Terra Classic (LUNC) leads the market as the fastest growing cryptocurrency in the last 7 days.
The price of LUNC, the native cryptocurrency of the Terra Classic network, is being driven by new initiatives that the community has introduced to continue improving the network's performance and to increase its utility.
In the last week, LUNC increased by 28%, reaching a price of $0,000111 dollars per unit, according to data from the CoinMarketCap platform.
Source: CoinMarketCap
The daily trading volume of this cryptocurrency also saw significant growth in the last week. According to data from the same platform, LUNC merchants are moving more than $380 million a day in commercial operations with cryptocurrency. Most of this trading volume is moving through centralized exchanges (CEX).
LUNC is also positioned in first place as the cryptocurrency with the highest gain in the crypto market in the last 24 hours, registering a 20,6% increase in its price this Monday and as the ninth cryptocurrency with the highest trading volume, after Ripple (XRP) and Litecoin (LTC).
Why has the price of LUNC risen?
The increase that Terra Classic has experienced in the last week seems to be driven by a new proposal that seeks to integrate improvements to the network for the benefit of both validators and users in general.
Last week, Twitter user @luncburnarmy, who introduces himself as a project manager for the Terra Classic L1 development team, shared a new governance proposal to implement version v2.1.0 of the network, which was successfully tested at the end of May.
This version introduces new features and improvements focused on the security, mechanics and external accessibility of the blockchain, such as a minimum commission of 5% for network validators, in order to encourage the entry of more validators who ensure and consolidate blockchain and native support integration for the CosmWasm smart contract platform, based on the Cosmos network, to make it easier for developers to create new contracts using programming languages such as Rust and to increase interoperability in the blockchain ecosystem . The v2.1.0 update represents the third most important update from Terra Classic.
Although this blockchain ecosystem collapsed in May last year, causing losses of billions of dollars, its community of developers and users has remained very united and remains optimistic about the future of the network.
The new Terra Classic update will be voted on by the project governance next Wednesday, June 7, and its mainnet deployment is expected to occur a week later, on Wednesday, June 14.
What is Terra Classic (LUNC)?
Terra Classic is the original blockchain and cryptocurrency launched in 2018 as a blockchain protocol and ecosystem focused on scalability and decentralization. This ecosystem was launched on the market under the name Terra. However, after its collapse last year, part of the community voted to build a new blockchain, renaming the original blockchain Terra Classic. Its native cryptocurrency was changed from LUNA to LUNC.
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