Analysis: LUNC Price Likely to Spike Before v2.2.1 Core Upgrade

• Terra Luna Classic community approved Proposal 11766 for key blockchain modifications.
• The community is dealing with a surge of spam proposals.
• TerraUSD Classic developers are negotiating to restore its peg with exchanges.

The Terra Luna Classic community has collectively approved Proposal 11766 by the L1 Terra Classic Task Force (L1TF). This essential update, scheduled for activation on September 12 at 9:57 a.m. UTC, is designed to introduce key modifications previously approved via governance.

The v2.2.1 upgrade not only strengthens the robustness of the blockchain but also represents a substantial step towards achieving long-term development objectives. As a result, both developers and community members are keenly anticipating these modifications.

Vinh Nguyen, a developer for L1TF, has announced that the forthcoming upgrade is set to take place at block height 14,514,000. The upgrade will encompass a variety of enhancements, such as an upgrade to the Cosmos SDK and a transition to CometBFT, among other features.

Is it Essential to Combat Spam Proposals?

Additionally, the community is dealing with an unexpected surge of spam proposals. This situation has resulted in Proposal 11780, which seeks to raise the minimum deposit needed for submitting a proposal from 1 million LUNC to 5 million LUNC.

Validators such as Hexxagon, Lunanauts, and Coinpayu favor the proposed change, emphasizing that the existing 1 million LUNC threshold is insufficient to prevent spam.

Currently, 64% of the votes oppose this modification, suggesting that more deliberation and possibly different solutions are required. Furthermore, Hexxagon, the group responsible for the community-owned Station wallet, has been notably outspoken about the immediate need to address these spam proposals.

Importantly, TerraUSD Classic (USTC) developers are currently negotiating with centralized exchanges to restore its peg, given the recent increase in trading volumes for both LUNC and USTC. Therefore, these efforts are set to strengthen the stability of the ecosystem and trigger a price recovery for both LUNC and USTC.

LUNC/USD Analysis

LUNC and USTC are still experiencing a downward trend in their market values. Despite the expected core upgrade, LUNC’s price has dropped by 5% in the last 24 hours. Similarly, USTC’s trading value has decreased by 4%. However, the community maintains a positive outlook, believing that these governance actions and the upcoming v2.2.1 upgrade have the potential to change the market’s attitude towards the blockchain.

Terra Luna Classic is currently at a critical juncture, managing growth driven by upgrades while simultaneously addressing the urgent requirement to limit spam proposals. Despite the ongoing pressure on LUNC and USTC prices, these crucial decisions demonstrate the community’s dedication to enduring sustainability and innovation. Consequently, the results of these proposals and their ensuing effects on the ecosystem will be closely monitored.