LUNC News: Terra Classic Plans Security Package Upgrade This Month; $110B LUNC Burned

Highlights

Genuine Labs announces update on the Terra Classic Security Package enhancement.
The team will start preparing for the security upgrade on testnet and proposal for the Columbus-5 upgrade in next weeks.
Total LUNC burn by the community reaches over $110 billion.
LUNC and USTC stays afloat on support after tumbling amid market-wide selloff.

LUNC News: Terra Luna Classic core developer Genuine Labs releases an update on accomplishments regarding the Terra Classic Security Package boosting the security, functionality, and interoperability of the chain. Genuine Labs plans to put a proposal on the security upgrade this month.

Moreover, the total LUNC burned by the community has now surpassed 110 billion, with 57.66 billion LUNC burn contributed by Binance. The community also expects a rebound in prices as sentiment slowly improves.

LUNC News: Security Package Update from Developer Genuine Labs

Genuine Labs, a Terra Luna Classic core developer group, in a post on April 10 announced its detailed bi-weekly update on the Terra Classic Security Package enhancement. The developer group noted various accomplishments in Terra Classic developments.

“The incredible support and encouragement from the community means the world to us. We’re truly grateful for the opportunity to contribute these upgrades to the Luna Classic chain” said Genuine Labs.

The developer group revealed major developments in core repository for the SDK47 upgrade. The team also fixed the e2e tests and interchain tests required as per the new Terra Classic core version, config the testnet with mainnet data, and resolved potential bug issues.

In the next two weeks, Genuine Labs will start preparing for the security upgrade with validators to create a testnet and create a proposal for the Columbus-5 upgrade.

To be more specific, the upcoming tasks for the next two weeks include:

Upgrading with testnet: We’ll collaborate with the validators to create a testnet that performs the upgrade.
Upgrading with mainnet: Once the testnet has been determined to function properly, we will create a proposal for the Columbus-5 upgrade.

Terra Luna Classic (LUNC) Burn Reaches 110 Billion Milestone

LUNC burn rate has dipped in the last few weeks, potentially related to an increase in LUNC price. As per StakeBin data, 550 million LUNC tokens were burned in the last few weeks, down from billions in earlier weeks.

The community has burned over 110 billion LUNC since taking over the responsibility of the chain after the Terra-Luna crisis. The LUNC burn campaign is a collaborative effort to reduce the supply of LUNC tokens.

LUNC price fell 3% in a week amid market-wide selloff, with the Terra Luna Classic price currently trading near $0.000131. The 24-hour low and high are $0.0001276 and $0.0001325, respectively. However, LUNC and 1000LUNC futures data indicate a rise in open interests on Binance and Bybit in the last few hours, with a potential rebound expected by traders.

USTC price showed resilience as dropped just 1% this week and now trades at $0.0250. The 24-hour low and high are $0.0245 and $0.0256, respectively. Furthermore, trading volume has decreased by 10% in the past 24 hours.

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