🚀 The Terra Luna Classic (LUNC) community is set for the highly anticipated v3.0.1 upgrade, beginning in a few hours. Community member Bay Diamondhandz1 mentioned that the upgrade might temporarily suspend the LUNC chain.
🔸 **What Changes Will the Upgrade Bring?**
The upgrade, which received near-unanimous approval (99.9%) from community members and validators, was proposed by the Terra Luna Classic Layer 1 development team, Original Labs. It includes significant updates like SDK 47 and other crucial blockchain enhancements.
Despite the positive development, LUNC's price has dropped by 2.95% to $0.0001163 in the last 24 hours, according to 21milyon.com. This decline has puzzled analysts, as such news typically boosts the price.
🔸 **Why Is the Market Reacting Differently?**
The market has shown positive sentiment following an agreement between the U.S. Securities and Exchange Commission (SEC), Terraform Labs, and Do Kwon. This has led to a favorable outlook on Terra tokens.
A recent LUNC report indicates that the positive sentiment from the SEC agreement has sparked price predictions aiming for a $1 target. The v3.0.1 upgrade requires validators to replace the old binary file with the new one to improve the Terra network's performance.
🔸 **Key Insights for Investors**
- The v3.0.1 upgrade is essential for LUNC's blockchain improvements.
- The market reaction to the upgrade news has been unexpectedly negative.
- Positive sentiment arises from the SEC agreement with Terraform Labs and Do Kwon.
- Binance's support through token burns is crucial for LUNC's price recovery.
As part of its recovery efforts, Terra Luna Classic has seen Binance, the world's largest cryptocurrency exchange, burn 1.35 billion tokens as part of its internal LUNC support mechanism.
