- Terra Luna Classic developer team, L1 Terra Classic Task Force (L1TF), finalizes preparations for v2.2.0 core upgrade, successfully testing it on the rebels-2 testnet.
- As the upgrade looms, LUNC token sees a 5% surge in its price, reflecting heightened market anticipation.
Technological Renaissance: Terra Luna Classic’s v2.2.0 Core Upgrade
L1 Terra Classic Task Force (L1TF), the core development team behind Terra Luna Classic, has finalized preparations for a seminal v2.2.0 upgrade. This upgrade, having undergone meticulous testing on the rebels-2 testnet, is scheduled to be implemented on the mainnet beginning in September, pending approval via governance mechanisms. This comes alongside a noticeable uptick in the prices of LUNC and USTC tokens.
Fine-Tuning the Backbone: Key Components of the Upgrade
Vin Nguyen, a core developer at L1TF, revealed via a governance proposal that the v2.2.0 upgrade will go live only after gaining approval from the Terra Luna Classic community. Following this, it is imperative for all full nodes and validators to synchronize with the updated v2.2.0 release.
In terms of technical architecture, the v2.2.0 upgrade incorporates multiple foundational changes, from a Cosmos SDK upgrade to a migration of Tendermint to CometBFT. It will also include an IBC-go update to version 6 and an upgrade to the ‘wasmd’ component. Among these intricate upgrades, a notable shift is the governance-approved decision to alter the burn tax distribution module. This essentially streamlines the tokenomics and fiscal governance within the Terra Luna Classic ecosystem, thereby fostering a more efficient and equitable distribution of resources.
Token Dynamics: LUNC Price Ascends
Parallel to these foundational preparations, the tokens associated with Terra Luna Classic are displaying a bullish demeanor. LUNC token, for instance, has seen a 5% price increase within the last 24 hours, trading at a current price of $0.000064. The 24-hour trading range of the token hovers between $0.0000612 and $0.0000655.
Similarly, USTC tokens are trading at $0.012, marking a nearly 5% price surge in the past 24 hours. The 24-hour trading range of USTC stands between $0.0123 and $0.0127. This surge in token prices is seen in the broader context of market recovery, following Grayscale’s recent legal victory against the U.S. Securities and Exchange Commission (SEC).
While these developments are independent, the price surge in LUNC and USTC tokens seems to reflect market optimism towards the forthcoming core upgrade, highlighting the intricate symbiosis between technological advancements and token valuation in the crypto-ecosystem.