While a significant part of the cryptocurrency market struggles with declines or at best sideways consolidations, Terra Classic (LUNC) has been on the rise, in line with increasing anticipation for a major upgrade that will put the technology on par with LUNA 2.0.
In fact, the Terra Classic core development group “L1 Joint Task Force” had earlier upgraded its rebel-2 testnet to version 2.0.0, employing Cosmos SDK v0.45, aimed at enhancing functionality and facilitating the transition to the Terra Classic mainnet upgrade, as shared by the team’s part-time developer on May 4th.
Mainnet Upgrade Timeline
Shortly after this news was released, the project manager of the blockchain development team, LuncBurnArmy, shared in a tweet on May 5th that a proposal to upgrade the Terra Classic core mainnet to version 2.0.0 had been submitted following successful L2 compatibility testing.
According to the proposal, the upgrade is scheduled to go live on May 17th, at which time the team will also roll out upgrades to Cosmos SDK v0.45.13 and Tendermint v34.24, a development welcomed by the LUNC community as v2.0 will enable the building of decentralized applications (dApps) on the LUNC blockchain, in line with the roadmap.
Moreover, as stated in the roadmap by the group, the company has completed the recruitment process for new advanced Cosmos developers whose “main focus is to bring the blockchain on par through the Cosmwasm upgrade, as well as on the proposed ideal Cosmos SDK upgrade roadmap and future upgrade release schedule.”
LUNC Price Analysis
Meanwhile, at the time of writing, Terra Classic’s price stands at $0.00009014, undergoing a correction after a brief but massive surge that saw the digital asset reach $0.00009704 – a 15% rise from 24 hours prior, indicating signs of potentially revisiting the psychologically significant level of $0.0001.
Worth noting is that, according to the latest data accessed by Finbold on May 10th, Terra Classic’s current price shows a 7.68% increase for the day as it attempts to reverse losses of 15.09% from the previous week and 27.46% over the past 30 days.