Terra Luna Classic Transitions To V3.1.3; Bybit Supports the Upgrade

• Terra Luna Classic has completed its upgrade to v3.1.3 on July 29.
• The upgrade focuses on revising burn tax distribution to enhance staking rewards.
• The proposal received 99.9% “yes” votes, signaling the community’s major support for the program.

Terra Luna Classic has successfully completed its upgrade to v3.1.3, which revises the burn tax distribution as a means to enhance staking rewards. The upgrade, implemented on July 29 at block height 19108180, introduces key changes such as Oracle Split logic and memory leak prevention.

Notably, the v3.1.3 upgrade was brought forward by the popular developer, Fragwerdig. In addition, overwhelming support from validators and developers such as Genuine Labs helped the platform to complete the upgrade without any delay. The proposal surprisingly received 99.9% “yes” votes, signaling the community’s major support for the program.

Under the new burn tax distribution, 80% will be dedicated to burning, with the remaining 20% allocated evenly between the Community Pool and Oracle Pool. This scheme is anticipated to offer validators significant benefits through increased staking opportunities and potentially bolster LUNC’s price.

Despite Terra Luna Classic’s upgrade, the LUNC token has experienced a downtrend with its price currently hovering at $0.00008305. The token has marked a 2.49% decline in a day and a 2.24% dip in a week. Over the past 7 days, LUNC has seen a notable surge of 4.34%. A substantial increase of about 24% in the 24-hour trading volume highlights the growing demand for the token amidst the platform’s v3.1.3 upgrade.

Meanwhile, crypto exchange Bybit has announced its support for the Terra Luna Classic upgrade. While the upgrade is considered essential for improving the ecosystem’s efficiency and security, Bybit has expressed its enthusiasm for fostering advancements and innovations in emerging blockchain platforms.