The Terra Classic community is rallying behind a potentially transformative proposal that aims to breathe new life into the network and its native tokens, LUNC and USTC. This proposal, submitted by developer Till Ziegler, outlines a series of upgrades designed to bolster the network’s functionality, security, and ultimately, its token values.
Upgrade Highlights:
- IBC-Hooks and Package Forward Middleware (PFM): This feature, co-developed with Genuine Labs, allows the integration of Decentralized Applications (dApps) that leverage IBC-Hooks, specifically targeting Enterprise DAOs. This paves the way for a richer and more robust network ecosystem.
- End-to-End (E2E) and Interchain Testing Suite: Again, in collaboration with Genuine Labs, this suite streamlines the testing process, ensuring smoother network operation and minimizing the risk of future hiccups.
- Enhanced Security Measures: The upgrade addresses a critical bug related to transaction processing, along with other security improvements spearheaded by Ziegler, significantly strengthening the overall security posture of the Terra Classic network.
Community Backing Fuels the Fire:
The Terra Classic community has consistently demonstrated its unwavering commitment to the network’s revival. In February 2024, a community-driven proposal to burn 800 million USTC from the Risk Harbor multisig wallet was approved, leading to a 25% surge in token price. This collective action serves as a testament to the community’s dedication to fostering growth within the Terra Classic ecosystem.
Also Read: Terra Classic (LUNC) Surges Past $1 Billion Market Cap: A Look at the Factors Behind the Rally
Potential Price Impact
While the proposal announcement triggered an initial price increase for LUNC, the broader market correction following Bitcoin’s recent all-time high has tempered these gains. However, the ongoing focus on development improvements, coupled with unwavering community support, suggests that both LUNC and USTC prices may still experience a rally in the near future.
If approved by validators and the community, the Terra Classic chain is scheduled for a temporary halt on March 25, 2024, to facilitate the implementation of the proposed upgrade. This proactive approach towards network upgrades and token value restoration by the Terra Classic community is a positive indicator for the future. The proposed upgrade, if implemented, has the potential to significantly enhance the network’s functionality, security, and attractiveness to developers, potentially paving the way for a brighter future for LUNC and USTC.
Market OutLook
At the time of writing (March 7, 2024), the global crypto market faces a downturn, sitting at $1.11 trillion, down 10.08% in the last 24 hours. LUNC, currently priced at $0.00019124, follows the trend with a 9.16% dip. However, it boasts a healthy 24-hour trading volume of $214.42 million.
USTC, ranked significantly lower at 236th by market cap, mirrors the market slump with a 3.93% decrease, currently trading at $0.03605942. While both tokens face short-term volatility, their ongoing development efforts and community backing paint a potentially brighter long-term picture.
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