Terra Classic (LUNC) Shows Signs of Life with Upcoming Upgrade and Renewed IBC Channels
The Terra Classic (LUNC) community has received positive news with the ongoing voting process for the v3.0.1 upgrade proposal submitted by Original Labs, a subsidiary of Genuine Labs. This update, coupled with the planned reconnection of the Terra Classic chain with other blockchains through IBC channels, signifies potential revitalization for the network.
Read Also: Shibarium Bridge Speeds Up BONE Transfers Now Complete in 45 Minutes
Community Backs Upgrade Proposal
The v3.0.1 upgrade proposal outlines improvements aimed at enhancing the stability and functionality of the Terra Classic network. LUNC validators are currently voting on the proposal, and early indications suggest strong community support. This upgrade incorporates several key features, including:
- Upgrade to SDK 47: This update brings Terra Classic in line with the latest version of the Cosmos Software Development Kit (SDK), potentially improving compatibility and access to new features.
- Improved Network Stability: The upgrade addresses critical errors and vulnerabilities within the network, aiming to bolster overall stability and performance.
- IBC Reconnection: Plans are underway to re-establish IBC (Inter-Blockchain Communication) channels, allowing Terra Classic to reconnect with other compatible blockchains. This reconnection could facilitate broader interoperability and potential new use cases for LUNC.
Signs of Life for a Network Deemed “Dead”
The Terra Classic ecosystem faced significant challenges following the collapse of the TerraUSD (UST) stablecoin in May 2022. Some within the cryptocurrency community had written off the network entirely. However, the ongoing development efforts spearheaded by Genuine Labs and the community’s support for the v3.0.1 upgrade proposal suggest a determined effort to revive Terra Classic.
Read Also: Terra Classic (LUNC) Eyes Volume Boost with RAKOFF Token Collaboration
Uncertain Future, But Hope for Revival
While the upgrade and IBC reconnection mark positive steps forward, the future of Terra Classic remains uncertain. The cryptocurrency market is inherently volatile, and LUNC’s price could fluctuate significantly based on several factors, including broader market trends, regulatory developments, and investor sentiment.
What Does This Mean for Investors?
Investors considering LUNC should conduct thorough research and understand the inherent risks associated with cryptocurrency investments. This news update should not be considered financial advice.
Overall, the Terra Classic community’s active development efforts and the upcoming v3.0.1 upgrade offer a glimmer of hope for the network’s revival. Reconnecting with other blockchains through IBC channels could unlock new possibilities for LUNC. However, significant challenges remain, and investors should approach LUNC with caution.
Follow us on Twitter, Facebook, Telegram, and Google News
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.
