Cosmos Developer Group Proposes Major Upgrade for Terra Luna Classic
The Cosmos blockchain developer group has put forth a significant upgrade proposal to enhance the functionality and interoperability of the Terra Luna Classic chain. The proposal, titled “Genuine Labs Terra Classic Upgrade Proposal,” aims to improve various components of the platform, including Cosmos SDK, IBC go, and Wasmd. This upgrade is expected to optimize performance and provide developers with enhanced security measures.
Additionally, Genuine Labs, the team behind the development of LUNC, announced that they have completed the KYC requirement with SolidProof, a Germany-based blockchain security company.
Terra Luna Classic Core Upgrade Goes Live
A signaling proposal, numbered 12087, known as the “Genuine Labs Terra Classic Upgrade Proposal,” is now open for voting on Station wallet. This proposal seeks to enhance the functionality and interoperability of Terra Luna Classic by implementing strategic upgrades to various components:
- Cosmos SDK 0.50.1 (Eden)
- IBC go v8
- Wasmd 0.50.0
The development team at Genuine Labs plans to complete all the necessary upgrades within eight weeks, with an estimated budget of $30K. They anticipate that these upgrades will significantly improve security, interoperability, and overall performance on the Cosmos network. The proposed security package includes:
- Upgrading Wasmd
- Upgrading Comet BFT
- Upgrading Cosmos SDK
- Upgrading IBC hooks and PFM
- Upgrading dependencies such as ibc-go v8, cosmos proto, and cometbft-db
- Writing upgrade handler
- Applying changes on Terra Classic Core
- Testnet Upgrade
- Mainnet Upgrade
The initial voting for the proposal has garnered a 96% approval rate, with all five participating validators voting “Yes.” Once the proposal is approved, the development tasks will commence, and a spend proposal will be outlined after the successful completion of all the tasks mentioned above.
LUNC and USTC Price Action
Following the announcement of the upgrade proposal, the price of LUNC experienced a 2% increase in the past 24 hours. Currently, Terra Luna Classic is trading at $0.000124 per token, with a 24-hour low and high of $0.000122 and $0.000133, respectively. Furthermore, trading volume has surged by 200% within the same period as traders show interest in taking long positions.
On the other hand, USTC witnessed a significant surge of 25% in its price over the past 24 hours. However, it has retraced some gains since then. At present, USTC is trading at $0.0368 per token, with a 24-hour high of $0.0410. The trading volume has also increased by over 450% within the last day, indicating growing interest among traders.
Hot Take: Enhanced Functionality and Interoperability for Terra Luna Classic
The proposed upgrade for Terra Luna Classic aims to provide you with a more secure and developer-friendly environment for using applications on the Cosmos network. By improving various components such as Cosmos SDK, IBC go, and Wasmd, this upgrade will enhance performance and interoperability.
The positive market response to this news is evident through the increase in LUNC and USTC prices as traders show interest in these tokens. With the successful implementation of the upgrade, Terra Luna Classic has the potential to attract more users and further establish itself as a prominent blockchain platform.
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