The development team behind Terra Luna Classic, Genuine Labs, has put forward a proposal for the v3.0.1 upgrade, incorporating sdk 47 and other substantial enhancements to the platform. This move follows their announcement of readiness to implement a major upgrade aimed at boosting system efficiency and resilience.

Scheduled for governance voting on the Station wallet, Proposal 12110 seeks community and validator consensus for the v3.0.1 software upgrade, detailed on Terra Luna Classic’s GitHub. Upon approval, the new software binary will be deployed during a chain halt at block height 18,303,000, requiring validators to adopt the updated version.

CoinGape reports that the upgrade includes pivotal updates such as SDK v0.47, wasmd v0.45, ibc-go v7, and a fix for p2p connectivity issues, all designed to enhance network operations and performance.

With unanimous community support thus far, the proposal is set to go live on June 2, 2024, at 16:00 UTC, potentially marking a significant milestone for Terra Luna Classic.

In terms of market performance, the price of LUNC has maintained stability over the last 24 hours, currently trading at $0.0001134, with minimal fluctuations between $0.0001127 and $0.0001155. Trading volume has decreased by 30% during this period.

Similarly, USTC, another key token, has seen a stable price around $0.02252, showing a 16% increase this month. However, both spot and derivatives markets are experiencing low trading volumes, as traders anticipate broader market trends.

As Terra Luna Classic gears up for its anticipated upgrade, stakeholders are watching closely for potential impacts on token prices and overall market dynamics.