Bitrabo Editorial
Genuine Labs, a developer group for Terra Classic, has recently put forth a proposed upgrade to the Terra blockchain for governance voting. If approved, this upgrade could bring about significant benefits to the Terra ecosystem, particularly impacting Terra Classic’s (LUNC) price.
The Significance of the Major Upgrade
This major upgrade entails the implementation of the v.3.0.1 software upgrade for the Terra chain. Genuine Labs plans to integrate the most recent version of the Cosmos SDK, SDK 47, as part of this upgrade. LUNC validator Lunanauts have emphasized the importance of voting in favor of this proposal, stating that this upgrade is crucial for enhancing the stability and functionality of the Terra Classic network.
The upgrade is set to address various issues, including resolving the app hash error on the network, supporting legacy contracts with WASMD 0.45.0, and preventing peer-to-peer storms through backporting changes. Additionally, it will enhance blockchain interoperability between Terra and other Cosmos chains by limiting the meme and receiver length in the Inter-Blockchain Communication Protocol (IBC)-go for both v6 and v7.
If approved, the upgrade will be implemented by temporarily halting the chain for the software update at a specified block height. The proposal includes necessary updates and pull requests to mitigate any potential disruptions during the upgrade and ensure the integrity of Terra.
The Potential Impacts on Terra Classic’s Price
This upgrade is expected to instill greater confidence in the Terra Classic ecosystem among investors, leading to increased adoption and demand for the LUNC token. It could also help restore the network’s reputation, which has been affected by previous events such as the LUNA crash in 2022.
Crypto analyst Javon Marks has expressed optimism about Terra Classic’s price, suggesting a potential 1,300% rally. The network upgrade could act as a catalyst for driving this upward trend for the crypto token.
As of the latest data from CoinMarketCap, Terra Classic is currently trading at around $0.0001128, showing an upward trend in the last 24 hours.