- The LUNC price has risen over 20% in the last few days as the community is now aware of the v3.6.1 upgrade. votes.
- The upgrade is intended to provide, among other things, greater security, smart contract capabilities and stability of the network.
LUNC is Terra Classic’s native token, and it has been surging over the last week 127,44 %. In the last 24 hours, the token has increased by more 22% increased, and now he is at 0.00006019 $ traded. This increase pushed Terra Classic’s market cap to $330 million, while revenue rose to $265 million.
Amid this surge, the Terra Luna Classic community is voting on the proposal to upgrade to v3.6.1. If the proposal is approved, the upgrade will occur on December 18th at block size 26,479,000.
Das Upgrade
According to that GitHub report The upgrade will resolve any compatibility issues with older smart contracts that do not work well with newer software versions. Additionally, the existing libraries and modules will be updated to their latest stable versions. This will help reduce the likelihood of vulnerabilities and performance issues. It will improve the functionality of the smart contracts and allow developers to build more complex interoperable applications on Terra Classic.
The proposal already has overwhelming support: 99.34% of votes were cast and there were only 0.66% against. Major validators including BiNodes, Garuda Universe and Hexxagon have already come out in support of the upgrade, reflecting the high level of community trust.
The release candidate was successfully tested on the Rebel-2 testnet on the 25th last month, confirming that it is ready for deployment on the mainnet. To protect against possible problems, a rollback option has been prepared that allows the chain to revert to version v3.6.0 in case block production fails.
In such a scenario, validators may need to restore the network to its previous state and install a patched version v3.6.1. In this case, all validators would need to update their clients in a timely manner to maintain consensus.
Incidentally, Terra founder Do Kwon is on trial in New York for his role in the $40 billion Terra crash in 2022. In May of this year, TerraUSD, the project’s dollar-pegged stablecoin, lost its dollar peg, setting off a chain reaction that sent Luna Classic and other tokens crashing.
As CNF reported, the crash has led to a high-profile trial, with a verdict set for December 11th. Kwon pleaded guilty in August after being arrested in Montenegro in 2023.
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