HomeNewsTerra Classic Embarks on Security Revamp: LUNC Price Surges by 8%

Terra Classic Embarks on Security Revamp: LUNC Price Surges by 8%

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  • Terra Classic (LUNC) price witnesses an 8% surge following the Joint L1 Task Force’s proposal for a core security upgrade.
  • Proposal 12008, focusing on enhancing chain security and stability, is currently up for community voting, with initial funding requested at $25,500.

Terra Classic’s Strategic Security Proposal:

In a significant development for the Terra Luna Classic community, the Joint L1 Task Force (L1TF) has put forth a core security upgrade package proposal, igniting an 8% jump in the Terra Classic (LUNC) price. This initiative represents a critical step towards overcoming challenges that have previously impeded LUNC’s revival and the repegging hopes for USTC.

Upgrading for Enhanced Security and Stability:

The proposal, labeled as “Proposal 12008,” aims to upgrade core components to bolster the security and stability of the Terra Luna Classic chain. These enhancements are vital for meeting the infrastructure requirements for Terraform Labs (TFL) support, marking a key milestone in the platform’s ongoing development.

Budgeting for the Upgrade:

The upgrade package, spearheaded by developers Vinh, Inon Man, and Frag (voluntary contributor), has outlined a total budget of $51,000, to be managed in a multisig account held by the package team and an oversight committee. The proposal requests an initial funding of $25,500, which accounts for half of the total budget. This allocation is designated for initial setup costs and as a retainer fee, ensuring the Joint L1 Task Force’s long-term commitment to the chain’s security and stability.

Community Response and Voting:

In its initial voting phase, the proposal garnered overwhelming support, with 94% of votes in favor and 5% abstaining. However, a small fraction of the community voted against or vetoed the proposal, highlighting the diverse perspectives within the Terra Luna Classic community.

Market Reaction and LUNC Price Surge:

Following the announcement of the proposal, both Terra Luna Classic (LUNC) and USTC prices experienced a notable increase. LUNC price surged by over 8%, trading around $0.0000960, with a fluctuating trading volume indicating varied trader interest. Similarly, the USTC price saw over a 4% increase, trading at approximately $0.023.

The Terra Luna Classic community’s move towards a comprehensive security upgrade underlines the platform’s dedication to enhancing its ecosystem. This development not only promises improved security and stability for the chain but also positively impacts market dynamics, as evidenced by the recent uptick in LUNC and USTC prices. As the voting continues, the community eagerly anticipates the outcome and the subsequent impact on Terra Classic’s future trajectory.

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Bhushan Akolkar
Bhushan Akolkar
Bhushan is a FinTech enthusiast and possesses a strong aptitude for understanding financial markets. His interest in economics and finance has drawn his attention to the emerging Blockchain Technology and Cryptocurrency markets. He holds a Bachelor of Technology in Electrical, Electronics, and Communications Engineering. He is continually engaged in a learning process, keeping himself motivated by sharing his acquired knowledge. In his free time, he enjoys reading thriller fiction novels and occasionally explores his culinary skills. Business Email: info@ethnews.com Phone: +49 160 92211628