Terra Luna Classic (LUNC) has successfully completed its highly anticipated v3.1.5 network upgrade, marking a significant milestone in the project’s ongoing evolution. The upgrade, supported by Binance—the world’s largest cryptocurrency exchange—introduces critical security enhancements, improved transaction efficiency, and lays the groundwork for future innovations like Tax2Gas implementation. This development reinforces confidence in the Terra Classic ecosystem amid broader market volatility.
The upgrade was executed seamlessly at block height 19,850,000 on September 18, with the network halting temporarily to apply essential patches. The transition began at UTC 11:26:59 and was initiated by validator Interstellar Lounge, making it the fastest upgrade in the chain's history.
Key Improvements in the v3.1.5 Upgrade
The v3.1.5 upgrade brings several technical advancements that enhance the stability, security, and scalability of the Terra Classic blockchain.
Security Patch for Wasmd
One of the most critical components of this update is the integration of a vital security fix for wasmd, the WebAssembly-based smart contract module used across Cosmos SDK chains. The patch addresses potential vulnerabilities that could have been exploited under specific conditions, ensuring greater resilience against malicious attacks.
This update upgrades wasmd to version 0.46 and wasmvm to 1.5.4, incorporating improvements from the previous v3.1.4 release. While v3.1.4 primarily focused on fixing gas estimation for tax-related transactions and was rolled out only to endpoint providers, v3.1.5 includes consensus-level changes necessary for full network adoption.
Enhanced Transaction Efficiency
Transaction processing speed and reliability have also been improved. Users can now expect faster confirmation times and reduced latency during peak network usage. These optimizations are crucial as the ecosystem prepares for increased adoption and more complex decentralized applications (dApps).
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Preparing for Tax2Gas Implementation
A forward-looking aspect of this upgrade is its role in paving the way for Tax2Gas, a proposed mechanism designed to streamline transaction fee payments. Under this model, users may pay fees using LUNC tokens collected as part of the protocol’s tax system, potentially reducing friction and improving token circulation dynamics.
While Tax2Gas is still in development, the v3.1.5 upgrade ensures the underlying infrastructure is ready when the feature launches.
Binance Backs the Network Upgrade
Binance has officially announced its support for the Terra Luna Classic upgrade, underscoring its continued commitment to the LUNC community.
To ensure a smooth transition, Binance temporarily suspended deposits and withdrawals for all Terra Classic ecosystem tokens during the upgrade window. This proactive measure helps prevent transaction failures and protects user funds during network maintenance.
Beyond infrastructure support, Binance plays a pivotal role in LUNC’s deflationary strategy through regular token burn programs.
Binance’s Role in LUNC Token Burns
Since initiating its burn campaign over two years ago, Binance has destroyed 64.47 billion LUNC tokens—accounting for approximately 48.5% of all community-driven burns. These monthly destruction events reduce circulating supply, aiming to increase scarcity and support long-term value accrual for holders.
Such consistent participation from a top-tier exchange adds credibility to recovery efforts and demonstrates strong institutional backing for the project’s revival.
Market Reaction: LUNC and USTC Prices Adjust Amid Broader Trends
Despite positive technical developments, both LUNC and USTC experienced price corrections in the 24 hours following the upgrade announcement.
LUNC Price Performance
- Current price: $0.00007942 (down 1.74% over 24 hours)
- 24-hour range: $0.00007942 – $0.00008332
- Trading volume increased by 25%, indicating sustained market interest
While short-term price action reflects broader bearish sentiment across crypto markets, the surge in trading volume suggests active engagement from traders and investors monitoring the project’s progress.
USTC Price Overview
- Current price: $0.01645 (down 1% in 24 hours, 8% weekly decline)
- 24-hour range: $0.01633 – $0.01711
- Futures open interest dropped by 3.35% in 24 hours
The drop in futures positions may indicate short-term caution among leveraged traders, though spot market activity remains stable.
It's important to note that blockchain upgrades often trigger initial volatility before longer-term fundamentals take hold. Historical data shows that networks implementing robust technical improvements tend to outperform over time.
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Frequently Asked Questions (FAQ)
Q: What is the significance of the Terra Luna Classic v3.1.5 upgrade?
A: The v3.1.5 upgrade enhances network security with critical wasmd patches, improves transaction performance, and prepares the chain for future features like Tax2Gas—making it one of the most important updates in recent months.
Q: Why did Binance suspend LUNC deposits and withdrawals?
A: Binance paused deposits and withdrawals temporarily to synchronize with the network upgrade and ensure user transactions are processed safely and reliably once services resume.
Q: How do token burns affect LUNC’s value?
A: Regular burns reduce the total circulating supply of LUNC, creating deflationary pressure that can support price growth if demand remains steady or increases over time.
Q: Is Tax2Gas live on Terra Classic yet?
A: No, Tax2Gas is not yet active. However, the v3.1.5 upgrade sets the technical foundation required for its future deployment.
Q: Where can I track upcoming Terra Classic developments?
A: Official updates are shared through Terra Classic’s core development channels and trusted crypto news platforms covering Layer-1 blockchain innovations.
Looking Ahead: The Road to Recovery
The successful completion of the v3.1.5 upgrade represents more than just a technical achievement—it symbolizes resilience within the Terra Classic community. With major exchanges like Binance actively supporting recovery through burns and infrastructure alignment, momentum is building for sustainable growth.
Future focus will likely center on increasing dApp activity, enhancing validator participation, and launching user-centric features such as Tax2Gas. As adoption grows, so does the potential for LUNC to regain relevance in the broader proof-of-stake ecosystem.
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Final Thoughts
Terra Luna Classic’s v3.1.5 upgrade demonstrates a clear path forward through technical rigor and ecosystem collaboration. Backed by one of the industry’s most influential exchanges and driven by an engaged community, LUNC continues its journey toward long-term stability and utility.
For investors and developers alike, staying informed about core protocol developments is key to understanding emerging opportunities in evolving blockchain networks.
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