The Terra Classic community is currently in the midst of voting on the highly anticipated v3.1.5 upgrade, a proposal that could significantly enhance the network’s security and efficiency. Scheduled for implementation at block height 19,850,000 on September 18, the upgrade will only proceed if it gains community approval—a result that looks likely, given the strong early support.
This update addresses essential security patches and focuses on improving Terra’s core components, wasmd and wasmvm. These elements are critical to ensuring the network operates smoothly and securely. Additionally, the v3.1.5 upgrade carries forward a gas simulation patch initially introduced in the previous version, v3.1.4. Validators and infrastructure providers are expected to implement the changes immediately following a scheduled chain halt.
Rigorous Testing And Community Backing
One of the standout aspects of this proposal is its careful approach to testing. The Terra Classic community conducted a rehearsal upgrade on the rebel-2 testnet, demonstrating a commitment to ensuring a smooth transition. This cautious strategy has likely contributed to the strong community support the upgrade has garnered thus far.
With six days remaining until the vote concludes, the community’s optimism is palpable. The majority of participants are unified in their desire to advance the Terra Classic network, particularly as it faces ongoing market volatility and scrutiny from regulators.
LUNA and LUNC Prices Surge on Token Burn Hype
The Terra Classic ecosystem has seen notable price rallies in both LUNA and LUNC, driven largely by expectations of upcoming token burns. LUNC surged 9.12% to $0.00008612, with a 223% spike in trading volume to $30.07 million. Meanwhile, LUNA experienced a 14.53% jump to $0.3882, with trading volume skyrocketing by 391% to $75.39 million.
These price rallies are being fueled by speculation that massive token burns could soon take place, particularly as part of a court order tied to Terraform Labs’ ongoing Chapter 11 bankruptcy case. The Terra community anticipates the potential burning of over 1 billion USTC and 275 billion LUNC, a move seen as critical for reducing the supply and restoring value to the ecosystem.
Also Read: Terra Classic ($LUNC) Targets 567% Surge – Will Bullish RSI Fuel The Next Breakout?
Investor Sentiment Bullish as Vote Nears Conclusion
Investor sentiment remains strongly bullish as the v3.1.5 upgrade proposal vote nears its final stages. With robust early support, the community is poised to push Terra Classic into its next phase of development. The anticipated token burns add to the excitement, with many hopeful that the supply reduction will boost LUNA and LUNC prices further.
As the vote continues, all eyes are on the Terra Classic network, as it looks to secure a brighter and more secure future for its ecosystem.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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