Terra Classic Blockchain Implements Network Upgrade as Optimism Returns
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Terra Classic, a blockchain network built on the Cosmos SDK, recently completed an upgrade to its version 1.0.5 protocol at block height 11,543,150 on February 15, 2023. The upgrade was successfully proposed by Kucoin’s LUNC node. While the Terra Classic development team was focused on the blockchain upgrade, the community failed to burn significant amounts of LUNC tokens this week.
Last week, the LUNC community burned over 15 million LUNC tokens, indicating the community’s commitment to removing tokens from the total circulating supply. This was compared to the 12 million LUNC tokens burned in early January. The milestone set by the community signifies a positive step in the right direction for achieving the goal of burning billions of LUNC in 2023. The community is optimistic that the LUNC price could reach $1 in 2023 through regular burns and by bringing back utility.
However, this week, the Terra LUNA Classic community burned only 5 million LUNC tokens, losing focus in the absence of the monthly LUNC burn mechanism by Binance, a major crypto exchange. Nevertheless, the Cremation Coin project burned 3.39 million LUNC tokens, bringing the total burn to over 34 million LUNC tokens. Additionally, validator LUNC DAO burned 1.77 million LUNC tokens this week, but there was no other significant burn by the Terra LUNA Classic community.
Terra Classic Records Price Increase Amid Broader Market Recovery
According to data, the Terra community burned over 226 million LUNC tokens in January. Despite the absence of significant burns this week, Terra Classic’s price rose by nearly 3% amid the market-wide recovery in the last 24 hours. Trading volume also increased by 40% in the last 24 hours, indicating an increase in interest in Terra Classic.
The successful blockchain upgrade is a step toward the Terra Classic development team’s efforts to improve the network’s functionality and user experience. The community’s commitment to burning LUNC tokens is also an indication of their trust in the network and their desire to boost the token’s value.
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