Terra Luna Classic (LUNC) v3.0.1 Upgrade Sparks Anticipated June Price Rally

• Terra Luna Classic developer Genuine Labs sets v3.0.1 upgrade in June for governance voting.
• The upgrade includes sdk 47 and other major updates to enhance the system’s efficiency and robustness.
• 100% of the community votes are in favor of the proposal, with validators also showing strong support.

Terra Luna Classic developer Genuine Labs is set to launch the v3.0.1 upgrade in June, aiming to enhance the system’s efficiency and robustness. Will LUNC price rally in June?

Terra Luna Classic Developer Submits Major Upgrade For Voting

Software Upgrade Proposal 12110, titled “Genuine Labs’s proposal for v3.0.1 Upgrade,” is now up for governance voting on the Station wallet. The proposal seeks community and validator agreement for the v3.0.1 software upgrade, which was previously prepared by Genuine Labs, as per details on the Terra Luna Classic community’s GitHub.

Upon approval of this proposal, the proposed binary will be deployed on the chain through a chain halt software upgrade. This means that the Terra Classic chain will be halted at block height 18,303,000, and the protocol will require validators to replace the old binary with the new one. The upgrade is estimated to happen on June 2, 2024, at 16:00 UTC.

As CoinOtag reported, this upgrade consists of several key elements including SDK v0.47, wasmd v0.45, ibc-go v7, and a p2p storm fix aimed at enhancing the operation and performance of networks. The proposal has received 100% votes in favor from the community until now. Among validators, 4 have participated in the governance voting, and all have voted in favor of the proposal.

LUNC and USTC Price Performance

LUNC price has been trading sideways in the last 24 hours, with the price currently at $0.0001134. The 24-hour low and high are $0.0001127 and $0.0001155, respectively. Furthermore, trading volume has decreased by 30% in the last 24 hours.

Meanwhile, USTC price is also trading sideways at $0.02252. The 24-hour low and high are $0.02244 and $0.02319, respectively. The price is up 16% this month.

There are low trading volumes on both spot and derivatives sides, with traders likely awaiting cues from the broader crypto market.

Conclusion

The upcoming v3.0.1 upgrade for Terra Luna Classic, spearheaded by Genuine Labs, is poised to bring significant enhancements to the system. With strong community and validator support, the upgrade is set to be implemented in early June. As the market anticipates these changes, the performance of LUNC and USTC will be closely watched. Investors and stakeholders should stay informed on further developments and potential impacts on price movements.