Terra Luna Classic v3.1.3 Upgrade Goes Live, LUNC Awaits Breakout

Terra Luna Classic has successfully upgraded to v3.1.3 to revise burn tax distribution. The upgrade implemented Oracle Split logic to divert community pool rewards from burn tax to the Oracle Pool (OP) and terrad client to fix memory leaks. The upgrade happened without any outage and without losing a single chain block.

Terra Luna Classic Upgraded to v3.1.3

The v3.1.3 upgrade by popular developer Fragwerdig has successfully goes live on the Terra Classic chain at block height 19108180 on July 29. Validators and developers such as Genuine Labs helped achieve the upgrade without downtime. The updates bundles Oracle split logic and wasmvm v1.5.2 update to prevent memory leaks as primary tasks undertaken by the developers. The upgrade proposal received 99.99 “Yes” votes, which indicates major support from validators and delegators.

Terra Luna Classic has a burn tax of 0.5%. With the burn tax distribution, 80% is for burn and 20% is distributed as — 10% to Community Pool and 10% to Oracle pool. This will help validators as the upgrade will bring a major boost to staking and LUNC price.

The number of staked LUNC rises to 1.04 trillion as investors anticipate an increase amid Terraform Labs bankruptcy. The staking ratio has spiked to 15.39%, a new high after the upgrade.

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LUNC and USTC Pared Earlier Gains

Terra Luna Classic ecosystem tokens failed to build upside momentum despite the upgrade. LUNC and USTC trading activity remained sluggish. After the burn tax distribution, the community awaits the major Tax2Gas upgrade.

LUNC price fell 0.5% in the last 24 hours, with the price currently trading at $0.00008353. The 24-hour low and high are $0.00008235 and $0.00008578, respectively. However, trading volume has increased by 15% in the last 24 hours. However, LUNC price analysis by CoinGape Markets predicted a rally to $0.0001 after a breakout in lower timeframes.

Coinglass data shows total LUNC futures open interest surged over 2%, but 1000LUNC futures on Binance dropped by 3% in the last 24 hours.

Meanwhile, USTC price also dropped 0.60%, with the price now trading at $0.01979. The 24-hour low and high are $0.01947 and $0.02032, respectively. The trading volume saw a 31% drop over the last day.

Total USTC futures open interest saw mixed trading across crypto exchanges in the last 24 hours. However, some buying notices in the last 4 hours likely due to the Terra Luna Classic upgrade.

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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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