21 April, 2024

Terra Classic Tokens Surge as Landmark Core Upgrade Approaches

05 Sep, 2023

23 Nov, 2023

  • Terra Classic’s v2.2.1 upgrade fuels a surge in LUNC and LUNA trading volumes.
  • 99.65% of initial community votes support the upcoming core upgrade.
  • Upgrade set for block 14,514,000, estimated to occur at 14:15 UTC on Sep 12.

As the crypto market pays keen attention to the Terra Luna Classic ecosystem, an anticipatory buzz surrounds its pending v2.2.1 core upgrade. Tokens like LUNC, LUNA, and TerraClassicUSD have experienced unprecedented trading volumes, signaling widespread enthusiasm among both investors and developers. This notable financial activity occurs as the Terra Luna Classic community casts votes on a pivotal governance proposal set to determine the blockchain’s near-future trajectory.

Vinh Nguyen from the L1 Terra Classic Task Force (L1TF) has been the leading voice behind the v2.2.1 core upgrade. The L1TF development team plans to implement the upgrade at block height 14,514,000, which is expected to occur at 14:15 UTC on September 12. 

Nguyen shared a Twitter thread inviting the community’s attention to the v2.2.1 upgrade proposal’s voting system:

Confidence among the developer team seems to be solid, as all issues reported during the testnet phase have been successfully resolved. Validators involved in the rebel-2 testnet provided valuable feedback that is likely to ease the mainnet upgrade process.

As for community opinion, initial voting suggests overwhelming support for the upgrade, with a staggering 99.65% casting “Yes” votes. Despite the widespread approval, a minority voice of concern has emerged, pointing to the hiccups experienced during the last upgrade, specifically its impact on decentralized applications and projects, such as Astroport.

On the financial front, Terra Classic is trading at a modest $0.00006, but with a robust 24-hour trading volume of $44,246,318, and a market cap of $352,183,886, which puts it at rank 87 on CoinMarketCap. Meanwhile, Terra trades at $0.414794, with an impressive trading volume of $227,009,472 USD, and a market cap of $151,951,018 USD, ranking at 150. TerraClassicUSD hasn’t been left behind either, currently priced at $0.011895 with a 24-hour trading volume of $10,923,648 and a market cap of $116,440,950, landing it at the #172 spot on CoinMarketCap.

Investor interest seems to parallel community sentiment, leaning in favor of the impending upgrade. According to experts, the remarkable upticks in trading volumes and market caps across the board suggest that this upgrade is more than a mere software patch. It is seen as a potentially transformative event for the Terra Luna Classic ecosystem.


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