Terra Luna Classic developers propose a significant Terra Classic v2.4.0 upgrade to enhance security and introduce pivotal features, potentially boosting LUNC price.
Terra Classic (LUNC) v2.4.0 Upgrade
The Terra Luna Classic community developers are undertaking vital chain upgrades that could propel Terra Classic towards a significant utility trajectory and propel Classic ecosystem tokens LUNC and USTC prices to unprecedented highs.
It comes after Testnet rebel-2 smoothly transitioned to the new release candidate of v2.4.0 of the terrad client amidst recent development discourse and proposals ratified by the community.
trade $LUNA, hodl $LUNC https://t.co/zJutO39kv5 pic.twitter.com/h6nmAtIk7D
— 🧌 LunaticLuncLover69🔥🚀 (@luna_lover69) March 3, 2024
Popular LUNC developer Till “fragwuerdig” Ziegler presents a proposition to upgrade Terra Classic to v2.4.0. The upgrade will bolster security and introduce major features to Terra Classic as suggested by Genuine Labs recently. L1 developers have generated a fresh release of the “terrad” client as part of the core upgrade.
Key Modifications Outlined by Till:
-Implementation of IBC-Hooks and Package-Forward-Middleware (PFM) (by Genuine Labs and Fragwuerdig)
-E2E and Interchain Testing Suite (by Genuine Labs)
-A rectification concerning the processing of MsgExec in Tax Ante Handler (by Fragwuerdig)
Significantly, IBC-Hooks will facilitate the integration of dApps reliant on this feature, particularly Enterprise DAO. Driven by Terra Money, Enterprise DAO aids in effortlessly and effectively establishing, administering, and expanding DAOs within Cosmos.
When to expect the Upgrade?
If the proposition garners approval from validators and the community, Terra Luna Classic chain will be halted at block height 17309500, anticipated at 14:00 UTC on March 25.
“The recently introduced features IBC-Hooks and PFM have undergone comprehensive 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”, as stated in the proposal.
LUNC and USTC Surge Towards $1
In the wake of the recent discourse within the Terra Luna Classic community to prioritize development activity, encompassing upgrades and significant alterations, LUNC and USTC prices are surging and breaching resistance thresholds. To initiate a move towards $1, LUNC initially needs to overcome significant resistance at $0.0005 in September 2022.
LUNC price has surged by 30% in the past 24 hours, extending the monthly rally to 82%, with the price presently hovering at $0.000181. The 24-hour peak and nadir are $0.00014 and $0.000185, respectively. Additionally, trading volume has surged by 180% in the past 24 hours, indicating heightened interest among traders. Investors anticipate LUNC overcoming the $0.0002 resistance level imminently.
Meanwhile, USTC price has also surged by 12% in the past 24 hours but relinquished earlier gains. The price is currently trading at $0.0374. The 24-hour trough and crest are $0.0353 and $0.0397, respectively. The surge is expected to be sustained as the community proceeds with the idle USTC burn following the incineration of 800 million USTC valued at over $32 million.
