Terra Luna Classic community unanimously passed a major upgrade proposal to revise burn tax distribution. The upgrade will implement Oracle Split logic to divert community pool rewards from burn tax to the Oracle Pool (OP) and terrad client will reroute short-term rewards to long-term rewards. The upgrade will bring a major boost to staking and LUNC price.

Terra Luna Classic Upgrade v3.1.3 Proposal Officially Passed

The v3.1.3 upgrade proposal by Terra Classic popular developer Fragwuerdig has surpassed the pass threshold, as per voting details on the Station wallet. As per the GitHub, fixing parameters keys table, adjusting oracle split logic, and using wasmvm v1.5.2 to prevent memory leaks were primary tasks undertaken by the developers.

As reported earlier by CoinGape, the chain will halt at block height 19108180, anticipated on July 29 at 13:00 UTC. The community anticipates key LUNC news regarding token burns by TFL before the update.

The proposal received 99.99 “Yes” votes, which indicates major support from validators and delegators. Among 35 validators who participated in the governance voting, all validators including Allnodes, Interstellar Lounge, Stakely, JESUSisLORD, HappyCattyCrypto have voted in support of the proposal.

Terra Classic has a burn tax set to 0.5%. Out of this, 80% is for burn and 20% is distributed as — 10% to Community Pool and 10% to rewards. With the upgrade, the 20% will be distributed as 10% to Community Pool and 10% to Oracle pool.

Validators need to update with the v3.1.3 release after the chain halt and infrastructure providers with mantlemint accelerated LCDs need to install the updated mantlemint version.

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LUNC and USTC To Further Rally?

Terra Luna Classic ecosystem tokens saw significant recovery from the selloff due to BtcTurk hack. Despite LUNC 42% rally and USTC 52% recovery from the dip, the tokens are still trading below the year-to-date  (YTD) high. The burn tax distribution and most-awaited Tax2Gas upgrade are likely to bring further rally in prices.

LUNC price fell 1% in the last 24 hours, with the price currently trading at $0.00008969. The 24-hour low and high are $0.00008632 and $0.00009149, respectively. However, trading volume has increased by 40% in the last 24 hours, indicating interest among traders.

Meanwhile, USTC price also dropped 1%, with the price now trading at $0.02013. The 24-hour low and high are $0.01925 and $0.02049, respectively. The trading volume saw a 12% jump over the last day.

Also Read: ETF Expert Nate Geraci Predicts Combined Spot BTC, ETH, SOL ETF

The post Terra Luna Classic Major Upgrade Proposal Passed, LUNC To Extend 42% Rally appeared first on CoinGape.

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Filed under: News - @ July 22, 2024 3:20 pm