Terra Luna Classic Set For v3.0.1 Upgrade, LUNC Price Rally In June

Terra Luna Classic Layer 1 development team Genuine Labs has submitted a proposal for the v3.0.1 upgrade, encompassing sdk 47 and other major updates to the chain. The move comes after the developer group announced readiness for a major upgrade to further improve the efficiency and robustness of the system.

Terra Luna Classic Developer Submit Major Upgrade For Voting

Software Upgrade Proposal 12110 “Genuine Labs’s proposal for v3.0.1 Upgrade” is up for governance voting on the Station wallet. The proposal seeks community and validator agreement for the v3.0.1 software upgrade, which was previously prepared by Genuine Labs, as per details on the Terra Luna Classic community’s GitHub.

Upon approval of this proposal, the proposed binary is deployed on the chain through a chain halt software upgrade. It means that the Terra Classic chain will be halted at block height 18,303,000 and the protocol will require validators to replace the old binary with the new. The upgrade is estimated to happen on June 2, 2024 at 16:00 UTC.

As CoinGape reported, this upgrade consists of several key elements including SDK v0.47, wasmd v0.45, ibc-go v7, and a p2p storm fix aimed at enhancing the operation and performance of networks.

The proposal has received 100% votes in favor from the community until now. Among validators, 4 have participated yet in the governance voting and all have voted in favor of the proposal.

Read More: Terra Luna Classic Announces Major Upgrade, LUNC Price to Rally

LUNC and USTC Price Performance

LUNC price has been trading sideways in the last 24 hours, with the price currently at $0.0001134. The 24-hour low and high are $0.0001127 and $0.0001155, respectively. Furthermore, trading volume has decreased further by 30% in the last 24 hours.

Meanwhile, USTC price is also trading sideways at $0.02252. The 24-hour low and high are $0.02244 and $0.02319, respectively. The price is up 16% in this month.

There are low trading volumes on spot and derivatives sides, with traders likely awaiting cues from the broader crypto market.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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