparent communication underscores Ripple’s commitment to fostering trust and confidence among users, essential for building a resilient financial ecosystem powered by XRP.

As the Terra Luna Classic community embarks on a transformative journey with Genuine Labs’ proposal, and XRP navigates challenges while maintaining its focus on scalability and transparency, the broader cryptocurrency landscape continues to evolve, presenting both opportunities and obstacles on the path to widespread adoption and innovation.

vivian

Vivian Njoroge is a seasoned crypto and blockchain news writer with a passion for decoding the complexities of the digital financial world. Armed with a keen eye for emerging trends and a knack for simplifying intricate concepts, Vivian brings a unique blend of expertise and enthusiasm to her writing. Her articles, characterized by clarity and depth, aim to keep readers abreast of the ever-evolving landscape of cryptocurrencies and blockchain technology.

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