- The Terra Luna Classic (LUNC) network successfully completed its v3.1.5 upgrade, which includes crucial security improvements and enhancements in transaction efficiency.
- Despite Binance’s support and a recent increase in trading volume, LUNC and USTC prices have declined due to broader market sentiment.
On September 18, Terra Luna Classic (LUNC) developers rolled out the highly anticipated v3.1.5 upgrade, marking a significant milestone for the blockchain. This update introduces a critical security patch for the wasmd module, enhances transaction efficiency, and prepares the network for the upcoming Tax2Gas implementation. The upgrade was smoothly executed, halting the chain at block height 19850000 for the necessary adjustments, and was completed in record time with validator Interstellar Lounge at the helm.
The upgrade also advances wasmd to version 0.46 and wasmvm to 1.5.4, incorporating all changes from the previous v3.1.4 version, which had addressed gas estimation issues for taxable transactions but did not impact consensus.
Binance’s Support: A Game Changer for LUNC
In a show of strong support, Binance, the world’s largest cryptocurrency exchange, has endorsed the Terra Luna Classic upgrade. Binance temporarily suspended deposits and withdrawals for Terra Classic ecosystem tokens to facilitate the network upgrade. This move underscores Binance’s commitment to maintaining a seamless user experience and its role in the LUNC community’s efforts to revive the token.
Binance’s impact is significant, having burned 64.47 billion LUNC tokens over the past two years. This represents a staggering 48.5% of the total tokens burned by the community, reinforcing its influence and support in the LUNC ecosystem.
Market Reaction: LUNC and USTC Price Movements
Despite the upgrade’s success and Binance’s backing, the market response has been tepid. LUNC’s price has declined by 1.74% over the past 24 hours, now trading between $0.00007942 and $0.00008332. Although trading volume increased by 25% in the same period, indicating heightened interest among traders, the broader market sentiment has overshadowed these gains.
USTC (TerraClassicUSD) has also experienced a downturn, with its price falling to $0.01645, down 1% in the past 24 hours and 8% over the week. The 24-hour trading range for USTC is $0.01633 to $0.01711. Additionally, USTC futures open interests have dropped by 3.35% over the last day and 0.84% in the past hour, reflecting a cautious outlook among investors.
While the successful v3.1.5 upgrade and Binance’s support are positive developments for Terra Luna Classic, the broader market sentiment continues to exert downward pressure on LUNC and USTC prices. As the market adjusts, all eyes will remain on how these factors play out and whether future updates or strategic moves can reignite bullish momentum for LUNC and its ecosystem.
