LUNC Price Skyrockets Over 20% as Terra Luna Classic Begins Voting on Major Upgrade

LUNC price has surged over 20% as the Terra Luna Classic community begins voting on a major network upgrade proposal. The upgrade introduces significant changes to improve the blockchain’s security, performance, and compatibility.

LUNC News: Terra Luna Classic Starts Voting on v3.6.1 Upgrade

The Terra Luna Classic upgrade proposal titled “Upgrade to v3.6.1” is up for voting, seeking validators and the community’s approval to update the ‘terrad’ client. If approved, the upgrade will occur at block height 26479000, estimated at 15:10 UTC on December 18, as per GitHub document.

The v3.6.1 upgrade implements a fix for legacy contracts and bumps dependency versions. It will improve the security, functionality, and stability of the Terra Classic blockchain. As per the proposal, the upgrade focuses on enhancements to the network’s CosmWasm smart contract capabilities, improved interoperability, and bug fixes.

At the time of writing, the proposal has received 99.34% votes in favor, with ‘No with veto’ votes of 0.66%. Notably, validators including BiNodes, Garuda Universe, and Hexxagon have voted in favor of the proposal.

Notably, the v3.6.1 release candidate was tested on the rebel-2 testnet last month. If the chain fails to produce blocks on mainnet after the upgrade, the rollback upgrade name v13_1 can return the chain to version v3.6.0. Validators may need to roll back to a previous state and install a patched v3.6.1 release.

LUNC Price Spikes Over 20% in a Day

LUNC price jumps over 20% over the past 24 hours, extending the rally to nearly 120% in two weeks. The price currently trades at $0.00005692, with a 24-hour low and high of $0.00004764 and $0.00006052, respectively.

Trading volume increased further by 15% in the last 24 hours. This suggests strong investor sentiment around the Terra Luna Classic upgrade.

The latest LUNC price rally coincided with Terraform Labs co-founder Do Kwon facing a 12-year prison sentence in the United States. The rally primarily happened due to multiple breakouts above descending trendlines, the 50-day moving average, and the 200-DMA.