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Terra Luna Classic’s Next Big Upgrade, Will Futures Back LUNC Price to $0.0005?

Terra Classic major upgrade to primarily introduce IBC-Hooks that will enable onboarding of dApps is live for voting. LUNC price to $0.0005?
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Terra Luna Classic’s Next Big Upgrade, Will Futures Back LUNC Price to $0.0005?

Highlights

  • Terra Luna Classic community has started voting on major v2.4.2 upgrade
  • Validators and community members are in favor to update the terrad client to v2.4.2 and introduce IBC-Hooks
  • LUNC price stays afloat despite a drop in futures open interest

The Terra Luna Classic community has started voting on the blockchain’s next big update after the last year’s major parity upgrade. Terra Classic v2.4.2 upgrade to primarily introduce IBC-Hooks that will enable onboarding of dApps on the Terra Luna Classic, with mostly notably Enterprise DAO.

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Terra Luna Classic Votes on v2.4.2 Upgrade Proposal

Software upgrade proposal “Upgrade v2.4.2” is live now for voting on the Station wallet, seeking validators and community approval to update the terrad client to v2.4.2 (upgrade name v7). If the proposal is passed, Terra Luna Classic chain will be halted at block height 17309000, expected at 14:00 UTC on March 25. The voting on the proposal closes on March 15.

There are several changes after a discussion in the community as every proposal before voting has to undergo a discussion period of a week. The major changes are package-forward-middleware (PFM) removed from mainnet release and minimum initial deposit addition.

Other details on the proposal are as reported earlier by CoinGape. Thus, the key Terra Classic upgrade will have the following developments:

  • Introduction of IBC-Hooks (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)
  • Introduction of IBC-Hooks (by Genuine Labs and Fragwuerdig)
  • Add tests for MsgExec handling by StrathCole
  • Fix minimum initial deposit handler by Frag and StrathCole

Until now, the proposal has received major support with 100% “Yes” votes. All 20 validators who have participated in the voting yet are in favor of the proposal.

Read More: Terra Classic Proposes To Expand Support for Validators, Uplifting Chain Security

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LUNC Price to $0.0005?

LUNC futures open interests have dropped on major derivative exchanges, but 1000LUNC OI on Binance continue to provide support for the upside movement. Still, LUNC price of $0.0002 was achieved as predicted by CoinGape. The crypto bull market can further support for an upside push to $0.0005.

LUNC price continues to move near $0.0002. Terra Luna Classic price is trading at $0.000196, with a 24-hour low and high of $0.000188 and $0.000198, respectively. Moreover, trading volume has decreased further by 25% in the past 24 hours.

Meanwhile, USTC price fell 1% in the past 24 hours, with the price currently trading at $0.0361. The 24-hour low and high are $0.0358 and $0.0369, respectively. USTC trading volume has also dropped by 18% in the past 24 hours, indicating a decline in interest among traders.

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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