LUNC Community Approves Genuine Labs' Upgrade Proposal

In a significant development for the Terra Luna Classic ( LUNC ) ecosystem, the community has rallied behind Genuine Labs' proposal for major core upgrades aimed at enhancing security, functionality, and interoperability. With the proposal officially passing, the stage is set for a transformative journey that could propel LUNC to new heights.

The Terra Luna Classic ( LUNC ) community's overwhelming support, with a staggering 99.95% "Yes" votes, underscores the collective belief in the potential of Genuine Labs' upgrade package. This package, encompassing crucial improvements to Wasmd, IBC Go, and Cosmos SDK, promises to fortify the foundation of the Terra Luna Classic network, paving the way for enhanced performance and expanded capabilities.

Genuine Labs' roadmap includes upgrading to Cosmos SDK 0.47 and subsequently to Cosmos SDK 0.50.1, marking a pivotal step towards aligning Terra Luna Classic with the latest advancements in blockchain technology. The proposed upgrades bring forth a host of benefits, including heightened security measures, improved interoperability, and developer-friendly enhancements, all of which are essential for fostering innovation and growth within the ecosystem.

As the Terra Luna Classic community looks forward to the completion of these developments within the next 8 weeks, anticipation runs high for the positive impact they will have on the network. With an estimated budget of $30K allocated for the upgrades, Genuine Labs is poised to deliver on its promise of ushering in a new era of progress and prosperity for LUNC holders and stakeholders.

One of the most notable outcomes of the proposed upgrades is the significant increase in the burn rate of LUNC tokens. With an average daily burn of 200 million tokens and a whopping 1.3 billion tokens burned this week alone, the decline in token supply has already begun to exert upward pressure on LUNC's price. This surge in demand, coupled with the anticipation of future developments, has led to a 1% jump in LUNC's price over the past 24 hours and a remarkable 12% increase over the week.

Meanwhile, the price of USTC, another token within the Terra Luna Classic ecosystem, continues to trade sideways near $0.03600. Although trading volume has decreased slightly, the overall sentiment remains positive, with stakeholders eagerly awaiting the ripple effects of Genuine Labs' upgrades across the entire ecosystem.

In conclusion, the approval of Genuine Labs' upgrade proposal marks a significant milestone in the evolution of Terra Luna Classic. With the community's unwavering support and Genuine Labs' commitment to excellence, the future looks bright for LUNC as it embarks on a journey towards greater security, functionality, and value creation.