Terra Classic Community Pushes for Revival with Network Upgrade and Token Burn
The Terra Classic community is actively working to revitalize the network and its native tokens, LUNC and USTC. A recent upgrade proposal submitted by developer Till Ziegler outlines significant changes aimed at improving functionality, and security, and potentially boosting token values.
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Upgrade Proposal Unveils Key Improvements
- IBC Integration and dApp Expansion: The upgrade introduces IBC-Hooks and Package Forward Middleware, enabling the onboarding of decentralized applications (dApps) that leverage IBC-Hooks, fostering a more diverse ecosystem.
- Enhanced Testing: An End-to-End (E2E) and Interchain Testing Suite is included, facilitating improved testing efficiency and smoother network operation.
- Strengthened Security: The upgrade addresses critical security vulnerabilities and implements other security improvements, solidifying the network’s overall security posture.
Community Backing Fuels Progress
The Terra Classic community has demonstrated its commitment through several actions:
- USTC Burn: In February 2024, the community approved burning 800 million USTC from the Risk Harbor wallet, leading to a 25% price surge for LUNC, highlighting their dedication to fostering growth within the ecosystem.
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Potential Price Impact
- While LUNC initially rose upon the proposal announcement, recent market fluctuations, including Bitcoin’s price drop, have impacted both LUNC and USTC.
- However, the ongoing development focus and community support suggest the potential for continued price rallies in the future.
Upgrade Implementation and Timeline
- If approved by validators and the community, the Terra Classic chain will halt on March 25, 2024, at block height 17309500, to facilitate the upgrade implementation.
The Terra Classic community’s proactive approach to network upgrades and token value restoration is a positive indicator for the future. The proposed upgrade, if approved, has the potential to significantly enhance the network’s functionality, security, and appeal to developers.
Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
