Terra Classic (LUNC) Original Labs’ Proposal Rejected After Facing Major Obstacles
A bid by the Original Labs developer group to improve the functionality and interoperability of the terra luna Classic chain has faced obstacles after key developers expressed concerns about some components planned to be used in the major kernel upgrade. LUNC and USTC prices were not affected by the rejection of the proposal by validators because security upgrades will be made in different versions.
Terra Luna Classic Proposal Rejected by Community
Signaling offer 12087 “Original Labs Terra Classic Upgrade Offer” Rejected by validators due to concerns about the stability of Cosmos SDK 0.50. The proposal aimed to increase Terra Luna Classic functionality and interoperability, with a plan outlining strategic upgrades to cosmos SDK 0.50.1 (Eden), IBC go v8 and Wasmd 0.50.0.
The proposal failed to reach a quorum and be accepted after validators discussed their concerns with senior developers after Notional Labs’ Jacob Gadikian expressed concerns about the upgrade of Cosmos SDK 0.50. LUNC developers Frgwuerdig and StrathCole voted No on the proposal.
Top validator Allnodes voted “No” on the proposal, citing that Cosmos SDK 0.50 could lead to negative consequences for the chain as many Cosmos chains have not upgraded to the new version.
As previously reported by parofix, Original Labs plans to complete major developments in the coming weeks with an estimated budget of $30,000. Planned upgrades to the security suite include Wasmd, Comet BFT, Cosmos SDK, IBC hooks and PFM, ibc-go v8, Cosmos Proto and Cometbft-db, and other security updates.
A proposal for a kernel upgrade v2.4.0 is being discussed, and L1 developers are “soil” client as part of a core upgrade.
Read More: Terra Classic Core Dev JL1TF Was Founded By Edward Kim Disbands, Here’s Why
LUNC and USTC Prices During Meme Coin Rally
Terra Classic ecosystem tokens LUNC and USTC are moving sideways amid the excitement created by meme coins and Bitcoin price exceeding $65,000. Prices are approaching the psychological level as traders buy in this bull market. The community expects LUNC to reach the $0.0002 level soon.
LUNC price is trading sideways after last week’s 46% increase and the price is currently trading at $0.0001798. The 24-hour high and low are $0.0001762 and $0.0001945 respectively. Additionally, the 45% decrease in trading volume in the last 24 hours shows the indifference of investors.
USTC price is down 2% today after last week’s 5% upward move. The price is currently trading at $0.03657; The last 24-hour low and high are $0.03627 and $0.03838 respectively. Trading volume in the last 24 hours also dropped by 60%.
Also Read: XRP Lawyer Predicts What Will Come Next in ripple and SEC Case
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Varinder has 10 years of experience in the Fintech industry and has been dedicated to blockchain, crypto and Web3 development for over 5 years. A tech enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles, and articles. Varinder believes in the great potential of future innovative technologies with parofix Media. He currently covers the latest updates and developments in the crypto industry.
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