- Terra Luna Classic developers propose an upgrade to v3.3.0
- The upgrade is set to launch on 17 December 2024
- If the proposal gets accepted, the block height may reach 21163600.
The Terra Luna Classic (LUNC) is working to streamline its tax handling and security with the upcoming software upgrade proposal 12148 titled ‘Upgrade to V3.3.0’. The simplified tax handling removes barriers for dApp developers looking to build on the chain. This update is known to be developed by StrathCole with the support of all 39 validators with TerraCVita, Burrito Node, JESUS IS LORD, and Vegas Node, who have voted “Yes” and approved the upgrade. This upgrade is expected to position Terra Luna as a competitive player in the cryptocurrency market.
Terra Luna Classic (LUNC) and The Context of Upgrade
Until 2022, the Terra Luna Classic (LUNC) was known as Terra (LUNA) and is considered the native cryptocurrency of the Terra Blockchain. The new Terra Blockchain, Terra 2.0 was formed after the collapse of Terra stablecoin. Two software engineers Do Kwon and entrepreneur Daniel Shin founded it.
Even though they tried to maintain a loyal base of users and developers, they have faced challenges like declining user activity, lack of upgrades and technical support. The v3.3.0 upgrade works to address these issues. The upgrade will significantly improve the security and utility of LUNC along with the recent price movements of XRP. This new update could lead to price rallies, as high as $1.
Key Features of Terra Luna Classic v3.3.0 Upgrade
While the community awaits the upgrade of Terra Luna Classic (LUNC), it is expected to offer significant improvements in the blockchain’s functionality and engagement. If approved, the upgrade can be expected on December 17, 2024, at a block height of 21163600. Key features of the upgrade include:
Tax Handling Simplification
The v3.3.0 upgrade will focus on streamlining the tax management within the network, Terra ecosystem. It allows integration to dApps, making transactions more user-friendly and eliminating the barriers that restrict development. Moreover, streamlining the tax management will attract more users and community interaction and thereby facilitate higher transaction volumes.
Security Improvements
The latest upgrade is designed to improve the security standards along with tax simplification. This design will build more trust among the users and attract more developers from the Cosmos ecosystem to increase the utility of the network.
Developer Friendly Ecosystem
The upgrade makes it easier for developers to build Decentralized Applications (dApps), which offers new tools to attract developers. Other advancements and automations such as smart contracts can be easily integrated to expand the Terra Luna Classic ecosystem.
Community Support
The 12148 proposal has received huge support from the community with technical and governance changes that are necessary for the update. It has received strong backing from its community with 99.94% favorable votes from the validators.
Market Reaction
The v3.3.0 upgrade has created momentum in the crypto community with improvements in price patterns. While the monthly price is down by 6%, the current price of $0.0001613 is expected to surge by 90%. Speculations admit that LUNC could encounter similar breakouts to push LUNC from $0.00018 to $0.0005. Analysts predict that the price token may reach $ if the trend continues to follow. While Terra (LUNA) has rallied 52%, hitting a high of $0.79 $ USTC surged 20% this week, which is driven by investor interest and positive sentiments.
Challenges and Risks
While the v3.3.0 upgrade for Terra Luna Classic (LUNC) boosts community engagement and provides new growth opportunities, there are some challenges and risks associated with it:
– Technical Implementation
While the upgrade is complex any technical glitches or bugs can disrupt the working of networks as the upgrade offers major changes to the network infrastructure. To keep the trust of the users, developers must ensure a smooth transition.
– Volatility
LUNC is exposed to high competition from large players like Ethereum, Solana, and others. So if the market reacts negatively or does not meet the expectations, significant price drops can be expected. Since it is a volatile market, upgrades can also result in sharp price corrections.
– Regulatory Risks
The cryptocurrency ecosystem is prone to vulnerabilities and random changes, so networks like LUNA Classic must have an eye on the regulations. Moreover, this u, upgrade, and simplifying tac handling may raise concerns regarding regulatory compliances.
Future Prospects of Terra Luna Classic
The upcoming upgrade marks a turning point for Terra Luna Classic, by eliminating the inefficiency associated with it. The upgrade will improve community engagement and allow developers to bring about innovation to the ecosystem, that drives growth and innovation. The upgrade allows a developer-friendly ecosystem, attracting more Terra projects in the future.
The recent price movement indicates the possibility of a symmetrical breakout, similar to XRPs recent surge. If they maintain the popularity beyond the expected price levels such as $0.00018 to improved gains such as $.0005 or even $1 in the long term.
Conclusion
The Terra Luna Classic v3.3.0 upgrade promises innovations allowing its community and users to interact seamlessly. The upgrade is something beyond the technical resilience, it focuses on bringing innovations and community-driven support. While it is expected to reach a block height of 21163600, it will focus on usability, scalability, expansion, and other challenges. With simplified tax handlings and approval from all 39 validators, it may go beyond $0.0005 or $1 in the coming years. However, the success of LUNC remains a question, but it represents a remarkable leap in the evolution of the network.