Terra Classic (LUNC) is Gearing Up for Its Latest Network Upgrade: v2.2.1

Bombolo | News and Media

In the ever-evolving world of blockchain technology, Terra Classic is making waves with its upcoming network upgrade, aptly named v2.2.1. As the blockchain prepares for this significant transformation, its native token, LUNC, is experiencing a bullish surge in the market.

Also Read: LUNC Crypto Price Predictions and Terra Classic's Revival Prospects

Terra Classic Gives the Nod to Proposal 11766 for v2.2.1

The road to innovation begins with consensus, and Terra Classic recently achieved just that by approving Proposal 11766, paving the way for the forthcoming upgrade. The proposal garnered resounding support, with an overwhelming 99% of the votes in its favor.

The v2.2.0 core upgrade promises to inject new life into the Terra Classic blockchain with a host of exciting features. Among these enhancements is an upgrade for Cosmos-SDK, a migration to CometBft for Tendermint, and a significant overhaul of the Inter-Blockchain Communication (IBC) protocol. Additionally, the upgrade will introduce a split burn tax within the distribution module, further enhancing the network's functionality.

Mark Your Calendar: Upgrade Set for September 12th

The countdown has begun, as Terra Classic enthusiasts eagerly anticipate the update, scheduled for September 12th at a block height of 14,514,000.

Beyond this major upgrade, Terra Classic is addressing another pressing concern in the blockchain space – spam proposals. A recent proposal aims to tackle this issue by increasing the minimum LUNC required to submit a proposal from 1 million to 5 million, ensuring that only serious contributors have a say in the network's future.

Also Read: Terra Luna Classic Price Predictions for August, September, and October 2023

LUNC Sees a Bullish Surge Ahead of the Upgrade

In a surprising turn of events, Terra Classic's native token, LUNC, experienced a significant uptick in value just hours before the upgrade. CoinMarketCap reported that LUNC's price surged by more than 2% in the last 24 hours, reflecting a renewed investor interest.

As of the time of writing, LUNC was trading at $0.00005826, boasting a market capitalization exceeding $338 million, securing its position as the 87th largest cryptocurrency. This surge in value reduced bearish sentiment surrounding the token by nearly 20%, while also contributing to an improvement in its Altrank. The surge in price was accompanied by a notable increase in trading volume, serving as a strong foundation for this bullish momentum. Additionally, LUNC's one-week price volatility showed an upward trajectory, indicating heightened market activity.

Data from Coinglass revealed that LUNC's weighted funding rate had turned green, signaling that derivatives investors were actively purchasing LUNC at its current market price.

Staking Ecosystem Flourishes

Terra Classic's growth story isn't limited to price movements alone. The blockchain has also witnessed remarkable growth within its staking ecosystem. Lunc Metric's data highlights that after a minor dip on September 9th, the blockchain's staking ratio began to rise.

At the time of writing, Terra Classic boasted a staking ratio of 15.04%, with a total of over 1 trillion LUNC staked by network participants. However, it's worth noting that despite the price uptick, certain market indicators remained bearish. Both the Money Flow Index (MFI) and Chaikin Money Flow (CMF) hinted at a move towards neutral territory, while the Moving Average Convergence Divergence (MACD) suggested the possibility of a bearish crossover.

A Fresh Perspective on Terra Classic's Upcoming Upgrade

In a world where blockchain technology is in a constant state of evolution, Terra Classic stands as a beacon of innovation. The approval of Proposal 11766 and the imminent upgrade to v2.2.1 are clear indicators of Terra Classic's commitment to enhancing its blockchain ecosystem.

This network upgrade promises to introduce a range of exciting features and improvements, ensuring that Terra Classic remains at the forefront of the cryptocurrency landscape. Furthermore, the bullish performance of LUNC in the run-up to the upgrade adds an extra layer of excitement for investors and enthusiasts alike.

Also Read : Terra Classic's LUNC Token Burns Its Way to Potential Gains

FAQs

1. What is Terra Classic's v2.2.1 network upgrade?

   Terra Classic's v2.2.1 upgrade is a significant update to its blockchain, introducing new features and improvements to enhance its functionality.

2. How did LUNC perform ahead of the upgrade?

   LUNC experienced a bullish surge, with its price surging by more than 2% just hours before the upgrade.

3. When is the v2.2.1 upgrade scheduled for?

   The upgrade is set to take place on September 12th at a block height of 14,514,000.

4. What is the purpose of Proposal 11766?

   Proposal 11766 was approved to enable the v2.2.1 upgrade and received overwhelming support from the Terra Classic community.

5. What is the significance of the increased minimum LUNC requirement for proposal submission?

   The increased requirement aims to deter spam proposals and ensure that only serious contributors have a say in the network's governance.