The LUNA and LUNC price rallied nearly over 14% and 9% today, respectively, gaining notable traction from the investors. Meanwhile, the robust rally has also left many investors looking for potential reasons behind the surge. However, a recent update showed that the Terra Classic Community has recently proposed voting on a major update, which appears to have bolstered the market confidence.
Terra Classic Community Proposes Major Upgrade
The Terra Classic community has recently started voting on a major upgrade proposal that aims to boost the network’s security and efficacy. The proposed update, known as v3.1.5, focuses on introducing critical security patches and improvements, which include Terra’s core components wasmd and wasmvm.
Notably, according to the proposed details, the network will halt at block height 19,850,000 on September 18, for the upgrade, pending community approval. In addition, the upgrade also includes a gas stimulation patch carried over the previous version, i.e. v3.1.4.
Meanwhile, validators and infrastructure providers will need to implement these changes immediately after the scheduled chain halt. The Terra Classic community’s engagement in this vote demonstrates growing support for the network’s evolution, with early voting showing unanimous approval.
Moreover, the proposal highlights robust testing measures, including a rehearsal upgrade on the rebel-2 testnet, underscoring the community’s commitment to ensuring a smooth transition. Validators have been briefed on rollback plans if any issues arise, showing a cautious but proactive approach to the upgrade.
LUNA And LUNC Price Rallies As Token Burn Looms
The LUNC price was up 9.12% to $0.00008612, while its trading volume skyrocketed 223.12% to $30.07 million. Notably, the crypto has touched a high of $0.00008679 over the last 24 hours. However, despite the recent rally, a report reveals key reasons that could hinder LUNC price rally to $0.01.
On the other hand, LUNA price jumped 14.53% to $0.3882, while its trading volume rocketed 391% to $75.39 million. The Terra price has touched a high of $0.3929 recently. Meanwhile, the rally in LUNA and LUNC prices also coincides with mounting anticipation of significant token burns within the Terra ecosystem.
As part of a US court order linked to Terraform Labs’ Chapter 11 bankruptcy case, the community expects massive USTC and LUNC tokens to burn. Members estimate the burn could involve over 1 billion USTC and 275 billion LUNC, which could further drive price gains as supply contracts.
These burns are seen as a crucial step toward restoring value and stability to the Terra Classic ecosystem. The potential reduction in supply aligns with the community’s broader efforts to rejuvenate the network, especially after a challenging period marked by regulatory scrutiny and market volatility.
On the other hand, with the proposal vote set to conclude in six days, investor sentiment remains bullish. Early voting results show overwhelming support for the upgrade, reflecting a community eager to push the network forward.
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