The Terra Classic community is actively engaged in reviving the network and its native tokens, LUNC and USTC. A recent upgrade proposal submitted by Terra Classic developer Till “Fragwuerdig” Ziegler outlines significant changes aimed at improving overall functionality and security to potentially boost token values.
Ziegler’s proposal centers on upgrading the Terra Classic Terrad client to version 2.4.0. This upgrade introduces several key improvements:
IBC-Hooks and Package Forward Middleware (PFM): Developed collaboratively with Genuine Labs, these features enable the onboarding of Decentralized Applications (dApps) that leverage IBC-Hooks, particularly Enterprise DAOs. This fosters a more diverse and robust network ecosystem.
End-to-End (E2E) and Interchain Testing Suite: Genuine Labs is also contributing an E2E and Interchain Testing Suite, facilitating improved testing efficiency and ensuring smoother network operation.
Enhanced Security Measures: The upgrade addresses a critical bug related to MsgExec processing within the Tax Handler. This, along with other security improvements spearheaded by Ziegler, strengthens the overall security posture of the Terra Classic network.
Community Backing Drives Progress
The Terra Classic community has shown a strong commitment to the network’s revival. In February 2024, the community finally approved the proposal to burn the 800 million USTC from the Risk Harbor multisig wallet, causing a 25% surge. This collective action highlights the community’s dedication to fostering growth within the Terra Classic ecosystem.
Potential Price Impact
Although LUNC rose when the proposal was announced a few days ago, their prices have dropped with the rest of the market after Bitcoin fell from its new all-time high of $69,170.63 on March 5, 2024.
USTC has also shown signs of price recovery. The ongoing focus on development improvements, coupled with community backing, suggests that LUNC and USTC prices may continue to rally soon.
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If both validators and the community approve the proposal, the Terra Classic chain is scheduled for a halt on March 25, 2024, at block height 17309500. This halt will facilitate the implementation of the proposed upgrade.
The Terra Classic community’s proactive approach to network upgrades and token value restoration is a positive indicator for the future. The proposed upgrade, if approved, has the potential to significantly enhance the network’s functionality, security, and appeal to developers. In addition, three developments that could send LUNC to $0.01 after the Bitcoin halving were also revealed recently.
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