Terra Luna Classic is headed for its next major update

Genuine Labs, the development team behind Terra Luna Classic, has introduced upgrade proposal v3.0.1, which includes significant updates such as SDK 47.

This comes after the team announced its readiness for a major upgrade to the system to increase efficiency and reliability.

The update proposal v3.0.1 , known as “Software Upgrade Proposal 12110”, is now open for voting in the Station wallet. The proposal requires the approval of the community and validators to take place, details of which are available on the Terra Luna Classic Community GitHub.

If approved, the upgrade will involve a chain halt at block 18,303,000, which will require validators to apply the new binary. The update is scheduled for June 2, 2024, at 16:00 UTC. Key update components include SDK v0.47, wasmd v0.45, ibc-go v7 and a patch for p2p storm, all aimed at improving network performance.

The proposal has garnered unanimous support from the community so far, with all participating validators voting in favor.

The price of LUNC remained stable, trading at $0.0001134, with a slight decrease in trading volume over the past 24 hours. USTC is also stable at $0.02252, showing a 16% gain on the month.