LUNC Price Soars As Terra Classic Community Approves Key Upgrade Proposal

LUNC Price: Terra Luna Classic community has unanimously passed the v3.0.1 software upgrade proposal as it received 99.9% votes from community members and validators. Terra Luna Classic Layer 1 development team Genuine Labs’ proposed upgrade comprises sdk 47 and other major updates to the chain.

Traders responded immediately to the news and LUNC and USTC prices soared higher by 5% each in the last few hours. Will the upside momentum in LUNC and USTC continue?

Terra Luna Classic Community Approves Upgrade Proposal

Proposal 12110 “Genuine Labs’s proposal for v3.0.1 Upgrade” has surpassed the pass threshold, with five days still remaining in governance voting. The Terra Classic chain will be halted at block height 18,303,000 and the protocol will require validators to replace the old binary with the new. The upgrade is estimated to happen on June 2, 2024 at 17:44 UTC, as per the countdown by StakeBin.

The proposal has received unanimous support from the Terra Luna Classic community and validators. It has received 99.9% “Yes” votes, indicating the importance of the upgrade for the chain to boost efficiency, robustness, and security. Among validators who participated in the voting, all 38 including Orion, Interstellar Lounge, Stakely, Luna Station 88, and StakeBin have voted in favor of the proposal.

As CoinGape reported, this upgrade consists of several key elements including SDK v0.47, wasmd v0.45, ibc-go v7, and a p2p storm fix aimed at enhancing the operation and performance of networks.

Also Read: Top 5 Reasons Why Ethereum Price Is Rising, Rally To Sustain?

LUNC and USTC Prices Jump

Terra Luna Classic ecosystem tokens’ prices jumped amid a massive rise in trading volumes and open interests. However, prices are still trading below key resistance levels.

Terra Classic price jumped 5% in 24 hours and 12% in a week, with the LUNC price currently trading at $0.0001156. The 24-hour low and high are $0.0001103 and $0.0001162, respectively. Furthermore, trading volume has increased by 45% in the last 24 hours, indicating a rise in interest among traders.

1000LUNC and LUNC futures open interests climbed 9% in the past 24 hours, with a 3% net rise in the past hour. The derivatives traders anticipating an increase in prices among positive sentiments in the industry.

Meanwhile, USTC price is also trading sideways at $0.02276. The 24-hour low and high are $0.02204 and $0.02277, respectively. The price is up 22% in this month.

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