Terra Classic (LUNC) experienced a significant surge in trading volume, capturing the attention of crypto enthusiasts and market analysts. This remarkable development is taking place against the backdrop of key proposals being passed and the imminent release of the v2.2.1 core upgrade.
The Terra Classic community finds itself at a crucial juncture as it deliberates upon a proposal for the v2.2.1 core upgrade, orchestrated by the diligent efforts of the L1 Task Force developer team. This proposed upgrade promises to usher in substantial changes to the underlying blockchain and has instigated spirited debates among community members.
Read Also: Binance LUNC Burn Drops 43%, Records Below $1 Billion Terra Classic Burn For the First Time
The Unveiling of Terra Classic v2.2.1 Core Upgrade Proposal
Leading the charge, developer Vinh Nguyen of the L1 Terra Classic Task Force (L1TF) has formally announced the submission of the v2.2.1 core upgrade proposal to the voting populace. If approved, this monumental upgrade will be implemented at block height 14,514,000, tentatively scheduled for 14:15 UTC on September 12.
Let's go vote on v2.2.1 upgrade proposal. Terra Classic Core upgrade needs your vote 😎😎😎
The upgrade, if passed, will take place on Sep 12, 2023, 14:15:16 UTC, at block 14,514,000.https://t.co/Dpp4CHebQj#LUNC pic.twitter.com/GYwx8ibIO1
— 🇻🇳⚛️The Vinh Nguyen⚛️🇻🇳 (@TheVinhNguyen4) September 4, 2023
According to a recent update from L1TF, the developer team has successfully completed the testnet upgrade, resolving all reported issues in the process. Notably, a group of enthusiastic validators has already jumped aboard the rebel-2 testnet, galvanized by the anticipation surrounding the mainnet upgrade.
Upon approval of the proposal by the Terra Classic community, it will be imperative for all nodes and validators to promptly update their systems with the latest release.
Community Sentiment Favors Upgrading the Terra Classic Blockchain
Early voting data reflects overwhelming support for the proposal, with an impressive 99.65% of the community casting their votes in favor of the upgrade. However, a faction of dissenters highlights concerns stemming from the previous upgrade, which inadvertently impacted several dApps and projects, most notably Astroport.
Seemingly undeterred by past setbacks, relatively all validators have unanimously rallied behind the proposal, with prominent names such as JESUSisLORD, StakeBin, Lunanauts, and Hexxagon standing united in their “Yes” votes.
Set to revolutionize the Terra Classic ecosystem, the v2.2.1 core upgrade introduces an array of key features that hold immense potential for the platform. These include a cosmos SDK upgrade, migration to CometBFT under the tendermint framework, adoption of IBC-go v6, and integration of wasmd.
Moreover, the upgrade incorporates crucial changes that were previously approved through governance voting, including the division of the LUNC burn tax within the distribution module.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Terra Classic Passes Proposal to Burn 800M Tokens To Aid USTC Repeg and LUNC Recovery
Trading Volumes Soar as the Markets React
In a move that has taken both investors and traders by surprise, the trading volumes of LUNC and LUNA skyrocketed within 24 hours. LUNC has witnessed an exponential surge of 300%, while LUNA has experienced a striking increase of 1900%. This surge in trading activity is a testament to the fervor and excitement that has enveloped the Terra ecosystem.
Unveiling a Promising Future for Terra Classic (LUNC)
As Terra Classic (LUNC) gears up for its transformative core upgrade and continues to capture the imagination of traders with its surging trading volumes, the future shines brightly for this expanding ecosystem.
While challenges may emerge, the unwavering commitment of its dedicated developer team and vibrant community sets the stage for further growth and innovation. The Terra Classic community eagerly awaits the outcome of the governance voting, poised to embrace an exciting new phase in their blockchain evolution.
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