Terra Luna Classic Community Developers Working on Crucial Chain Upgrades
The Terra Luna Classic community developers are actively working on important chain upgrades that have the potential to greatly benefit Terra Classic and push the prices of Classic ecosystem tokens LUNC and USTC to new heights. This comes after the successful upgrade of Testnet rebel-2 to the new release candidate of v2.4.0 of the terrad client, following recent development narratives and proposals passed by the community.
Terra Luna Classic Major Upgrade Proposal
Till “fragwuerdig” Ziegler, a popular LUNC developer, has submitted a proposal to upgrade Terra Classic to v2.4.0. This upgrade aims to enhance security and introduce significant features to Terra Classic, as proposed by Genuine Labs. The L1 developers have created a new release of the “terrad” client as part of this core upgrade.
The key changes proposed in this upgrade are:
- Introduction of IBC-Hooks and Package-Forward-Middleware (PFM) by Genuine Labs and Fragwuerdig
- E2E and Interchain Testing Suite by Genuine Labs
- A fix for the processing of MsgExec in Tax Ante Handler by Fragwuerdig
Notably, the introduction of IBC-Hooks will enable the onboarding of dApps that depend on this feature, particularly Enterprise DAO. Enterprise DAO, powered by Terra Money, facilitates the easy creation, management, and growth of DAOs within Cosmos.
If the proposal is approved by validators and the community, the Terra Luna Classic chain will be temporarily halted at block height 17309500, which is expected to occur at 14:00 UTC on March 25.
“The newly introduced features IBC-Hooks and PFM have undergone thorough integration testing by Genuine Labs with the introduction of the Interchain Testing Suite. A rehearsal upgrade to v2.4.0 has been conducted on rebel-2 testnet,” according to the proposal.
LUNC and USTC Prices Rally Towards $1
With the recent focus on development activities, upgrades, and major changes within the Terra Luna Classic community, the prices of LUNC and USTC tokens are experiencing a rally and breaking resistance levels. In order for LUNC to reach $1, it first needs to surpass the major resistance at $0.0005 in September 2022.
In the past 24 hours, the price of LUNC has surged by 30%, extending its monthly rally to 82%. It is currently trading at $0.000181, with a 24-hour high of $0.00014 and a low of $0.000185. Additionally, trading volume has increased by 180% in the last 24 hours, indicating high interest among traders. Investors are keeping an eye on LUNC as it approaches the $0.0002 resistance level.
Meanwhile, USTC price has also seen a 12% jump in the last 24 hours, although it has retraced some of its earlier gains. It is currently trading at $0.0374, with a 24-hour low of $0.0353 and a high of $0.0397. The rally is expected to continue as the community progresses with idle USTC burn after burning over $32 million worth of 800 million USTC.
Hot Take: Terra Luna Classic Upgrades Boost Development and Token Prices
The ongoing upgrades being undertaken by Terra Luna Classic community developers are set to have a significant impact on the development of Terra Classic and the prices of LUNC and USTC tokens. With the proposal for the v2.4.0 upgrade, which includes important features like IBC-Hooks and Package-Forward-Middleware, the Terra Classic ecosystem will become more robust and versatile.
The recent rally in LUNC and USTC prices is a testament to the growing interest and confidence in Terra Luna Classic as a platform. As development activities continue and major changes are implemented, it is expected that the prices of these tokens will continue to rise, potentially reaching new all-time highs.
Investors and traders should closely monitor the progress of these upgrades and keep an eye on any further developments within the Terra Luna Classic community. The ongoing commitment to enhancing security, introducing new features, and improving overall functionality positions Terra Classic as an attractive option in the crypto market.
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