Terra Luna Classic Announces Major Core Upgrades, LUNC and USTC Price Jumps

Cosmos blockchain developer group has announced a major upgrade proposal to enhance the functionality and interoperability of the Terra Luna Classic chain. Genuine Labs’ security upgrade packages include strategic upgrades to Cosmos SDK, Ibc go, and Wasmd, improving and optimizing the components.

LUNC development team Genuine Labs also announced completing the KYC requirement with Germany-based blockchain security company SolidProof.

Terra Luna Classic Core Upgrade Goes Live

Signaling proposal 12087 “Genuine Labs Terra Classic Upgrade Proposal” goes live for voting on Station wallet. The proposal aims to boost Terra Luna Classic functionality and interoperability, with plan outlining strategic upgrades to Cosmos SDK 0.50.1 (Eden), IBC go v8, and Wasmd 0.50.0.

Genuine Labs comprising three developers plans to complete all developments in 8 weeks, with an estimated budget of $30K. Developers claim enhanced security, increased interoperability, developer-friendly improvements, and overall performance benefits will boost the development or using applications on the Cosmos network. The slated upgrades in the security package are:

• Upgrade Wasmd
• Upgrade Comet BFT
• Upgrade Cosmos SDK
• Upgrade IBC hooks and PFM
• Upgrade dependencies, includes: ibc-go v8, cosmos proto and cometbft-db
• Writing upgrade handler
• Applied changes on Terra Classic Core
• Testnet Upgrade
• Mainnet Upgrade

The proposal has received 96% votes in favor in the initial voting. Among 5 validators who participated, all have voted “Yes”. The approval will mark the start of tasks, with a spend proposal outlined after all tasks listed above are successfully completed.

Read More: USTC Price Soars 25% As 800M Burn Proposal Is Officially Passed

LUNC and USTC Price Action

LUNC price jumped 2% in the past 24 hours, with the Terra Luna Classic price exchanging hands at $0.000124. The 24-hour low and high are $0.000122 and $0.000133, respectively. Moreover, trading volume has increased by 200% in the last 24 hours amid new long positions by traders.

USTC price skyrocketed 25% but pares some gains over the last 24 hours. The price is currently trading at $0.0368, with a 24-hour high of $0.0410. Furthermore, trading volume has surpassed 450% in the past 24 hours, indicating a rise in interest among traders.

Also Read:

✓ Share:

Advertisement

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

Advertisement

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.