- The Terra Luna Classic community has overwhelmingly approved developer Genuine Labs’ proposal for major core upgrades, signaling a significant step towards enhanced security, functionality, and interoperability within the network.
- With resounding support from validators and anticipation building around the potential impact on token dynamics, the stage is set for Terra Luna Classic to undergo transformative changes that could redefine its position in the blockchain ecosystem.
The Terra Luna Classic community has greenlit developer Genuine Labs’ proposal for significant core updates aimed at enhancing security, functionality, and interoperability. With Proposal 12088 “Genuine Labs’ security upgrade packages” surpassing the “pass threshold” in current voting details, the stage is set for transformative changes within the network.
Overwhelming Support for Upgrade
The resounding approval of the proposal, with an astounding 99.95% “Yes” votes from the community, underscores the widespread backing for these pivotal upgrades. Notably, all participating validators, including prominent names like Allnodes, Orion, Interstellar Lounge, Stakely, and JesusIsLord, have thrown their weight behind the initiative.
Roadmap for Upgrade Implementation
Genuine Labs’ roadmap outlines a meticulous approach to the upgrade process. The initial phase involves transitioning to Cosmos SDK 0.47, followed by an advancement to Cosmos SDK 0.50.1. These upgrades encompass crucial enhancements to Cosmos SDK 0.47.10, IBC go v7, and Wasmd 0.45.0, bolstering security and laying the groundwork for improved functionality and interoperability.
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Enhanced Security and Performance
The proposed upgrades bring a slew of benefits to the Terra Luna Classic ecosystem. Cosmos SDK 0.47.10, in particular, offers a fortified security framework, heightened interoperability, developer-friendly enhancements, and overall performance optimizations. With improvements spanning Wasmd, Comet BFT, Cosmos SDK, and essential dependencies like ibc-go v8, cosmos proto, and cometbft-db, the core of Terra Luna Classic stands poised for a significant leap forward.
Implications on Token Dynamics
The surge in burn rate of LUNC tokens has emerged as a notable development amidst the anticipation of core upgrades. With an average daily burn of 200 million tokens and a recent burn of 1.3 billion LUNC tokens, the dwindling supply has triggered a surge in futures open interest on major derivatives exchanges. This surge in interest is mirrored by a 1% jump in LUNC price over the past 24 hours and a noteworthy 12% increase over the week, setting the stage for a potential breakout above $0.0005.
USTC Price Performance
Meanwhile, USTC price continues to exhibit sideways movement around $0.03600, with a marginal 24-hour trading range. However, a 7% decrease in trading volume hints at subdued market activity.
Conclusion
As Terra Luna Classic gears up for a major upgrade, the community’s overwhelming support underscores the significance of these core enhancements. With security, functionality, and interoperability poised to reach new heights, the stage is set for a transformative chapter in the Terra Luna Classic ecosystem, potentially reshaping its trajectory in the broader blockchain landscape.
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