Terra Luna Classic Faces a Major Update – Trading Volume Surges Over 230%
The developer collective overseeing the Cosmos blockchain has put forth a substantial proposal aimed at enhancing the Terra Luna Classic chain's capabilities.
Genuine Labs, the group responsible for this initiative, has introduced security enhancement measures targeting key components such as Cosmos SDK, Ibc go, and Wasmd, with a view to streamlining their performance.
Furthermore, Genuine Labs has announced its successful completion of the KYC requirement, collaborating with the German-based blockchain security company SolidProof.
Recently activated proposal 12087, named “Genuine Labs Terra Classic Upgrade Proposal,” has entered the voting phase on the Station wallet platform. This proposal seeks to elevate the functionality and interoperability of Terra Luna Classic through strategic upgrades to elements like Cosmos SDK 0.50.1 (Eden), IBC go v8, and Wasmd 0.50.0.
Genuine Labs, a team comprising three developers, anticipates completing all tasks within an eight-week timeframe, with an allocated budget of $30K. They assert that the proposed upgrades, focusing on enhanced security, improved interoperability, developer-friendly enhancements, and overall performance optimization, will facilitate smoother application development and usage within the Cosmos network.
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Outlined upgrades in the security package include enhancements to Wasmd, Comet BFT, Cosmos SDK, IBC hooks, PFM, and associated dependencies such as ibc-go v8, cosmos proto, and cometbft-db, alongside the implementation of upgrade handlers and core changes on Terra Classic.
Subsequent to the initial voting phase, which garnered a 96% approval rate from five participating validators, tasks will proceed, followed by a spend proposal post-successful task execution.
LUNC’s trading volume surged by 233% and is currently trading at $0.0001256
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
