The Terra Luna Classic protocol is gearing up for a temporary chain halt as it prepares to launch the v3.0.1 upgrade, a highly anticipated development within the community.

Community member Mr. Diamondhandz1 shared an update confirming the imminent start of the v3.0.1 upgrade by Genuine Labs, scheduled to commence in a few hours. This upgrade will necessitate a temporary halt of the $LUNC chain, marking a crucial phase in the blockchain's evolution.

The decision to implement the v3.0.1 upgrade was met with overwhelming support from the Terra Luna Classic community, with a resounding 99.9% approval from both members and validators. The proposal, spearheaded by Genuine Labs, includes significant enhancements such as sdk 47, aimed at improving the blockchain's functionality and performance.

Despite the anticipation surrounding this pivotal upgrade, the LUNC price has experienced a slight dip of 2.95% in the past 24 hours, currently standing at $0.0001163 according to CoinMarketCap data. This unexpected price movement contrasts with the usual positive price reactions associated with significant developments like the upcoming upgrade.

In a separate development, the recent settlement between the SEC, Terraform Labs, and Do Kwon has generated positive sentiments towards Terra ecosystem tokens. Market analysts had previously projected a potential price target of $1 for LUNC following the positive impact of the SEC settlement news. The v3.0.1 upgrade protocol will require validators to transition to the new binary, aiming to enhance the Terra network's overall performance and functionality.

Binance, a key player in the Terra Luna Classic ecosystem, recently burned a substantial 1.35 billion tokens as part of its internal LUNC mechanism to support the community. This strategic move by Binance aligns with ongoing efforts to bolster the Terra Luna Classic community, with the total burn by Binance exceeding 60 billion tokens to date, representing a significant 52% of the community's token supply.