Voting for Terra Luna Classic v2.1.0 upgrade opens soon
LUNC posted 35% gains on June 4 in anticipation of the proposed upgrade - however, profit taking has since given up a significant portion of those gains.
The Terra Luna Classic community will vote on the v2.1.0 upgrade proposal on June 7.
If the proposal is approved, LuncBurnArmy stated that the upgrade would go live on June 14.
Terra Classic upgrade v2.1.0
The v2.1.0 upgrade proposal includes a 5% validator commission to attract more validators, Cosmwasm v1.1.x, and the implementation of protocol security updates, including patching the infinite fee grant bug.
Cosmwasm refers to a modular Cosmos-based platform that simplifies developing smart contracts—the Cosmwasm GitHub details example smart contracts, including those geared toward DeFi or token usage.
The protocol includes a template repository, enabling developers to pick one for configuration, thus eliminating the need to build smart contracts from scratch.
“This will give you a simple contract along with tests, and a properly configured build environment. From there you can edit the code to add your desired logic and publish it as an independent repo.”
Cosmwasm will also enable multi-chain smart contract functionality if the proposal is approved.
LUNC price performance
Although the proposal was first issued on June 3, the price of Terra Classic did not respond until June 4 – recording a 36% increase from its daily opening of $0.00008459.
The move peaked at $0.00011508, which is a level that has recently proven significant support and resistance. An attempt to break through this price on June 5, at 04:00 BST, was rejected, leading to a slide erasing approximately half of Sunday’s gains at the time of press.
The Terra Classic chain is the original Terra chain that suffered when UST de-pegged, and allegations of fraud at the hands of Do Kwon and his associates came out.
The token is down 99.9% from its $119.18 all-time high, achieved on April 5, 2022. However, Terra Classic advocates maintain that the project can recover, with some, including Bull.Lunc, drumming up support for a $0.10 price in 2024 off the back of its recent performance.