Staking in Terra Luna Classic (LUNC) has reached an impressive milestone, with a new record high of 1 trillion.
Terra Classic is set to undergo the v2.1.1 software upgrade at block height 13215800, which is approximately 14:00 UTC on June 14.

Staking in Terra Luna Classic (LUNC) has reached an impressive milestone, with a new record high of 1 trillion. Since the introduction of staking by Professor Edward Kim and his team last year, the community has eagerly anticipated this significant achievement.

Stakers have successfully staked approximately 1 trillion LUNC, equivalent to around $100 million. This achievement has led to a record-high staking ratio of 14.61 percent, surpassing all previous levels. This indicates that only 5.8 trillion Terra Luna Classic (LUNC)—out of 6.84 trillion—are in use today.

BREAKING: #LunaClassic officially has 1 TRILLION $LUNC staked! Congratulations to the community for this historic achievement! Let’s go for 2 TRILLION next! Send it! #Crypto #LuncBurn #LuncArmy #StakeLunc #LuncParity #Binance pic.twitter.com/Y7vD6yroCG

— Mr. Diamondhandz1 (@MrDiamondhandz1) June 10, 2023

Anticipating the Upcoming Upgrade

LuncBurnArmy, the project manager for the Joint L1 Task Force, recently made an announcement on Twitter regarding the preparations for the upcoming Parity upgrade scheduled for June 14. The upgrade team has modified the upgrade’s version from v2.1.0 to v2.1.1. The upgrade will upgrade the wasmvm to v1.1.2 and implement a 5% minimum validator commission.

The primary objective of this upgrade is to align Terra Classic with other blockchains like Terra 2.0 and other Cosmos chains. This synchronization will enable projects and developers to resume building and launching dApps on the Terra Classic chain.

Furthermore, the Joint L1 Task Force team has submitted instructions to validators and central exchanges. Per the StakeBin countdown timer, Terra Classic is set to undergo the v2.1.1 software upgrade at block height 13215800, which is approximately 14:00 UTC on June 14.

Moreover, after extensive testing and review of security vulnerabilities for this major upgrade, the Joint L1 Task Force provided the v2.1.0 software release to validators. Additionally, the team has shared the budget forecast, indicating that funds are still available. To support the USTC repeg team, a small portion of the budget will be allocated towards setting up a USTC test environment.

As more users engage in staking LUNC tokens on the chain to receive incentives, interest in Terra Classic escalates. Consequently, the community holds increased optimism for Terra Classic’s resurgence, fueled by the v2.1.0 parity update, the USTC repeg, the AI app chain Block Entropy, and the reopening of Terraport DEX.

It is important to emphasize that staking LUNC tokens does not permanently remove them from circulation. Instead, it enhances the value of LUNC and strengthens the security of the Terra Classic network. Additionally, staking endeavors significantly raise awareness about Terra Luna Classic and foster trust in the chain’s validators.

Terra Luna Classic Price Analysis

The price of LUNC is currently in a downtrend, with a 24-hour decrease of 0.72%. It is trading at $0.5998, with the 24-hour range reaching a low of $0.578 and a high of $0.6123. Nevertheless, the LUNC price is anticipated to rebound following the Parity upgrade scheduled for June 14.

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Filed under: Bitcoin - @ June 12, 2023 5:01 pm