Terra Luna Classic Gears Up for Major Upgrade: Can LUNC Price Break the $0.005 Barrier?

Terra Lunc Classic

The Terra Luna Classic community is poised to vote on a revised core upgrade proposal submitted by Genuine Labs, a developer group aiming to bolster the network’s security, functionality, and interoperability. This proposal, titled “Genuine Labs’ security upgrade packages” (Proposal 12088), comes after concerns were raised by prominent developers regarding the feasibility of directly upgrading to the latest Cosmos SDK version (0.50.1).

Stepping Stones to Security and Performance

Taking a more measured approach, the current proposal outlines a two-step upgrade process. Initially, the network will transition to Cosmos SDK 0.47.10, followed by a strategic upgrade to the most recent version (0.50.1) in a subsequent proposal. This phased approach aims to mitigate potential risks while still delivering the benefits of the upgrade.

The security package encompasses upgrades to various key components, including:

  • Wasmd: This upgrade enhances smart contract functionality and security within the network.
  • Comet BFT: This upgrade strengthens the consensus mechanism, promoting network stability and resilience.
  • Cosmos SDK: Upgrading to the latest version (0.47.10) brings improved security features, increased interoperability with other blockchains, and developer-friendly enhancements.

Estimated Timeline and Budget

The Genuine Labs team, consisting of three developers, anticipates completing the development and implementation process within eight weeks at an estimated cost of $30,000. Following successful testing on the testnet, the upgrades will be deployed on the mainnet.

Also Read: Terra Luna Classic (LUNC) and TerraClassicUSD (USTC) Show Price Jumps Amid Upgrade Proposal

LUNC Price Reaction

Interestingly, the LUNC price has exhibited positive momentum, surpassing the $0.0002 psychological level. This 6% surge within the past 24 hours positions the token at $0.00019708. While the price needs to overcome the $0.0005 resistance level established in September 2022 to reach $1, the recent developments and positive community sentiment could potentially influence its future trajectory.

ByBit Data

The proposed core upgrades, coupled with the recent price increase, suggest a potential period of growth and revitalization for Terra Luna Classic. However, it is crucial to remember that the cryptocurrency market remains inherently volatile, and any predictions regarding future price movements are inherently speculative. Nonetheless, the ongoing efforts to enhance security, functionality, and interoperability lay the groundwork for a more robust and sustainable future for the network.

About The Author