The Terra Luna Classic community is set to implement the much-anticipated v3.0.1 upgrade, with the process expected to begin in a couple of hours.
Terra Luna Classic Upgrade: Market Reaction
According to a recent X post by community member Mr. Diamondhandz1 (@MrDiamondhandz1), the upgrade remains on schedule to start within a few hours. This will lead to a temporary halt of the $LUNC chain
Mr. Diamondhandz1 shared the update, stating:
“UPDATE: The v3.0.1 upgrade by @Genuine__Labs will start in approximately two hours and the $LUNC chain will be halted. Time to upgrade the #LunaClassic blockchain and continue the recovery effort. Keep BUILDING!”
UPDATE: The v3.0.1 upgrade by @Genuine__Labs will start in approximately two hours and the $LUNC chain will be halted.
Time to upgrade the #LunaClassic blockchain and continue the recovery effort. Keep BUILDING!
#Crypto #LUNCCommunity #Binance @heyibinance @_RichardTeng pic.twitter.com/8OpYlesYBH
— Mr. Diamondhandz1
(@MrDiamondhandz1) June 2, 2024
Notably, this upgrade follows a unanimous decision by the Terra Luna Classic community, which saw the v3.0.1 software upgrade proposal receive an overwhelming 99.9% approval from both community members and validators. The proposal, put forward by the Terra Luna Classic Layer 1 development team, Genuine Labs, includes significant updates such as sdk 47 and other major enhancements to the blockchain.
As the community gears up for this pivotal upgrade, the LUNC price has, however, remained down in the past 24 hours as it dipped 2.95% to $0.0001163 as per CoinMarketCap data. Analysts consider this unusual as the news of the anticipated new development ought to trigger a positive price reaction.
Binance’s Role in LUNC Recovery
Meanwhile, with the news of the settlement between the United States Securities and Exchange Commission (SEC), Terraform Labs, and Do Kwon, market watchers had observed positive sentiments on Terra ecosystem tokens.
As per Coingape’s report, there were forecasts of LUNC having setting its sight on the $1 price mark given the positive sentiments of the SEC settlement news. The v3.0.1 upgrade protocol will require validators to replace the old binary with the new one. The aim is to enhance the Terra network as per performance and operations.
Terra Luna Classic’s path to price recovery recently saw Binance, the world’s largest crypto exchange, burn a massive 1.35 billion tokens as part of its internal LUNC mechanism to support the community. According to data, the total burn by Binance till date is over 60 billion, a notable 52% of the Terra Luna Classic Community.
Read More: Ethereum Exchange Liquidity Draining Fast, What This Means For ETH Price
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from CoinGape