In a major step to improve the security and functionality of the Terra Luna Classic (LUNC) blockchain, the community has mostly voted in favor of proposal 12139, “Upgrade to v3.1.6.”
Developer Strath Cole has sent in this proposal with important security fixes and enhancements meant to maximize the performance of the network. Featuring an upstream security fix to the WebAssembly Virtual Machine (wasmvm), the upgrade brings the program up to version 1.5.5.
It also brings better gas modeling for taxable transactions, which was mostly only available to endpoint providers before because there weren’t any improvements that were relevant to the consensus. This update also opens the path for the expected Tax2Gas implementation, which promises to simplify user transaction processing.
Terra Luna Volume Surges
With 100% of validators and delegators voting “yes,” the initiative currently boasts unanimous support. If the proposal receives approval, a StakeBin countdown predicts that the blockchain will halt at block height 20,085,000 at 1:30 PM UTC on October 4.
Concurrent with the proposal’s acceptance, the Terra Luna price has seen a significant increase up over 6% in the past 24 hours and over 15% over the past month. LUNC is currently trading at $0.00009369, showing a 50% increase in 24-hour trading volume. Over this period, the cryptocurrency has seen a low of $0.0000818 and a high of $0.00009459.
Another token in the Terra ecosystem, USTC, has likewise demonstrated good momentum, rising more than 5% to a current price of $0.0193. Over the course of four hours, the futures open interest increased by 7%, while its trading volume increased by 55%.
In related news, Terraform Labs (TFL) and CEO Chris Amani recently stated that they obtained a court order to stop running activities following an SEC settlement. Should talks with outside parties fail, the business intends to stop running its goods and services.
Although the approaching Binance LUNC burn and Changpeng “CZ” Zhao are likely to further excite the market, confidence is still strong as the community rallies behind these advancements.
Combining technical innovations with a positive market attitude that might result in more benefits, the Terra Luna Classic community seems to be at a turning point.
