- Release v3.1.3 introduces Oracle Split logic, reallocating tax burns to the Oracle Pool for better resource management.
- The upgrade, set for block height 19108180 on July 29 at 13:00 UTC, requires community and validator approval.
The Terra Luna Classic (LUNC) development team has finalized crucial adjustments in preparation for an upcoming tax distribution upgrade, indicating substantial advancements in their platform’s functionality.
This upgrade involves the implementation of the Oracle Split logic, a critical feature that reallocates community pool rewards from tax burns to the Oracle Pool (OP), enhancing the sustainability of long-term rewards.
Upgrade Details and Implementation
The developers released a new version of the terrad client, v3.1.3, as announced by popular developer Till Z, also known in the LUNC community as Fragwuerdig. This update, which was a collaborative effort involving developers like StrathCole, is in response to community-approved proposals 12098 and 12114.
The update is designed to redirect short-term rewards to more sustainable, long-term rewards, a shift anticipated to fortify the platform’s economic foundation.
The transition will occur at block height 19108180, expected to halt on July 29 at 13:00 UTC, to facilitate the update to the new client version. This update is critical as it awaits validator and community approval, which is essential for its activation.
Technical Enhancements and Community Impact
Key technical tasks completed in preparation for the upgrade include fixing the parameters keys table, adjusting the oracle split logic, and updating wasmvm to version 1.5.2 to address memory leak issues.
These enhancements are aimed at improving the security and efficiency of the system, ensuring that block rewards are more effectively allocated to the Oracle Pool, thus decelerating its depletion rate.
Market Response and Future Outlook
Following these developments, Terra Luna Classic has witnessed a notable recovery in the cryptocurrency market, rallying more than 27% this week. This surge is a positive response from the market, reflecting investor confidence in the platform’s direction and the impact of the upcoming upgrade. Currently, LUNC is trading at $0.00009066, with slight fluctuations in its trading volume.
As the community prepares for the implementation of these changes, the focus remains on how these strategic adjustments will influence the platform’s stability and growth. The upcoming halt and update represent a pivotal moment for Terra Luna Classic, potentially setting a new trajectory for its utilization and value in the cryptocurrency ecosystem.
