Breaking Crypto News – The 5% LUNC Price Soar: A Closer Look at Terra Classic’s Upgrade Proposal Impact

Breaking Crypto News – Why Did LUNC Price Soar 5% Following the Upgrade Proposal?

Breaking Crypto News – The v3.0.1 software update proposal was unanimously approved by the Terra Luna Classic community after receiving 99.9% of the vote from validators and community members. The news was quickly greeted by traders, and in the following few hours, the prices of LUNC and USTC each surged by 5%.

In tandem with a sharp increase in trading volumes and open interests, the price of Terra Luna Classic ecosystem tokens surged. Prices are still, however, moving below significant resistance levels. The price of Terra Classic surged 3.43% in a week and 0.54% in a day, with the LUNC price at $0.0001144. $0.0001119 and $0.0001167, respectively, are the 24-hour low and high. In addition, the trading volume has climbed by 47.41% during the past day, suggesting that traders are becoming more interested.

All of the 38 Validators Accepted the Proposal

With five days left in the governance vote, Proposal 12110, “Genuine Labs’s proposal for v3.0.1 Upgrade,” has passed the pass threshold. At block height 18,303,000, the Terra Classic chain will stop, and validators will be required by the protocol to switch out the old binary for the new one. The upgrade is scheduled to occur on June 2, 2024, at 17:44 UTC, according to StakeBin’s countdown.

Validators and the Terra Luna Classic community have all agreed to approve the proposal. With 99.9% of the votes cast in favor, it is clear that the chain has to be upgraded in order to increase security, resilience, and efficiency. All 38 validators—Orion, Interstellar Lounge, Stakely, Luna Station 88, and StakeBin—who took part in the voting have cast votes in support of the proposition.

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