Terra Luna Classic developers have successfully completed the v3.1.5 upgrade, introducing key improvements to the network. This update focuses on critical security fixes for wasmd, enhanced transaction efficiency, and preparations for Tax2Gas implementation. Despite positive developments, LUNC and USTC prices retreated amid broader market downturns.
Key Highlights of Terra Luna Classic v3.1.5 Upgrade
- Security Enhancements: Upgraded wasmd to v0.46 and wasmvm to v1.5.4
- Performance Boost: Improved transaction processing speed
- Tax2Gas Preparation: Infrastructure updates for future implementation
- Binance Support: World's largest exchange backs the network upgrade
Technical Breakdown of the Upgrade
The Terra Luna Classic chain halted at block height 19,850,000 to implement the terrad client release pull request. The upgrade commenced at 11:26:59 UTC with validator Interstellar Lounge proposing the block, marking the fastest upgrade in the chain's history.
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This version incorporates changes from v3.1.4, which primarily addressed gas estimation fixes for taxed transactions. Notably, v3.1.4 was exclusively released to endpoint providers as it contained no consensus-related changes.
Binance's Role in Terra Classic Ecosystem
Binance has demonstrated strong support for the Terra Luna Classic community:
- Network Support: Temporarily suspended deposits/withdrawals of Terra Classic tokens during upgrade
- Burn Mechanism: Has destroyed 64.47 billion LUNC tokens over two years
- Market Leadership: Accounts for 48.5% of all community-burned LUNC
The exchange's monthly token burns significantly contribute to LUNC's supply reduction efforts.
Market Impact and Price Analysis
LUNC Price Performance
- Current price: $0.00007942 - $0.00008332 (24h range)
- 24-hour change: -1.74%
- Trading volume: Increased 25% (indicating sustained interest)
USTC Market Behavior
- Current price: $0.01645 (-1% daily, -8% weekly)
- Futures OI: 3.35% decline in 24 hours
- Recent volatility between $0.01633 - $0.01711
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Despite the upgrade's technical success, both assets faced downward pressure due to prevailing bearish market sentiment across cryptocurrency markets.
Frequently Asked Questions
Q: How does the wasmd upgrade improve Terra Classic security?
A: The update patches critical vulnerabilities while enhancing smart contract execution efficiency.
Q: When will Tax2Gas be implemented?
A: While the upgrade prepares the infrastructure, a separate governance proposal will determine activation timing.
Q: Why did Binance pause Terra Classic transactions?
A: Standard procedure to ensure network stability during upgrades and prevent transaction errors.
Q: How does Binance's burn mechanism help LUNC?
A: By permanently removing tokens from circulation, it gradually reduces supply, potentially supporting price appreciation.
Q: What factors influenced LUNC's price drop despite the upgrade?
A: Broader crypto market conditions often outweigh project-specific developments in the short term.
Q: Where can I stake my LUNC tokens?
A: Multiple Terra Classic validators offer staking options through official wallets and supported exchanges.