Terra Classic (LUNC) Set To Undergo Core Upgrade, Price Soars Over 15%

Terra Classic core developer Joint L1 Task Force (L1TF) submitted Proposal 11511 for governance voting to upgrade the Terra Classic network to v2.0.1. This is a major upgrade on the LUNC blockchain, along with Cosmwasm v1.1.0 upgrade (parity) on May 31 to allow projects and builders across Cosmos and Terra (LUNA) to build on the Terra Classic chain.

Terra Classic Dev To Undergo Major Upgrade

After the Joint L1 Task Force developer team successfully completed the rebel-2 testnet to v2.0.0 last week, the Cosmos SDK v0.45.13 Columbus-5 and Tendermint v0.34.24 mainnet upgrade is scheduled at block height 12,812,900, estimated on May 17 at 14:03 UTC.

The upgrade includes features such as a minimum initial deposit for governance proposals that will prevent spam, upgraded Cosmos SDK and Tendermint, and enhanced code maintainability. All nodes and validators are required to install and run the current upgrade version v2.0.1 after the proposal passes.

Currently, Proposal 11511 “Proposal for v2.0.1 Upgrade” has received 99.5% votes in favor of the proposal, while only some voted “No” and “No with veto”. Moreover, major validators such as Allnodes, StakeBin, JESUSisLORD, Lunanauts, and SolidVote support the proposal. The proposal will end on May 15 and developers are already preparing for the upgrade as the community always passes such proposals.

This major upgrade is followed by The Cosmwasm 1.1.0 Parity upgrade on May 31. It will bring back utility to the Terra Classic network by allowing projects and builders across Cosmos and Terra Luna 2.0 to once again build on the Terra Classic chain.

Also Read: Terraform Labs Moves Tokens Worth Millions A Year After Terra-LUNA Crisis

LUNC Price Jumps 15% on Major Upgrade

LUNC price jumped 15% in the last 24 hours, with the price currently trading at $0.000090. The 24-hour low and high are $0.000083 and $0.000097, respectively. Furthermore, the trading volume has increased significantly in the last 24 hours, indicating a rise in interest among traders.

Meanwhile, TerraClassicUSD (USTC) and Terra (LUNA) prices have also jumped 15% and 5% in the last 24 hours. However, prices continue to fall from high as traders book profits. The developments are still in the early phase as per the Terra Classic Revival Roadmap.

Also Read: Gemini Lists PEPE Meme Coin After Binance, Analyst Predicts Major Price Rally

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.

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