LUNA, LUNC As Terra Classic Community Votes On Major Upgrade
Token Burn Looms.....
The LUNA and LUNC price rallied nearly over 14% and 9% today, respectively, gaining notable traction from the investors. Meanwhile, the robust rally has also left many investors looking for potential reasons behind the surge. However, a recent update showed that the Terra Classic Community has recently proposed voting on a major update, which appears to have bolstered the market confidence.
Terra Classic Community Proposes Major Upgrade
The Terra Classic community has recently started voting on a major upgrade proposal that aims to boost the network’s security and efficacy. The proposed update, known as v3.1.5, focuses on introducing critical security patches and improvements, which include Terra’s core components wasmd and wasmvm.
Notably, according to the proposed details, the network will halt at block height 19,850,000 on September 18, for the upgrade, pending community approval. In addition, the upgrade also includes a gas stimulation patch carried over the previous version, i.e. v3.1.4.
Meanwhile, validators and infrastructure providers will need to implement these changes immediately after the scheduled chain halt. The Terra Classic community’s engagement in this vote demonstrates growing support for the network’s evolution, with early voting showing unanimous approval.
Moreover, the proposal highlights robust testing measures, including a rehearsal upgrade on the rebel-2 testnet, underscoring the community’s commitment to ensuring a smooth transition. Validators have been briefed on rollback plans if any issues arise, showing a cautious but proactive approach to the upgrade.
LUNA And LUNC Price Rallies As Token Burn Looms
The LUNC price was up 9.12% to $0.00008612, while its trading volume skyrocketed 223.12% to $30.07 million. Notably, the crypto has touched a high of $0.00008679 over the last 24 hours.
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