- Terra Luna Classic successfully implemented the v3.1.3 upgrade, enhancing burn tax distribution and addressing memory leaks without any outages.
- Despite the upgrade, LUNC and USTC prices faced resistance, but increased trading volume and staking activity indicate potential for future growth.
The Terra Luna Classic (LUNC) community is abuzz with the successful implementation of the v3.1.3 upgrade. This upgrade, spearheaded by popular developer Fragwerdig, focuses on revising the burn tax distribution and addressing crucial system updates to ensure a more efficient and resilient network.
Key Features of the Upgrade
The v3.1.3 upgrade, which went live at block height 19108180 on July 29, introduces several significant changes:
- Burn Tax Distribution: The burn tax is now distributed as 80% for burn, 10% to the Community Pool, and 10% to the Oracle Pool. This redistribution is aimed at enhancing the staking rewards and overall network stability.
- Oracle Split Logic: This feature diverts community pool rewards from the burn tax to the Oracle Pool, optimizing the reward distribution mechanism.
- Memory Leak Fixes: The upgrade includes the wasmvm v1.5.2 update to prevent memory leaks, ensuring a smoother operation of the Terra Luna Classic chain.
The upgrade was executed seamlessly without any outage, thanks to the collaborative efforts of validators and developers like Genuine Labs. The proposal received overwhelming support, with 99.99% “Yes” votes from validators and delegators, reflecting strong community backing.
Impact on LUNC and USTC Prices
Despite the successful upgrade, Terra Luna Classic ecosystem tokens, including LUNC and USTC, have faced strong resistance levels, preventing significant price momentum.
- LUNC Price Performance: LUNC’s price fell by 0.5% in the past 24 hours, currently trading at $0.00008353. The token’s 24-hour low and high were $0.00008235 and $0.00008578, respectively. However, trading volume has seen a 15% increase, indicating heightened market activity. Analysts predict a potential rally to $0.0001 following a breakout in lower timeframes.
- USTC Price Performance: Similarly, USTC saw a 0.60% price drop, now trading at $0.01979. The token’s 24-hour low and high were $0.01947 and $0.02032, respectively, with a significant 31% drop in trading volume over the last day.
Community and Market Response
The Terra Luna Classic community is optimistic about the future, with the number of staked LUNC rising to 1.04 trillion and the staking ratio spiking to a new high of 15.39%. This surge in staking activity suggests growing confidence in LUNC’s potential, particularly in the wake of Terraform Labs’ bankruptcy.
However, the market response has been mixed. Coinglass data reveals a 2% increase in total LUNC futures open interest, though 1000LUNC futures on Binance dropped by 3% in the last 24 hours. Meanwhile, USTC futures open interest showed varied trading activity across exchanges, with some buying noticed in the last four hours, likely spurred by the recent upgrade.
The community now eagerly anticipates the next significant update, the Tax2Gas upgrade, which promises further enhancements and potential price catalysts for Terra Luna Classic.
