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Highlights
- LUNC developer announces a proposal to upgrade Terra Luna Classic to v2.4.0
- IBC-Hooks will enable the onboarding of dApps to further boost utility
- LUNC and USTC prices rally amid major announcements
The Terra Luna Classic community developers are working on crucial chain upgrades that could put Terra Classic on a major utility path and push Classic ecosystem tokens LUNC and USTC prices to new highs.
It follows after Testnet rebel-2 was successfully upgraded to the new release candidate of v2.4.0 of the terrad client amid recent development narrative and proposals passed by the community.
Terra Luna Classic Major Upgrade
Popular LUNC developer Till “fragwuerdig” Ziegler submits a proposal to upgrade Terra Classic to v2.4.0. The upgrade will boost security and introduce major features to Terra Classic as proposed by Genuine Labs recently. L1 developers have created a new release of the “terrad” client as part of the core upgrade.
Key changes announced by Till in the proposal are:
- Introduction of IBC-Hooks and Package-Forward-Middleware (PFM) (by Genuine Labs and Fragwuerdig)
- E2E and Interchain Testing Suite (by Genuine Labs)
- A fix regarding the processing of MsgExec in Tax Ante Handler (by Fragwuerdig)
Notably, IBC-Hooks will enable the onboarding of dApps that depend on this feature, especially Enterprise DAO. Powered by Terra Money, Enterprise DAO helps in easily and efficiently create, manage, and grow DAOs within Cosmos.
If the proposal is passed by validator and community, Terra Luna Classic chain will be halted at block height 17309500, expected at 14:00 UTC on March 25.
“The newly introduced features IBC-Hooks and PFM have been thoroughly integration tested by Genuine Labs with the introduction of the Interchain Testing Suite. A rehearsal upgrade to v2.4.0 has been conducted on rebel-2 testnet”, according to the proposal.
Read More: Binance Burns 2.21 Billion Terra Luna Classic, LUNC Price Skyrockets Over 30%
LUNC and USTC Rally Towards $1
Amid the recent narrative of the Terra Luna Classic community to focus on development activity, including upgrades and major changes, LUNC and USTC prices are rallying and breaking resistance levels. In order to kick off to $1, LUNC first needs to break major resistance at $0.0005 in September 2022.
LUNC price has jumped 30% in the last 24 hours, extending the monthly rally to 82%, with the price currently trading at $0.000181. The 24-hour high and low are $0.00014 and $0.000185, respectively. Moreover, trading volume has increased by 180% in the last 24 hours, indicating high interest among traders. Investors eye LUNC hitting the $0.0002 resistance level soon.
Meanwhile, USTC price also jumped 12% in the last 24 hours, but pared earlier gains. The price is currently trading at $0.0374. The 24-hour low and high are $0.0353 and $0.0397, respectively. The rally will sustain as the community moves ahead with idle USTC burn after 800 million USTC burn worth over $32 million.
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