The recent Terra Classic community upgrade proposal, coupled with the upcoming token burn, has been a major driver behind the surge in the price of LUNA and LUNC. The v3.1.5 upgrade brings significant improvements to the network’s security, including changes to the core components wasmd and wasmvm, as well as gas usage optimizations. The proposal, which is currently being voted on by the community, has received widespread support, reflecting participants’ confidence in the network’s progress.
This movement has had a direct impact on the prices of cryptocurrencies associated with the project. LUNA and LUNC have seen increases of around 14% and 9%, respectively, with significant growth in trading volume. The proximity of the token burn is also fueling investor optimism, as this measure could reduce the available supply of LUNC, which could favor an even greater appreciation.
The Terra Classic network will be temporarily halted at block height 19,850,000, scheduled for September 18, to allow validators to implement the changes in the new version. The community is prepared for a safe transition, with a series of tests already conducted on the rebel-2 testnet and contingency measures in place in case of unforeseen events during the upgrade process.
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