Terra Classic Genuine Labs Proposal Officially Passed, LUNC Burn Rate Skyrockets

The Terra Luna Classic community has approved developer Genuine Labs’ proposal for major core updates to boost security, functionality, and interoperability. The security upgrade package from Genuine Labs includes improvements and optimizations to Wasmd, IBC Go, and Cosmos SDK.

Terra Luna Classic Set for Major Upgrade

Proposal 12088 “Genuine Labs’ security upgrade packages” has surpassed “pass threshold”, as per current voting details. The developer group will first upgrade to Cosmos SDK 0.47 in the major core upgrade then followed by Cosmos SDK 0.50.1. The proposal provides crucial upgrades to Cosmos SDK 0.47.10, IBC go v7, and Wasmd 0.45.0.

The proposal has received 99.95% “Yes” votes indicating massive support from the Terra Luna Classic community. All validators who have participated voted “Yes” in the proposal. These include Allnodes, Orion, Interstellar Lounge, Stakely, and JesusIsLord.

As reported by CoinGape, Genuine Labs plans to complete all developments in 8 weeks and an estimated budget of $30K. Cosmos SDK 0.47.10 offers enhanced security, increased interoperability, developer-friendly improvements, and overall performance benefits for building or using applications on the Cosmos network. The upgrades are for Wasmd, Comet BFT, Cosmos SDK, dependencies such as ibc-go v8, cosmos proto and cometbft-db, and other security updates to Terra Classic core.

Also Read: Terra Luna Classic’s Next Big Upgrade, Will Futures Back LUNC Price to $0.0005?

LUNC and USTC Price Performance Amid Rise in Burn Rate

LUNC burn rate has significantly increased this month with an average daily burn of 200 million tokens. As per StakeBin data, 1.3 billion LUNC tokens were burned this week. The decline in supply has caused a more than 2% rise in futures open interest on major derivatives exchanges.

LUNC price jumped 1% in the past 24 hours and over 12% in a week, with the Terra Luna Classic price trading at $0.000193. The 24-hour low and high are $0.000184 and $0.000197, respectively. The community thinks a breakout above $0.0005 will bring massive rally.

USTC price continues to trade sideways near $0.03600, with a 24-hour low and high of $0.03403 and $0.03667, respectively. Furthermore, trading volume has decreased by 7% in the past 24 hours.

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