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Terra Classic (LUNC) Shoots Up 20% — What's Driving The Surge?

Published 05/06/2023, 05:09
Updated 05/06/2023, 06:10
© Reuters. Terra Classic (LUNC) Shoots Up 20% — What's Driving The Surge?

Benzinga - Terra Classic (LUNC), the original chain of the collapsed Terra (LUNA) ecosystem, has seen a resurgence in the past 24 hours.

What Happened: The token has shot up by 20% following the announcement of the v2.1.0 upgrade proposal, which has generated significant attention among investors.

The v2.1.0 is the third significant upgrade to the Terra Classic blockchain. It is scheduled to be released on June 14 and aims to align Terra Classic with other leading blockchains, including Terra 2.0 and various Cosmos chains.

See More: A Stay At The Floating Palace From James Bond's ‘Octopussy’

Why It Matters: The upgrade comes with a host of features and improvements designed to enhance the platform’s reliability, security, and fairness. In particular, validators are set to receive a minimum 5% commission as compensation, promoting more equitable rewards across the system.

Meanwhile, Do Kwon, the co-founder of Terra, has been granted bail approval for a second time by the Montenegro Basic Court on Saturday, according to the lawyer representing them.

Price Action: At the time of writing, LUNC was trading at $0.00011, up 20.12% in the last 24 hours, according to Benzinga Pro.

Read Next: Bitcoin, Ethereum, Dogecoin Flat Amid Inflation Fears: On-Chain Analytics Firm Says This Could Signal ETH ‘On Its Way’ To $2K

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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