- Smoothly executed Hard Fork on Terra Luna Classic chain restores optimism.
- Terra members greet the devs as LUNC reaches for a $1 billion market cap.
- Terra Classic holder count mounted to a new all-time high at 5.52 million.
The Terra Luna Classic community is celebrating a breakthrough in further developing the game-tested blockchain. According to the pre-accepted governance proposal #12090, Terra Classicโs Layer-1 chain at block height 17309000 was supposed to kick in on March 25, disconnecting the chain briefly.
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This chain upgrade v2.4.2 brings highly-awaited improvements to the Layer-1 chain, including IBC-Hooks, which are crucial for the seamless integration of new decentralized applications (dApps) on the network, such as Enterprise DAO. As the Hard Fork procedure went smoothly, this has sparked the Terra Classic communityโs optimism regarding LUNC.
After completing the crucial Hard Fork, Genuine Labs, the developer team responsible for a smooth transition into the upgraded chain version, published a bi-weekly report confirming that the chain upgrade is implemented. As Terra Classic validators gradually returned online, community members greeted Genuine Labs for their great work.
Terra Luna Classicโs $1 Dream Comes Closer?
The smooth operation of v.2.4.2 post-upgrade has planted optimism among Terra Classicโs community members. Crypto chart analyst Crypto Anu insisted that this new chain upgrade adds extra security measures to Terra Classicโs chain via The Terra Classic Security Package, which is due for completion in eight weeks.
Moreover, the recent upgrades have bumped the total LUNC holder count to 5.52 million, signaling long-term investor interest in this digital asset. Encouraged to contribute to LUNC burns, the community has set aflame to 105 billion LUNC tokens, leaving 5.8T Terra Classic tokens in circulation.
Terra Luna Classic ranks just #124, struggling to keep itself relevant among newly-emerged competing altcoins and memecoins. However, the 35% surge over the past month has brought optimism to its community as it continues to task itself with Terra Lunaโs chain revitalization plan. Spearheaded to $1, LUNC would still be far from its all-time high set at $119 on April 5, 2022.
On the Flipside
- The recent LUNC price surge is partly attributable to the recent legal developments of Do Kwonโs release.
- Terra Luna chainโs creator has been released from jail in Montenegro with a pending extradition status.
- Meanwhile, the Securities and Exchange Commission initiated the TerraForm Labs trial for market manipulation.
Why This Matters
Once a TOP 5 blockchain by global market capitalization, Terra Luna Classic still hosts a vibrant community of developers and crypto enthusiasts aiming to restore a part of its former glory.
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