Is Luna Classic making a comeback?
Is Luna Classic making a comeback?
In a surprising turn of events that no one could have anticipated the Terra Luna Classic (LUNC) community has witnessed an eye watering 90% surge in price over the past week which is being attributed to the recent approval of the v2.3.2 upgrade proposal. This proposal is being promoted as a groundbreaking proposal and is officially named "Upgrade to v2.3.2 (Sequence Mismatch Issue Resolution)," which successfully passed with unanimous support from the community making it a significant milestone for the Terra Luna Classic network.
The primary motivation behind the proposal was the resolution of a sequence mismatch issue that had been plaguing some validators within the Terra Luna Classic ecosystem. This problem had resulted in the restriction of certain accounts from further interaction with the blockchain.
Initially conceived as a Sequence Mismatch Issue Resolution proposal it was later transformed into an upgrade proposal to streamline the implementation process for validators and node operators.
The community's resounding support for the v2.3.2 upgrade proposal marked the first instance in several months where a proposal received a unanimous 100% "Yes" vote. This level of consensus further highlights the importance and urgency attached to resolving the sequence mismatch issue.
Proposal Changes
The upgrade proposal required the on chain deployment of the terrad client v2.3.1, and according to CoinGape with the binary being modified to version v2.3.2 (v6_1) to meet the specifications of the upgrade proposal.
The scheduled halt of the chain is set to occur at block 15751600 precisely at 1:18 pm on December 8 as indicated by the countdown data.A total of 46 validators participated in the voting process and all cast their votes in favour of the proposal.
A number of key validators supporting the upgrade include Allnodes, Interstellar Lounge, Interstake One, StakeBin, JESUSisLORD, and others.
The overwhelming support from these validators emphasises the collective commitment to the stability and improvement of the Terra Luna Classic network ever since Do Kwon left the chain in ruin.Due to the large community support for the proposal the price of LUNC experienced a significant surge catapulting by 25% in the past 24 hours alone. As of the latest data LUNC is trading at USD 0.000190 with the 24 hour low and high recording higher than average positions. Respectively the surge in trading volume by 250% over the last 24 hours indicates a growing interest and engagement among traders in response to the recent developments.
Bull Returns for Luna
The bullish momentum of Terra Luna Classic has been building over the past month with an impressive rally of over 115%. This surge was initially triggered by the remarkable performance of TerraClassicUSD (USTC) which witnessed a staggering 400% increase in value over the same period.
Contributing factors to this rally include positive news surrounding Mint Cash and the launch of USTC perpetual contracts on Binance accompanied by the introduction of new USTC trading pairs.
The removal of Do Kwon from TerraForm Labs seems to have provided the community with some hope to regain control of the network and attempt to bring it back from the brink of destruction.The positive trajectory of LUNC's price is further accentuated by Bitcoin's recent surge breaking the USD 39,000 mark.
This synergistic movement in the broader crypto currency market is contributing to the optimism surrounding Terra Luna Classic and its potential for sustained growth.Meanwhile USTC which is closely associated with LUNC is also experiencing positive price action currently trading at USD 0.06 with a 4% increase following a substantial rally earlier in the week. Still a long way from it’s supposed pegged value of USD 1 the token still has a long way to go to return to the pegged position.
Despite a 10% decrease in trading volume over the past 24 hours the overall sentiment remains bullish for USTC.An additional catalyst for the recent LUNC and USTC rally can be attributed to Binance's decision to burn 4 billion LUNC tokens. This strategic move by one of the leading crypto currency centralised exchanges (CEX) has further fuelled investor confidence and contributed to the positive sentiment surrounding Terra Luna Classic.
Future Potential
The successful passage of the Terra Luna Classic v2.3.2 upgrade proposal coupled with the impressive surge in LUNC's price highlights the resilience and vibrancy of the Terra Luna Classic community.
As the network undergoes essential upgrades to address technical challenges that were caused by the former leadership. Investors and Luna Loyalists are keenly anticipating the future developments that will shape the trajectory of this crypto currency but no one is sure that it will be enough to bring back the project to its former glory.
Image sources provided supplemented by Canva Pro subscription. This is not financial advice and readers are advised to undertake their own research or seek professional financial services.
Posted Using InLeo Alpha
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I am very impressed by the Terra community, that they are still loyal to the project after such a disaster happened some time ago.
I think this case is very important to analyze, especially if to understand how a community can remain strong and hope to return to what the project once was.
100% I was shocked to see the resurgence. I lost over $150k to this project and although I don't think that will ever return I have a few dollars in there just sitting there.
Who knows, maybe one day.
Some people still believe in this project after the great fall that happened some years back
Anyway, let’s see what will become of them