The Terra Luna Classic community has overwhelmingly approved the v3.0.1 software upgrade proposal, with a remarkable 99.9% of votes in favor from both community members and validators. This upgrade, proposed by the Layer 1 development team Genuine Labs, includes sdk 47 and several other significant enhancements to the chain.
How has the LUNC Price Moved Recently?
Today, Terra Classic (LUNC) is trading at $0.000117 with a 24-hour trading volume of $20.38 million, a market cap of $675.98 million, and a market dominance of 0.03%. The LUNC price has increased by 3.75% in the past 24 hours.
Terra Classic hit its all-time high of $119.01 on April 5, 2022, and its all-time low of $0.00001651 on May 13, 2022. Since reaching its ATH, the lowest recorded price was $0.00001651, and the highest was $0.00059. Despite the current bearish price prediction sentiment, the Fear & Greed Index indicates a level of 74, suggesting greed in the market.
The circulating supply of Terra Classic is 5.79 trillion LUNC, out of a maximum supply of 6.88 trillion LUNC. Over the past year, the supply has seen a deflation rate of -1.35%, equating to a reduction of 79.07 billion LUNC.
Why LUNC Price is Rising?
Proposal 12110, known as "Genuine Labs' v3.0.1 Upgrade," has successfully met the pass threshold with five days still remaining for governance voting. The Terra Classic chain will pause at block height 18,303,000, requiring validators to switch to the new binary. The upgrade is slated for June 2, 2024, at 17:44 UTC, as per the countdown by StakeBin.
The Terra Luna Classic community and validators have shown unanimous support for the proposal, with a staggering 99.9% voting "Yes." This highlights the upgrade's significance in improving the chain's efficiency, robustness, and security. All 38 participating validators, including Orion, Interstellar Lounge, Stakely, Luna Station 88, and StakeBin, have voted in favor of the upgrade.
The overwhelming support for Proposal 12110, "Genuine Labs' v3.0.1 Upgrade," indicates a significant positive impact on Terra Classic's price. With 99.9% of votes in favor and unanimous backing from 38 validators, the community's confidence in the upgrade is evident. This strong consensus suggests increased stability and security for the network, which can attract more investors and traders, positively influencing the price.
Moreover, the upgrade's focus on enhancing efficiency and robustness is likely to improve transaction speeds and reduce costs, making Terra Classic more competitive. These technical improvements, combined with the demonstrated community and validator support, create a favorable environment for price appreciation. As the upgrade is implemented, the market's perception of Terra Classic's potential may shift, potentially driving demand and leading to a price increase.
