Genuine Labs, a Terra Classic developer group, recently announced that it had submitted a proposed upgrade to the Terra blockchain for governance voting. If passed, this upgrade could positively impact the Terra ecosystem, including Terra Classic’s (LUNC) price.
What The Major Upgrade Is About
The major upgrade involves implementing the v.3.0.1 software upgrade for the Terra chain. Genuine Labs will integrate the latest version of the Cosmos SDK (Software Development Kit), SDK 47, as part of the upgrade. While explaining the reason for voting yes to the proposal, LUNC validator Lunanauts also explained how this upgrade is “essential for the stability and improvement of the Terra Classic network.”
One, the validator noted that the upgrade would fix the app hash error on the network, which is said to have been a “critical issue” that has persisted on the current version of the Terra chain. This proposed upgrade will help fix that as it would ensure that nodes do not encounter any app hash error when there is a WebAssembly (Wasm) transaction.
Additionally, Lunanauts revealed that the upgrade includes support for legacy contracts with WASMD 0.45.0. These contracts could not be imported under previous versions. As such, the validator believes that the v.3.0.1 upgrade solving this issue ensures better network performance and stability.
Furthermore, the proposed upgrade prevents peer-to-peer (p2p) storms by including backporting changes. These p2p storms are another critical issue on the network as they cause “significant disruptions and inefficiencies.” The upgrade will also limit the meme and receiver length in Inter-Blockchain Communication Protocol (IBC)-go for both v6 and v7, thereby fostering blockchain interoperability between Terra and other Cosmos chains.
If passed, the proposed upgrade will be deployed by halting the chain for a software upgrade. The proposed chain halt will occur at a block height of 18,303,000, and validators will be required to replace the old binary with the proposed one. According to the proposal, the chain halt block height will be processed at approximately June 2, when the upgrade will likely occur.
The proposal already includes necessary updates and pull requests to address any “breaking changes” that might occur during the upgrade. That helps to minimize any disruption that might occur and preserves Terra’s integrity.
How This Upgrade Could Positively Impact Terra Classic’s Price
This upgrade will boost investors’ confidence in the Terra Classic ecosystem, leading to greater adoption and demand for the LUNC token. The network’s reputation has been severely tarnished following the LUNA crash in 2022. Therefore, proposals like these can easily fix up the network’s image in the broader crypto ecosystem.
Meanwhile, crypto analyst Javon Marks suggested that Terra Classic’s price was well primed for a 1,300% rally. As such, the network upgrade can serve as a catalyst to trigger this upward trend for the crypto token.
At the time of writing, Terra Classic is trading at around $0.0001128, up in the last 24 hours, according to data from CoinMarketCap.
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