- The Terra Classic upgrade, scheduled to take place on September 18, will introduce critical security patches, including updates to core components like wasmvm and wasmd.
- The announcement of the proposed upgrade has led to a notable increase in the prices of Terra LUNA and Terra Classic (LUNC) tokens.
In the latest development, the Terra Classic community voted on a major proposal for an upgrade that aims to boost the network’s efficacy and security. Dubbed v3.1.5, the proposed update focuses on introducing critical security patches and improvements that include Terra’s core components such as wasmvm and wasmd.
Pending the community approval, the network will pause at the block height of 19,850,000 on September 18 for an upgrade. Moreover, this upgrade will also incorporate a gas stimulation patch from the previous version, v3.1.4.
Following the chain halt, validators and infrastructure providers need to implement these changes immediately. The Terra Classic community’s engagement in this voting process represents increasing support for the network’s development.
This proposal focuses heavily on testing, including a rehearsal upgrade on the rebel-2 testnet, and demonstrates the community’s dedication to a smooth transition. The Terra classic team has already informed validators regarding the rollback plans in case of any issues, highlighting a careful yet proactive approach to the upgrade.
Soon after the Terra Classic community proposed this upgrade, the price of LUNA and LUNC tokens rallied further. The Terra LUNA price rallied all the way to $0.40 on Tuesday, extending its weekly gain to 15%. Similarly, the Terra Classic (LUNC) price surged to $0.000086, with its weekly gains now standing at 7.5%.
Terra LUNA and Terra Classic LUNC Price Can Rally Further With Token Burns
As per the latest development, validator HappyCatKripto has indicated that Terraform Labs (TFL) may burn up to 1 billion USTC and 275 billion Terra Luna Classic (LUNC) tokens as part of its Chapter 11 bankruptcy proceedings. Although the exact number of tokens to be destroyed is still unclear, the Terra Luna Classic community is now scrutinizing the ecosystem’s forthcoming actions, reported Crypto News Flash.
Furthermore, as per the latest report, on Terraform Labs’ final upgrade, Proposal 4818 marks the conclusion of the chapter following the SEC settlement. Terraform Labs will look after this upgrade directly which brings major changes such as a substantial token burn, along with a 5% minimum rate for validators, and the elimination of the blacklist functionality. With Terraform Labs planning to step back, the future of the blockchain will depend on other community-driven efforts such as the Phoenix Directive, reported Crypto News Flash.
Proposal 4818 will include burning all LUNA tokens held by TFL, removing assets that were illegally minted following the IBC attack, and eliminating the blacklist function introduced as a result of the hack, per the CNF report.
