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05/29/2024

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Major Upgrade Crucial for Terra Classic's Future

Genuine Labs, a developer group for Terra Classic, recently announced they submitted a proposed upgrade to the Terra blockchain for governance voting. If approved, this upgrade could positively impact the Terra ecosystem and boost Terra Classic’s (LUNC) price.

Major Upgrade Crucial for Terra Classic's Future

Genuine Labs, a developer group for Terra Classic, recently announced they submitted a proposed upgrade to the Terra blockchain for governance voting. If approved, this upgrade could positively impact the Terra ecosystem and boost Terra Classic’s (LUNC) price.

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The major upgrade involves implementing the v.3.0.1 software for the Terra chain. As part of this, Genuine Labs will integrate the latest version of the Cosmos Software Development Kit (SDK 47). LUNC validator Lunanauts explained that voting yes for this proposal is crucial because the upgrade is “essential for the stability and improvement of the Terra Classic network.”

Major Upgrade for Terra Classic: Key Details and Implications

The proposed v.3.0.1 software upgrade for the Terra chain aims to address several critical issues and enhance the network’s performance. One significant improvement is the resolution of the app hash error, a persistent problem in the current version of the Terra chain. This upgrade will ensure that nodes do not encounter app hash errors during WebAssembly (Wasm) transactions.

Additionally, the upgrade includes support for legacy contracts with WASMD 0.45.0, which could not be imported under previous versions. This change is expected to enhance network stability and performance.

The upgrade also aims to prevent peer-to-peer (p2p) storms by incorporating backporting changes. These p2p storms have caused significant disruptions and inefficiencies on the network. Furthermore, the upgrade will limit the meme and receiver length in the Inter-Blockchain Communication Protocol (IBC)-go for both v6 and v7, promoting better interoperability between Terra and other Cosmos chains.

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If approved, the upgrade will be implemented by halting the chain for a software update at a block height of 18,303,000. Validators will need to replace the old binary with the new one. This chain halt is expected to occur around June 2, when the upgrade will likely take place.

The proposal includes necessary updates and pull requests to address any “breaking changes” during the upgrade, minimizing disruption and preserving Terra’s integrity.

Terra Classic Upgrade: A Catalyst for Investor Confidence and Potential Rally

The upcoming upgrade is expected to significantly boost investor confidence in the Terra Classic ecosystem, leading to increased adoption and demand for the LUNC token. The network’s reputation has suffered since the LUNA crash in 2022, but successful implementation of proposals like this can help restore its image in the broader crypto ecosystem.

Meanwhile, crypto analyst Javon Marks has suggested that Terra Classic’s price is well-positioned for a 1,300% rally. The network upgrade could act as a catalyst to trigger this upward trend for the crypto token.

LUNC price fluctuates | Source: LUNCUSDT on Tradingview.com

As of now, Terra Classic is trading at approximately $0.0001128, showing an increase in the last 24 hours, according to data from CoinMarketCap.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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