Terra Classic (LUNC) Price Surges 5% Post Terra Classic Upgrade Vote

Terra Luna Classic developer Joint L1 Task Force’s (L1TF) core security upgrade package proposal is now under voting for the Terra Luna Classic community. This is a much-needed move by developers amid multiple headwinds that hindered LUNC revival and USTC repeg hopes despite a major push from crypto exchange Binance last year.

Terra Classic Community Votes On Core Security Package Proposal

Proposal 12008 “L1TF Terra Classic core security upgrade package” is now live for voting on Station wallet. The proposal’s objective is to upgrade core components to improve the security and stability of the chain. Also, it will help fulfill the infrastructure requirement for TFL support.

CoinGape reported earlier that the team consisting of Vinh, Inon Man, and Frag (voluntary contributor) requires 11 weeks or a full upgrade package. The total budget is $51,000, which will be in a multisig account held by members of this package and oversight committee. Terra Classic components include Wasm module (wasmd) and Wasm Virtual Machine (wasmvm), Cosmos SDK, Comet BFT, IBC-GO, and Mainnet.

Currently, L1TF requests an initial funding of $25,500, representing half of the total budget. “This amount is intended to cover our initial setup costs and serves as a retainer fee, helping JL1TF’s long-term commitment to the overall security and stability of the chain, said lead developer Vinh Nguyen.

During the initial voting, the proposal received 94% votes in favor, with 5% “Abstain” votes. Some Terra Luna Classic members also voted “No” and “No with veto”.

Read More: Terra Luna Classic Community Votes On Crucial Proposal Ahead Of Key Upgrades

After the announcement, Terra Luna Classic (LUNC) and USTC prices witnessed a significant jump. The traders could be making readjustments to their trades in light of recent developments.

LUNC price jumps over 5% in the last 24 hours, with the price currently trading at $0.00009545. The 24-hour high and low are $0.00008946 and $0.00009826, respectively. However, trading volume remains down at nearly 35% in the last 24 hours, indicating low interest among traders.

Meanwhile, USTC price also soared over 3%. The price is currently trading at $0.02374, with a 24-hour high and low of $0.0222 and $0.02403, respectively.

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