The price of Terra Luna Classic (LUNC) and its associated stablecoin, TerraClassicUSD (USTC), experienced notable surges in the past 24 hours, coinciding with the announcement of a major upgrade proposal for the Terra Luna Classic chain.
Upgrade Proposal Sparks Optimism:
Genuine Labs, the developer behind Terra Luna Classic, recently proposed a significant upgrade package aimed at enhancing the functionality and interoperability of the chain. This proposal seeks to integrate upgrades to Cosmos SDK 0.50.1 (Eden), IBC go v8, and Wasmd 0.50.0, all targeting improvements in security, developer experience, and overall network performance.
The proposal received overwhelming support from the community, garnering 96% approval votes. This positive response underscores the community’s optimism regarding the proposed upgrades and their potential to revitalize the Terra Luna Classic ecosystem.
Market Reaction:
LUNC responded positively to the news, experiencing a price jump of over 3% in the last 24 hours. The price currently sits at around $0.0001269, with a trading volume surge of 250% indicating increased buying activity. Notably, traders appear to be taking long positions, anticipating further price gains.
USTC, the previously algorithmic stablecoin of the Terra ecosystem, also witnessed a significant price increase, skyrocketing by 25% within the same timeframe. However, the price has retraced some gains, currently trading at around $0.03631. The trading volume for USTC has also surged by over 520%, reflecting heightened interest among traders.
Also Read: LUNC Aims for $1: Tax2Gas Rejected, But Can They Find Another Path to Repeg USTC?
Future Outlook: While the immediate price movements cannot be solely attributed to the upgrade proposal, the positive community response and increased trading activity suggest renewed confidence in the future of the Terra Luna Classic ecosystem. The successful implementation of the proposed upgrades could further bolster this sentiment and potentially lead to sustained price growth for LUNC and USTC.
Cautious Optimism Warranted: While the recent price increase and community support for the upgrade proposal are positive signs, it’s crucial to maintain a cautious approach. The cryptocurrency market remains highly volatile, and long-term success depends on the successful implementation of the proposed upgrades and their actual impact on the network’s functionality and adoption.
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