Terra Classic Labs Proposal Passes; LUNC Burn Rate Soars

LUNC USTC TERRA CLassic

Terra Luna Classic’s security upgrade proposal by Genuine Labs passed, featuring enhancements to Cosmos SDK 0.47.10, IBC go v7, and Wasmd 0.45.0. This led to a surge in LUNC burn rate, averaging 200 million tokens daily, boosting price momentum.

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The Terra Luna Classic community gave the thumbs up to developer Genuine Labs’ proposal for big updates to enhance security, features, and how well it works with other systems. Genuine Labs’ upgrade package focuses on making Wasmd, IBC Go, and Cosmos SDK better and more efficient.


Terra Luna Classic Approves Genuine Labs’ Security Upgrade Proposal

The Terra Luna Classic community has given its resounding approval to Proposal 12088, titled “Genuine Labs’ Security Upgrade Packages,” surpassing the required pass threshold in current voting details. With an overwhelming 99.95% “Yes” votes, the proposal received massive backing from the community, with all participating validators, including Allnodes, Orion, Interstellar Lounge, Stakely, and JesusIsLord, voting in favor.

Under this proposal, Genuine Labs intends to implement major core upgrades, starting with an upgrade to Cosmos SDK 0.47, followed by Cosmos SDK 0.50.1. The upgrade package includes crucial enhancements to Cosmos SDK 0.47.10, IBC go v7, and Wasmd 0.45.0. Genuine Labs aims to complete all developments within 8 weeks, with an estimated budget of $30K.

Cosmos SDK 0.47.10 brings several benefits, including enhanced security, increased interoperability, developer-friendly improvements, and overall performance enhancements for applications on the Cosmos network. The upgrades encompass improvements to Wasmd, Comet BFT, Cosmos SDK, as well as dependencies such as ibc-go v8, cosmos proto, cometbft-db, and other security updates to the Terra Classic core.

LUNC Burn Rate Surge Boosts Terra Luna Classic Sentiment

The LUNC burn rate has seen a significant surge this month, averaging 200 million tokens burned daily. StakeBin data reveals that 1.3 billion LUNC tokens were burned this week alone. This decline in the token supply has resulted in a more than 2% rise in futures open interest on major derivatives exchanges.

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The price of LUNC has experienced a 1% increase in the past 24 hours and a remarkable 12% rise over the week, with Terra Luna Classic trading at $0.000193. Within the 24-hour period, the price fluctuated between $0.000184 and $0.000197. The community anticipates a significant rally if the price breaks above $0.0005.

On the other hand, USTC price continues to trade sideways near $0.03600, with a 24-hour low and high of $0.03403 and $0.03667, respectively. However, trading volume has decreased by 7% in the past 24 hours.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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