Terra Luna Classic Developer Proposes Major Upgrade
Terra Luna Classic developer Genuine Labs has submitted a revised proposal for significant core updates aimed at improving security, functionality, and interoperability. The proposal, titled “Genuine Labs’ security upgrade packages,” is set for governance voting on the Station wallet platform. In response to concerns raised by notable developers about the challenges of upgrading to Cosmos SDK 0.50.1, the developer group plans to first upgrade to Cosmos SDK 0.47 in this major core upgrade. The proposal outlines the strategic upgrade plan, which includes migrating to Cosmos SDK 0.47.10, IBC go v7, and Wasmd 0.45.0.
Genuine Labs, composed of three developers, aims to complete all the necessary developments within 8 weeks with a budget of approximately $30K. The upgrade to Cosmos SDK 0.47.10 brings enhanced security measures, improved interoperability, developer-friendly enhancements, and overall performance benefits for applications built on or utilizing the Cosmos network. The proposed upgrades in the security package are as follows:
- Upgrade Wasmd
- Upgrade Comet BFT
- Upgrade Cosmos SDK
- Upgrade dependencies: ibc-go v8, cosmos proto, and cometbft-db
- Write upgrade handler
- Apply changes on Terra Classic Core
- Testnet Upgrade
- Mainnet Upgrade
In addition to these upgrades, discussions are underway regarding IBC hooks and the introduction of PFM in core upgrade v2.4.1. L1 developers have already released a new version of the “terrad” client as part of this core upgrade.
LUNC Price Performance
The price of Terra Luna Classic (LUNC) has exceeded the psychological level of $0.0002, as predicted by CoinGape. Over the past 24 hours, LUNC price has surged by more than 8%, with the current trading price at $0.0002005. The 24-hour low and high are recorded at $0.0001609 and $0.0002517, respectively. Additionally, the trading volume has witnessed a 70% increase in the last 24 hours. To reach the target of $1, LUNC must first overcome a significant resistance level at $0.0005 in September 2022.
The price of TerraUSD (USTC) has remained relatively stable near $0.03800 for the past week, with volatile price movements observed within the last 24 hours. Currently, USTC is trading at $0.03672, reaching a 24-hour high of $0.04512. Moreover, the trading volume has surged by 74% in the past day.
Hot Take: Exciting Upgrades Ahead for Terra Luna Classic
Terra Luna Classic’s developer Genuine Labs is making significant strides to enhance the platform’s security, functionality, and interoperability through a major core upgrade proposal. With plans to upgrade to Cosmos SDK 0.47 and implement various improvements, Genuine Labs aims to provide developers with enhanced tools and benefits for building on the Cosmos network.
Moreover, Terra Luna Classic’s price performance is showing positive signs, with LUNC experiencing significant growth over the past 24 hours. This indicates growing investor interest and confidence in the project’s future prospects.
Overall, these developments highlight Terra Luna Classic’s commitment to continuous improvement and its potential for further growth in both technology and market value.
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