LUNA Classic Proposes Upgrade; Price Target: $0.005

Terra Classic Luna Classic LUNC

The Terra Luna Classic community is gearing up to vote on Genuine Labs’ proposal for security upgrade packages on the chain. If approved, this could potentially boost the price of LUNC as investor confidence in the project grows.

Genuine Labs, the developer behind Terra Luna Classic, has submitted a revised proposal for significant core updates aimed at enhancing security, functionality, and interoperability. The proposed security upgrade package includes various enhancements and optimizations to key components such as Wasmd, IBC Go, and Cosmos SDK. If implemented, these improvements could bolster the overall performance and reliability of the Terra Luna Classic blockchain.


Terra Luna Classic Community Readies Governance Vote for Security Upgrade Proposal

The Terra Luna Classic community is gearing up for a governance vote on Proposal 12088, titled “Genuine Labs’ security upgrade packages,” which is scheduled to take place on the Station wallet platform. This proposal comes in response to concerns raised by notable developers regarding the challenges of upgrading to Cosmos SDK 0.50.1.

As a result, the developer group behind Terra Luna Classic plans to initiate the major core upgrade by first transitioning to Cosmos SDK 0.47. The revised 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, comprising three developers, aims to complete all developments within an estimated timeline of 8 weeks, with a budget allocation of $30K. Cosmos SDK 0.47.10 brings several enhancements, including improved security, enhanced interoperability, developer-friendly improvements, and overall performance benefits for applications built or utilized on the Cosmos network.

The slated upgrades within the security package encompass various components, such as upgrading Wasmd, Comet BFT, Cosmos SDK, and dependencies like ibc-go v8, cosmos proto, and cometbft-db. Additionally, the development team will implement upgrade handlers, apply changes to the Terra Classic Core, and conduct both testnet and mainnet upgrades.

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Meanwhile, discussions regarding the introduction of IBC hooks and PFM are ongoing as part of core upgrade v2.4.1. L1 developers have also released a new version of the “terrad” client, signaling progress within the core upgrade process.

Terra Luna Classic (LUNC) Price Analysis

Terra Luna Classic (LUNC) has recently surpassed the significant psychological level of $0.0002, driven by several factors. Over the past 24 hours, the LUNC price has surged by over 8%, with the token now trading at $0.0002005. During this period, the price fluctuated between a low of $0.0001609 and a high of $0.0002517. Additionally, trading volume has seen a substantial increase of 70%.

However, in order for LUNC to make significant progress towards reaching $1, it must first overcome a major resistance level at $0.0005, which was observed back in September 2022.

USTC Price Analysis: Meanwhile, the USTC price has remained relatively stable, trading sideways near $0.03800 for the past week. However, there have been notable price fluctuations in the last 24 hours, with the current price standing at $0.03672 and reaching a high of $0.04512 during this period. Similar to LUNC, trading volume for USTC has also experienced a significant surge, increasing by 74% in the past 24 hours.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

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