The upgrade has received the support of major industry players, led by Binance, with holders hoping it will spark a rally after a disappointing week.
Terra Classic has inaugurated Tax2Gas, an upgrade for which almost the entire community voted, and it's receiving the support of some key industry players.
As we reported, the vote was cast a week ago, with most of the community voting in favour of v3.1.5, an update that impacted the network's core components and introduced some critical security patches. Today, at the block height of 19,850,000, the network finally implemented the upgrade. It was the fastest upgrade to the chain, showing the community's commitment to improving the network.
Already, the world's largest exchange is onboard. Binance announced today that it would support the upgrade, notifying its users that it would suspend deposits and withdrawals on the LUNC network to ensure the transition is seamless for its users.
Binance handled all the technical requirements and the users didn't have to get involved. The trading of LUNC on its order books was also not impacted.
Meanwhile, LUNC trades at $0.00007923, dipping nearly 5% in the past day despite the quick upgrade. It hit an intraday high of $0.00008321 earlier today before tumbling to a weekly low.
In the past month, the token set a monthly record at $0.00009424 before it was rejected and dipped to $0.00007194. A second round of bullish momentum fizzled out after hitting $0.0000899.
Despite the price uncertainty, LUNC holders are confident in the token. Staked LUNC has picked up again in the past two weeks after a sharp dip in August. LUNC holders have now staked 1,046,999,710,196 tokens, accounting for 15.5% of the total supply.
Despite all the setbacks the network has faced since 2022, LUNC has picked itself up, and its holders remain confident in its long-term prospects. Its dApps have continued to build products for the users, with Astroport Classic leading the charge following a 1.2% increase in TVL in the past month.
The latest upgrade has injected new life into the LUNC community. For one, it increases the burn rate from the current 0.5% to 1.5%, even higher than the 1.2% that had been agreed on years ago before the original Terra Luna crashed.
Other developments in the network are also pushing LUNC forward, such as Proposal 12133 which restores the maximum number of validators allowed on the network to 110.