- March 4, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
The Terra Classic community has proposed a new upgrade that could see the reawakening of the ecosystem’s tokens LUNC and USTC. The upgrade, aimed at improving Terra Luna Classic’s overall functionality, will introduce advanced solutions and security features into its ecosystem.
About The Upgrade Proposal
A prominent LUNC developer, Till “Fragwuerdig” Ziegler has recently submitted a unique proposal to upgrade the Terra Classic Terrad client to version 2.4.0. The proposal aims to revitalize the Terra Classic network by introducing advanced security features and key changes that could see the ecosystem boasting a more efficient and robust network.
The key improvements outlined in the upgrade proposal include the introduction of IBC-Hooks and Package Forward Middleware (PFM), initiated through the collaboration of Ziegler and Cosmos Stack developer group, Genuine Labs. Notably, the launch of IBC-Hooks will effectively enable the onboarding of Decentralized Applications (dApps) that utilize this feature, particularly Enterprise DAOs.
Additionally, the proposal will deliver an End-to-End (E2E) and Interchain Testing Suite, ensuring improved testing performance facilitated by Genuine Labs. Furthermore, the upgrade will bolster Terra Classic’s security by executing a crucial bug fix related to the processing of MsgExec in the Tax Handler. These security improvements will be led by Ziegler, enabling a more secure environment for the Terra Classic community.
Recently, the Terra Classic community has been greenlighting critical proposals aimed at improving and restoring the value of its ecosystem and native tokens. Earlier in February 2024, a proposal submitted by Genuine Labs aimed at boosting Terra Luna Classic’s functionality and interoperability was approved with over 96% votes from the community.
These developments have effectively improved the Terra ecosystem, facilitating more growth and innovation within the network. Notably, Ziegler’s upgrade proposal is set to bring new possibilities to the Terra Classic ecosystem, potentially triggering a surge for its native token, LUNC, stablecoin, and USTC.
If both the validator and the community approve the proposal, then the Terra Classic chain is scheduled to undergo a halt by March 25 at block height 17309500.
LUNC And USTC Prices To Skyrocket
Lately, there has been a notable uptick in the price of LUNC and USTC. Following the announcement of the upgrade proposal, LUNC’s price surged by approximately 8.62% to trade at $0.00019, according to CoinMarketCap.
The cryptocurrency has experienced a significant price leap of over 50% in the past seven days, with about 30% of this price increase induced by Binance’s recent 2.2 billion LUNC token burn. Additionally, USTC has been moving closer to the $1 price mark, recently experiencing a slight price increase before retracing and sliding back to its current price of $0.037.
Amid Terra Classic’s recent focus on developmental improvements, the price of LUNC and USDT are poised to rally, potentially breaking crucial resistance levels to reach the coveted $1 price mark.
