- The Terra Luna Classic community recently executed a notable upgrade to version 3.1.3, focusing on the redistribution of burn tax for enhanced staking incentives.
- This upgrade aims to allocate the burn tax such that 80% is used for burning, 10% is directed to the Community Pool, and the remaining 10% is allocated to the Oracle Pool.
- Both LUNC and USTC are encountering significant resistance in their price movements, reflecting the market’s mixed responses to the upgrade.
The Terra Luna Classic community completes upgrade to version 3.1.3, redistributing burn tax to enhance staking rewards.
Terra Luna Classic v3.1.3 Upgrade Successfully Implemented
The Terra Luna Classic network has successfully upgraded to version 3.1.3, thanks to the efforts of key developers and validators such as Genuine Labs and prominent developer Fragwerdig. This upgrade, which occurred at block height 19108180 on July 29, includes essential changes such as the Oracle Split logic and updates to prevent memory leaks. These changes are engineered to optimize the distribution of community pool rewards derived from the burn tax towards the Oracle Pool, thereby fortifying the staking ecosystem.
Details of the Upgrade and Community Response
The v3.1.3 update was overwhelmingly supported by the Terra Luna Classic community, receiving an astonishing 99.99% approval rate among validators and delegators. The new burn tax distribution will see 80% of the tax dedicated to burning and 20% split evenly between the Community Pool and Oracle Pool. This strategic reallocation is expected to offer substantial benefits to validators, thereby boosting staking opportunities and potentially increasing the value of LUNC.
Impact on LUNC and USTC Prices
Despite the successful implementation of the upgrade, Terra Luna Classic’s tokens, LUNC and USTC, have struggled to build positive price momentum. Over the last 24 hours, LUNC has seen a minimal price drop of 0.5%, settling at $0.00008353, whereas USTC’s price fell by 0.60%, currently trading at $0.01979. This performance indicates that the market is awaiting further developments, such as the anticipated Tax2Gas upgrade, to potentially catalyze further growth.
Market Analysis and Future Outlook
Market analysts predict a possible rally for LUNC to reach $0.0001, contingent upon breaking through current resistance levels. Although trading volumes for both LUNC and USTC have shown some fluctuations—with trading volume for LUNC increasing by 15% and USTC seeing a drop of 31%—the overall market sentiment remains cautiously optimistic. Investors are keeping a close watch on the staking ratio, which has surged to 15.39%, a new high post-upgrade. This trend underscores the heightened interest and confidence in the Terra Luna Classic ecosystem.
Conclusion
In summary, the Terra Luna Classic community’s upgrade to v3.1.3 marks a significant milestone, aimed at improving the distribution of burn tax to support staking and validator rewards. Although the immediate market response has been lukewarm, the long-term impact of this upgrade could pave the way for higher staking ratios and potential price growth. As the community awaits further enhancements like the Tax2Gas upgrade, the overall outlook remains positive, with stakeholders watching keenly for the next phases of development.
