Terra Classic (LUNC), the project that spun out of the collapsed Terra ecosystem, is set to undergo a number of important upgrades as governance proposals get approved by an overwhelming community vote. With the most recent one slated to go live on January 14, major crypto exchanges have also partaken in the upgrade. And to support the developing activities on the chain, Terra Rebels, the offshoot developer community has shown interest in re-building the network’s infrastructure; which the LUNC community isn’t too sure about.
What’s The New Terra Classic Upgrade?
The highly-anticipated update will take place at epoch 15,029, which is roughly equivalent to 04:50 UTC on Saturday. It is the result of the Terra Classic community voting to pass governance proposal 11242, which aims to abolish the re-minting of a portion of the burnt LUNC tokens. Upon implementation, this upgrade will effectively eliminate the crypto tokens from its circulating supply, which in theory, might have a beneficial impact on the price movement of LUNC. At the time of writing, the total amount of LUNC tokens that are currently in circulation is quite close to 6 trillion.
Following a significant slowdown in the on-chain burn rate of LUNC tokens over the course of the previous four weeks, proposal 11242 was published at the beginning of January with the intention of putting a stop to the re-minting of LUNC tokens as a result of burns by effectively reducing the seigniorage reward policy to virtually zero.
Terra Rebel’s Rekindling Interest
The Terra Rebels are a grassroots movement with the stated goal of resurrecting the Terra Classic biome. An examination of Terra Rebel’s roadmap showed a number of interesting endeavors scheduled for 2023. The LUNC blockchain upgrade is only one example of something that needs to be tested, validated, and have its security audited. And, with their latest announcement, it seems like they would be actively participating in the upcoming updates on the chain.
As things stand, the Terra Classic (LUNC) price is currently being traded at $0.0001712. This represents an increase of 2% on the day, in contrast to the massive gain of 11% during the last week, as per CoinGape’s crypto market tracker.
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