All news is rigorously fact-checked and reviewed by leading blockchain experts and seasoned industry insiders.
- In the past week, developers worked to evaluate the LUNC cap proposal in a bid to prevent the chain from minting more LUNC in each block.
- Terra Luna Classic developer L1 Terra Classic Task Force (L1TF) is reported to have concluded preparation for the mainnet launch of the v2.2.0 core upgrade.
The v2.2.0 core upgrade is expected to be launched on the mainnet in September after its preparation was completed by the Terra Luna Classic (LUNC) developer L1 Terra Classic Task Force (L1TF). In the past week, the core developer team successfully tested the rebels-2 testnet.
Also, they collaborated with the front-end and contract teams on the testnet to ensure perfect transition and backward compatibility. It is important to note that the full upgrade would see a total improvement in the Terra Classic infrastructure. In addition to that, cosmos SDK would be fully upgraded to SDK 46, and the IBC-go would be updated to v6. For now, the team is exploring possibilities of transitioning the oracle as well as the 20 percent VP limit logic to the core from forked cometbft and cosmos-sdk.
For sprint #3, we will be focusing on polishing core v2.2.0 and working with front-end, contract teams on testnet to ensure backward compatibility. We expect the mainnet upgrade will happen by the end of sprint #3. Furthermore, we will investigate the possibility of migrating oracle and 20% VP limit logic from forked cometbft and cosmos – sdk to core. This will allow terra – classic to use canonical cometbft and cosmos – SDK which will greatly reduce upkeep effort.
More Details on the Upgrade and LUNC Price Reaction
In the past week, the team evaluated the LUNC cap proposal to ensure that the chain does not mint more LUNC in each block. According to the developer group, this change may be a threat to the chain’s stability, though it may improve the source of income for delegators, validators, and the community pool.
According to (L1TF) developer Vinh Nguyen, they are now waiting for the governance proposal mechanism to be passed before executing this major upgrade. After the Terra Luna Classic community approves this proposal, full nodes, and validators are instructed to be updated to the v2.2.0 release.
In the wake of this development, the price of Terra Luna Classic (LUNC) and USTC have shown signs of recovery as sentiments move to bullish. The market was generally on a downward trend until the recent Grayscale win against the US Securities and Exchange Commission. In 24 hours, LUNC surged by 5 percent. As of press time, the asset is trading at $0.000064 and has a market cap of $373,401,992. USTC, on the other hand, is trading around $0.012 after making a quick recovery of nearly 5 percent in 24 hours.
In July, a crypto analyst known as Javon Marks predicted that LUNC could surge by almost 400 percent. According to him, the price could also move at a faster pace considering its massive increase in momentum.
The price, however, saw a huge drop from $0.0000658 to $0.0000523 after an unexpected selling pressure was recorded in mid-August. Regardless of the 34 percent fall, the asset still proved its resilience as it recorded several intermittent bullish runs and interesting rebounds to force a recovery.
