Genuine Labs Proposal Faces Roadblocks
The Genuine Labs developer group’s proposal to enhance the functionality and interoperability of the Terra Luna Classic chain has faced roadblocks after notable developers raised concerns over some components slated for the major core upgrade. The proposal, known as “Genuine Labs Terra Classic Upgrade Proposal,” was rejected by validators due to concerns about the stability of Cosmos SDK 0.50.
Validators expressed their concerns about the proposed upgrades to Cosmos SDK 0.50.1 (Eden), IBC go v8, and Wasmd 0.50.0. These concerns led to the rejection of the proposal, as it failed to reach quorum and gain approval from validators.
Notional Labs’ Jacob Gadikian raised concerns about upgrading Cosmos SDK 0.50, which prompted discussions among validators and top developers. LUNC developers Frgwuerdig and StrathCole voted against the proposal, while top validator Allnodes also voted “No” due to potential negative consequences for the chain.
Impact on LUNC and USTC Prices
Despite the rejection of the proposal, prices of Terra Classic ecosystem tokens LUNC and USTC have remained relatively stable amid the hype surrounding meme coins and Bitcoin’s surge past $65K.
- LUNC price has been trading sideways after experiencing a 46% increase last week. It is currently trading at $0.0001798, with a 24-hour high and low of $0.0001762 and $0.0001945, respectively.
- USTC price fell by 2% today after a 5% upside move last week. It is currently trading at $0.03657, with a 24-hour low and high of $0.03627 and $0.03838, respectively.
Despite these price movements, trading volume for both tokens has decreased, indicating a lack of interest among traders.
Upcoming Developments and Core Upgrade
Genuine Labs has plans to complete major developments in the coming weeks, with an estimated budget of $30K. These developments include upgrades to Wasmd, Comet BFT, Cosmos SDK, IBC hooks, PFM, ibc-go v8, cosmos proto, cometbft-db, and other security updates.
In addition to these developments, a proposal is under discussion for core upgrade v2.4.0. As part of this core upgrade, L1 developers have created a new release of the “terrad” client.
Hot Take: Genuine Labs Proposal Faces Rejection
The rejection of the Genuine Labs Terra Classic Upgrade Proposal by validators highlights the concerns raised about the stability of Cosmos SDK 0.50. While the proposal aimed to enhance the functionality and interoperability of the Terra Luna Classic chain, it failed to gain approval due to potential negative consequences associated with upgrading Cosmos SDK 0.50.
Despite the rejection of the proposal, prices of LUNC and USTC have remained relatively stable. However, trading volume has decreased for both tokens, indicating a lack of interest among traders.
As Genuine Labs continues with its upcoming developments and core upgrade plans, it remains to be seen how these roadblocks will affect the future of the Terra Luna Classic chain.
By
By
By
By