HomeNewsTerra Classic (LUNC) Community Conquers Upgrade 2.0.1, Sends Price Soaring 3% -...

Terra Classic (LUNC) Community Conquers Upgrade 2.0.1, Sends Price Soaring 3% – Are We on the Verge of a Price Explosion?

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  • The Terra Classic community successfully upgraded to v2.0.1, paving the way for Cosmos Parity and AI integration, subsequently driving LUNC price up by 3%.
  • Upcoming major upgrade Cosmwasm v1.1.0 (parity) is slated for May 31st, aiming to restore utility to the Terra Classic network by allowing projects to be built on the Terra Classic chain again.

Terra Classic Community Accomplishes Significant v2.0.1 Upgrade

In a significant stride, the Terra Classic developer Joint L1 Task Force (L1TF) smoothly carried out the v2.0.1 upgrade. This joint effort involved crucial members, including core developer Edward Kim, programmer Fragwuerdig, and PFC Validator. The successful completion of the upgrade led to an immediate response from traders, with the LUNC price witnessing a 3% surge.

Enhancements Incorporated in Terra Classic Chain Upgrade to v2.0.1

Project manager LuncBurnArmy from Joint L1 Task Force unveiled on Twitter that the Terra Classic blockchain was successfully upgraded to v2.0.1 at block height 12815210. LuncBurnArmy praised validators and others who participated in the upgrade. This upgrade brought about several key features to the Terra Classic blockchain, such as a minimum initial deposit for governance proposals, updates to Cosmos SDK v0.45.13 and Tendermint v0.34.24, and obligatory security updates.

The subsequent major upgrade, Cosmwasm v1.1.0 upgrade (parity), is set for May 31st. It aims to revive the functionality of the Terra Classic network by allowing projects and builders from Cosmos and Terra Luna 2.0 to resume building on the Terra Classic chain. By May 21, L1TF will confirm the block and exact date for the Parity upgrade.

Professor Edward Kim is expected to launch the testnet for the AI upgrade, Block Entropy. The testnet will initially support a limited set of ML inference tasks, such as AI image diffusion, text language models, and music generation, with distributed training, fine-tuning, Python APIs, and SNARK verification to follow.

Future Developments and Impact on LUNC Price

Meanwhile, the Terra Classic community approved four significant proposals to increase the LUNC burn tax to 0.5%, introduce staking rewards, and stimulate price growth. The LUNC burn rate has seen a recent uptick as the community, through DeFi protocol DFLunc, burns millions of LUNC daily. Over a span of nearly two weeks, more than 2 billion LUNC have been incinerated, taking the total LUNC burn to nearly 59 billion.

Following these developments, LUNC price experienced a 3% jump in the past 24 hours, with the current trading price at $0.000090. The lowest and highest values over the 24-hour period were $0.000089 and $0.000093, respectively. These transformations as per the Terra Classic Revival Roadmap, combined with the reinstating USTC peg and LUNC sentiment, are likely to fuel a positive trend in the future.

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AnnJoy Makena
AnnJoy Makenahttps://www.ethnews.com
Annjoy Makena is an accomplished and passionate writer who specializes in the fascinating world of cryptocurrencies. With a profound understanding of blockchain technology and its implications, she is dedicated to demystifying complex concepts and delivering valuable insights to her readers. Business Email: [email protected] Phone: +49 160 92211628