Terra Luna Classic Completes Key Upgrade, LUNC Price Soars 7%

The Terra Luna Classic network has completed another upgrade, which has further improved the efficiency and robustness of the system. The rebel-2 update runs on terrad-v3.0.1-rc.1 currently. This upgrade consists of several key elements: SDK v0.47, wasmd v0.45, ibc-go v7, and a p2p storm fix are all mostly aimed at enhancing the operation and performance of networks.

This upgrade is seamless, according to developer Fragwuerdig of Terra Luna Classic, with minor fixes in the Oracle feeder handled by key developers such as @ColeStrathclyde. After the successful upgrade, developers anticipate that RAM will be in higher demand due to the approaching mainnet upgrade. This strategic enhancement is expected to facilitate the growth of the network’s throughput, making it more scalable.

LUNC Price Rallies

After the upgrade was executed successfully, Terra Luna Classic (LUNC) bullish momentum was reignited. At press time, LUNC price was trading at  $0.0001029 with a 24-hour trading volume of $25,407,803. The cryptocurrency has, as a result, appreciated by 7% over the last 24 hours and now has a market capitalization of $582,245,216.

LUNC/USD 24 hour price chart

The positive trend is LUNC’s market value implies the trust that investors and community participants have in the ongoing LUNCL growth and Terra Luna Classic network development. The updates do not only bring technical improvements but also add to the image and attractiveness of LUNC as a secure investment opportunity in the fluctuating cryptocurrency market.

Ongoing Developments and Prospects

In addition to the recent upgrades, Terra Luna Classic is tailoring itself for future developments that may continue to affect its ecosystem. One of the worthy endeavors is the scheduled 800 million USTC burn that will cut the stablecoin’s circulating volume. This initiative suggests the migration of the contract and will need community consent before it is put into action.

Furthermore, the Terra Luna Classic community is still an active participant in the testing purposes and further development of the system. The new Mantlemint test is simply another milestone in trying to verify the network’s capability to support broader applications and enhanced transaction traffic. Such endeavors stress on the community’s dedication to ensuring a strong and effective blockchain infrastructure.

Concurrently, the Terra Luna Classic project continues to enjoy strong support from major industry players, including Binance, which has played a role in the LUNC burn mechanisms. As earlier reported by Coingape, Binance revealed a burn of 1.4 billion LUNC tokens, which significantly contributes to the exchange’s total of over 57.66 billion LUNC tokens burned. 

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