Genuine Labs has proposed an upgrade for Terra Luna Classic Layer 1 to version 3.0.1, including significant improvements such as SDK version 0.47 and other enhancements.
Genuine Labs, the development team responsible for Terra Luna Classic Layer 1, has presented a proposal for the v3.0.1 upgrade. This upgrade will include system development kit 47, as well as other significant chain improvements.
Terra Luna Classic Developer Submit Major Upgrade For Voting
Terra Luna Classic developer group announced their readiness to implement a significant upgrade that would significantly enhance the system’s efficiency and robustness, prompting this action. Upgrade Proposal Number 12110 for Software For the purpose of governance voting on the Station wallet, “Genuine Labs’ proposal for v3.0.1 Upgrade” is now being considered.
The Terra Luna Classic community’s GitHub information indicates that the proposal seeks community and validator participation to upgrade the program to version 3.0.1. The software upgrade was initially prepared by Genuine Labs.
Once this proposal receives approval, the software that controls the chain halt will undergo an upgrade to distribute the suggested binary on the network. We will pause the Terra Classic chain at block height 18,303,000, and the protocol will force validators to swap out the old binary for the new one.
This means that the situation will be as described above. If all goes according to plan, the upgrade will take place on June 2, 2024, at 16:00 UTC. This upgrade includes a number of essential components, such as the SDK version 0.47, the wasmd version 0.45, the ibc-go version 7, and a p2p storm patch. The design of all these components aims to enhance network operation and performance.
The community has unanimously approved the idea in every instance thus far. With regard to governance voting, there are four validators who have participated up to this point, and each of them has voted in favor of the plan.The Performance of Prices for LUNC and USTCOver the past twenty-four hours, the price of LUNC has been fluctuating in a sideways fashion, and it is currently trading at $0.0001134.
The lowest price in the past twenty-four hours is $0.0001127, and the highest price is $0.0001155. Furthermore, the trading volume has decreased by thirty percent over the past twenty-four hours.Furthermore, the price of USTC is also trading sideways at $0.02252 at the moment.
The low for the 24-hour period is $0.02244, while the high is $0.02319. Over the course of this month, the price has increased by sixteen percent. It is possible that traders are waiting for cues from the broader cryptocurrency market, as there are low trading volumes on both the spot and derivatives sides of the market.