Terra Luna Classic All Set For Major Upgrade, LUNC And USTC To Rally Further

Terra Luna Classic community gears up for another upgrade as the core developer L1TF decided to change a passed proposal on sequence mismatch issue resolution to an upgrade proposal. The latest proposal is almost passed as it has received 100% votes in favor from validators and LUNC and USTC holders, as per the current voting details.

Terra Luna Classic v2.3.2 Upgrade Proposal

Proposal 11890 “Upgrade to v2.3.2 (Sequence Mismatch Issue Resolution)” is up for voting. The proposal aims on-chain deployment of terrad client v2.3.2. Notably, this update fixes a critical issue of sequence mismatch affecting some validators during dyncomm commission edits.

The community has already approved the proposal for Sequence Mismatch Issue Resolution, but validators and core developer L1TF decided to change it to an upgrade proposal. This makes the process easier for validators as the chain halts automatically, allowing validators and node operators an easier upgrade.

Notably, the binary is changed to version v2.3.2 (v6_1) due to the requirements of an upgrade proposal. The chain will halt at block 15751600, estimated at 1:18 pm on December 8.

CoinGape reported that the community approved v2.3.0 to introduce dyncomm module, integrating protocol logic for determining minimum validator commissions based on voting power. However, L1TF lead Vinh Nguyen reported “a critical issue pertaining to sequence mismatch affecting some validators during commission edits. This sequence mismatch problem has led to some accounts being barred from further interaction with the chain.”

The proposal has received 100% “Yes” votes from the Terra Luna Classic community. Among the 28 validators who participated, all have voted “Yes”. This includes top validators such as Interstellar Lounge, Luna Station 88, StakeBin, JESUSisLORD, and others.

Read More: Binance To Launch New TerraClassicUSD (USTC), BLUR Trading Pairs Among Others

LUNC And USTC Rally

LUNC and USTC have rallied 85% and 350% this month, with most gains the last week. Traders expect some profit booking at the end of the month due to lower trading volumes and expiry. Mint Cash news and Binance launching USTC perpetual contract, and new USTC trading pairs triggered the recent surge in prices.

LUNC price pares earlier gains and fell 3% in the past few hours, with the price currently trading at $0.000114. The 24-hour low and high are $0.0001126 and $0.0001269, respectively. Furthermore, the trading volume has decreased by 50% in the last 24 hours, indicating a decline in interest among traders.

Meanwhile, USTC price trades at $0.051, down 4% after a 300% rally this week. The 24-hour low and high are $0.0496 and $0.0574, respectively.

The Binance burn mechanism is likely to further push upward prices due to massive trading volumes witnessed this week.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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