Terra Luna Classic has recently completed a major update known as the Tax2Gas feature. This enhancement received unanimous support from the community and is seen as a significant step towards improving transaction speed and strengthening the security of the ecosystem.

What's Included in the v3.1.6 Update?

The v3.1.6 update incorporates crucial improvements, such as a security fix for the WebAssembly Virtual Machine (wasmvm). By upgrading the wasmvm version to 1.5.5, the network's defense against potential threats has been significantly enhanced. Furthermore, a new feature for simulating transaction fees has been introduced, optimizing transaction management across the network.

How Did the Update Affect LUNC’s Price?

Following the successful update, the value of LUNC surged by over 6%, reaching $0.00008679. The trading volume also increased by 22%, amounting to $20.05 million, with a peak at $0.00008804 over the last 24 hours. Developer StrathCole emphasized that this update is crucial for the Tax2Gas feature and noted the strong support from both community members and validators.

Impact on the Terra Ecosystem

This update arrives at a crucial moment, aiming to restore investor trust in Terra Luna Classic. The anticipated Tax2Gas system is expected to simplify transaction fee taxation, ultimately facilitating LUNC's future growth and operational efficiency. Additionally, the price of USTC also rose by over 7%, reaching $0.02188, with trading volume increasing by 106% to $49.81 million. This upgrade reflects the community’s commitment to enhancing overall efficiency and security within the Terra ecosystem.

The v3.1.6 update for Terra Luna Classic signifies significant improvements in the network's security and speed, laying the groundwork for future growth and strengthening user confidence in the ecosystem.