The Terra Luna Classic Layer 1 development team, Genuine Labs, has submitted a proposal for the highly anticipated v3.0.1 upgrade, which includes SDK 47 and other major updates to the chain. This move comes after the developer group announced their readiness to implement a significant upgrade aimed at further improving the efficiency and robustness of the Terra Luna Classic network.

Terra Luna Classic Developer Submits Major Upgrade for Voting

Software Upgrade Proposal 12110, titled "Genuine Labs's proposal for v3.0.1 Upgrade," is now up for governance voting on the Station wallet. The proposal seeks community and validator agreement for the v3.0.1 software upgrade, which was previously prepared by Genuine Labs, as per details on the Terra Luna Classic community's GitHub.

Upon approval of this proposal, the proposed binary will be deployed on the chain through a chain halt software upgrade. This means that the Terra Classic chain will be halted at block height 18,303,000, and the protocol will require validators to replace the old binary with the new. The upgrade is estimated to happen on June 2, 2024, at 16:00 UTC.

The v3.0.1 upgrade consists of several key elements, including SDK v0.47, wasmd v0.45, ibc-go v7, and a p2p storm fix, all aimed at enhancing the operation and performance of the Terra Luna Classic network. The proposal has received 100% votes in favor from the community until now, and among validators, 4 have participated in the governance voting, all voting in favor of the proposal.

LUNC and USTC Price Performance

LUNC price has been trading sideways in the last 24 hours, with the price currently at $0.0001134. The 24-hour low and high are $0.0001127 and $0.0001155, respectively. Furthermore, trading volume has decreased further by 30% in the last 24 hours.

Meanwhile, USTC price is also trading sideways at $0.02252. The 24-hour low and high are $0.02244 and $0.02319, respectively. The price is up 16% this month.

There are low trading volumes on both spot and derivatives sides, with traders likely awaiting cues from the broader crypto market. However, the upcoming v3.0.1 upgrade could potentially spark renewed interest and a price rally for LUNC in June, as the network aims to enhance its efficiency and performance.