- Terra community is supporting a proposal which might boost the price of LUNC and LUNA.
- LUNC and LUNA are up 9.06% and 14.65 respectively in the past seven days.
- If the supply of these tokens continues to burn, their bullish trajectory might continue.
The Terra Classic community is rallying behind a major blockchain upgrade aimed at boosting the price of its native cryptocurrencies, LUNC and LUNA, and revitalizing the network. Both altcoins have surged in the past week, with LUNC up 9.06% and LUNA up 14.65%, according to CoinMarketCap data.
The community is voting on a significant proposal, v3.1.5, which would introduce crucial security patches and other enhancements to the Terra blockchain. The goal is to elevate the network’s standards and improve its competitiveness.
Read also: Binance Burns 1.2 Billion LUNC, Boosting Terra Classic Community Optimism
The Terra blockchain will pause at block height 19,850,000, tentatively on September 18th, pending the proposal’s outcome. The proposal also discusses a gas stimulation patch carried over the v3.1.4 version. On the other hand, if the proposal is approved, the validators and infrastructure providers will have to swiftly integrate the changes as well.
The proposal also includes rigorous testing measures, such as a rehearsal of the upgrade on the rebel-2 testnet. The Terra community is clearly committed to a smooth transition to the new version, which they hope will positively impact LUNC and LUNA prices.
LUNC and LUNA on the Rise
According to CoinMarketCap data, LUNC and LUNA both have outperformed the majority of cryptocurrencies in the market in the past seven days and in the past month, LUNA is up 16.77% while LUNC is up almost 4%. At the time of publication, LUNA is trading at $0.3806 while LUNC is priced at $0.00008186.
Read also: LUNC Price Jumps 7% on Upgrade Proposal News
There is also a possibility for LUNA and LUNC to continue this bullish trajectory if the supply of these altcoins continue to decrease due to the community burning tokens. According to the data from LUNC metrics, 153.9 million LUNC tokens were burned in the past week.
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