LUNC Price Soars 45% Post Terra Luna Classic Update

LUNC token prices experienced a significant increase after the network update. (Photo; Doc. InvestorPlace)

JAKARTA - Terra Luna Classic (LUNC) recently carried out a network update that had a major impact on the ecosystem and token price movements. The update, called "Upgrade v2.3.2", aims to address a transaction sequencing issue that has been plaguing some validators and the network.

This update also triggered a surge in the price of the LUNC token which saw an increase of 45% recently. The positive price increase reflects market enthusiasm and optimism regarding this development. Proposal 11890, proposed by validator and core developer L1TF, received overwhelming support from the Terra Luna Classic community.

The proposal mandates on-chain deployment of the terra client v2.3.1, which is the latest version of the software used by validators and node operators. This step is expected to facilitate implementation and transition for stakeholders, as well as increase network stability and security.

Transaction sequencing issues have long been a concern, causing some accounts to face restrictions in their interactions with the network. This issue occurs when the order of transactions saved by the account does not match the order of transactions saved by the validator. This can cause errors and failures in sending and receiving transactions. With this update, this issue is expected to be resolved.

Influences LUNC and USTC prices

This update also has a positive impact on the prices of LUNC and USTC tokens, which are the main crypto assets in the Terra Luna Classic platform. LUNC is the native token used to pay transaction fees, participate in governance, and earn incentives from the protocol. USTC is a stablecoin guaranteed by LUNC and tied to the value of the US dollar, which is used to make crypto payments easily and quickly.

Following this update, the price of LUNC experienced a significant jump of 45% in a 24 hour period, currently trading at IDR 3.63 per coin after previously trading at IDR 2.22. LUNC price fluctuations signal increased trading activity with a 250% spike in trading volume—an indication of high trader interest. LUNC also performed impressively with an increase of 130% in the past week according to Coingecko data.

Apart from LUNC, stablecoin USTC also surged, trading at 0.053 US dollars (IDR 819), representing a gain of 4% after a significant week-long rally. The price fluctuated between  0.0448 US dollars (IDR 692) and  0.0549 US dollars  (Rp.848), although trading volume saw a marginal decline of 10% in the last 24 hours.

USTC also gained additional momentum from news of Mint Cash, a crypto lending protocol launching on top of Terra Luna Classic, as well as the launch of USTC futures contracts on Binance, the world's largest crypto exchange.