Terra Classic (LUNC), the native token of the Terra blockchain, is about to undergo a major upgrade. The Terra Classic development team, Genuine Labs, recently announced that they are ready to implement version 3.0.1 of the Terra Classic chain. This upgrade prioritizes improving the efficiency, robustness, and security of the network.
The price of LUNC rose slightly after the announcement. This positive trend may reflect investors’ confidence that the upgrade has the potential to revitalize the Terra Classic ecosystem.
v3.0.1 Upgrade Details
The upcoming upgrade focuses on several key areas. It will integrate the latest version of the Cosmos SDK (Software Development Kit), SDK v0.47. This update brings many enhancements to the underlying functionality of the Terra Classic blockchain. In addition, the upgrade also adopts Wasm v0.45, a virtual machine technology that facilitates the development and deployment of smart contracts on the Terra Classic network.
Additionally, the upgrade includes the integration of IBC-go v7, a communication protocol that enables seamless interaction between the Terra Classic chain and other IBC-compatible blockchains. This facilitates interoperability, allowing the transfer of digital assets and data between different blockchain ecosystems.
A key aspect of the v3.0.1 upgrade is the inclusion of a fix for potential p2p (peer-to-peer) Storm attacks. These attacks exploit vulnerabilities in blockchain networks to disrupt communications and functionality. By implementing this fix, the developers aim to strengthen the security posture of the Terra Classic chain.
The v3.0.1 upgrade represents a significant step forward for Terra Classic. Earlier this month, the rebel-2 testnet on terrad-v3.0.1-rc.1 was successfully completed, marking the technical readiness for mainnet deployment. This upgrade is in line with Genuine Labs’ ongoing roadmap, which prioritizes the continued improvement and security of the Terra Classic network.
Potential impact on LUNC and USTC
The announcement of the v3.0.1 upgrade has generated positive sentiment within the Terra Luna Classic community. The price increase of LUNC indicates that investors are optimistic that the upgrade may enhance the utility and stability of the network. Improvements in these areas could reignite interest in LUNC, potentially influencing its long-term price trend.
The upgrade could also indirectly impact the price of TerraClassicUSD (USTC), the algorithmic stablecoin in the Terra Luna Classic ecosystem. A stronger and more secure Terra Classic blockchain could increase confidence in USTC’s peg to the U.S. dollar. This in turn could incentivize its adoption and potentially make USTC’s price more stable.
Looking ahead
The v3.0.1 upgrade marks Terra Luna Classic’s commitment to continued development and improvement. By addressing critical security vulnerabilities and enhancing core functionality, this upgrade lays the foundation for the network’s potential future growth.
Amid these developments, one analyst predicted a 1,134% increase in LUNC price based on the confirmation of a bullish technical pattern on the LUNC price chart.
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