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The Terra Luna Classic (LUNC) community is gearing up for the much-anticipated v3.0.1 upgrade, set to commence within a few hours. According to community member Bay Diamondhandz1, the upgrade could lead to a temporary suspension of the LUNC chain.
What Changes Will the Upgrade Bring?
This significant upgrade follows a near-unanimous decision by the Terra Luna Classic community. Garnering 99.9% approval from both members and validators, the proposal by the Terra Luna Classic Layer 1 development team, Original Labs, includes major updates like SDK 47 and other essential blockchain enhancements. Access COINTURK FINANCE to get the latest financial and business news.
Despite this positive development, LUNC’s price dropped by 2.95% to $0.0001163 in the last 24 hours, according to data from 21milyon.com. Analysts are puzzled by this decline, as such news usually spurs a positive price reaction.
Why Is the Market Reacting Differently?
Interestingly, the market has shown positive sentiment following an agreement between the United States Securities and Exchange Commission (SEC), Terraform Labs, and Do Kwon. Observers have noted the favorable outlook towards Terra tokens amid this news.
According to a new LUNC report, the positive sentiment from the SEC agreement has led to price predictions aiming for a $1 target. The v3.0.1 upgrade protocol will require validators to replace the old binary file with the new one, aiming to enhance the Terra network’s performance and operations.
Key Insights for Investors
– The v3.0.1 upgrade is critical for LUNC’s blockchain improvements.
– Market reaction to the upgrade news has been unexpectedly negative.
– Positive sentiment is observed due to the SEC agreement involving Terraform Labs and Do Kwon.
– Validators will need to update their binary files to implement the upgrade.
– Binance‘s support through token burns is significant for LUNC’s price recovery.
In its recovery efforts, Terra Luna Classic has seen Binance, the world’s largest cryptocurrency exchange, burn a staggering 1.35 billion tokens as part of its internal LUNC support mechanism. This brings Binance’s total burns to over 60 billion tokens, accounting for 52% of the Terra Luna Classic community’s total supply.