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Terra Classic price skyrockets ahead of LUNA 2.0 upgrade

Terra Classic price skyrockets ahead of LUNA 2.0 upgrade

While a large part of the cryptocurrency market is struggling with declines or trading sideways at best, Terra Classic (LUNC) has been recording increases, corresponding with the rising anticipation of a major upgrade that would allow technological parity with LUNA 2.0.

Indeed, the Terra Classic core developer group ‘L1 Joint Task Force’ had earlier upgraded its rebel-2 testnet to version 2.0.0 with Cosmos SDK v0.45, with an aim to enhance functionality and support the transition of the Terra Classic mainnet upgrade, as shared by the team’s part-time developer on May 4.

Mainnet upgrade timeline

Shortly after this announcement, the blockchain developer team’s project manager, known as LuncBurnArmy, submitted a proposal for the Terra Classic core mainnet upgrade to version 2.0.0 after successful L2 compatibility testing, as shared in a tweet published on May 5.

According to the proposal, the upgrade is set to go live on May 17, when the team will also introduce the Cosmos SDK v0.45.13 and Tendermint v34.24 upgrades, which was welcomed by the LUNC community as the v2.0 would allow building decentralized applications (dApps) on the LUNC blockchain, in line with the roadmap.

L1 Joint Task Force roadmap. Source: LuncBurnArmy

Additionally, as the group said in the roadmap, the company had completed the hiring process for the new Senior Cosmos Developer, whose “primary focus will be bringing the blockchain to parity through the Cosmwasm upgrade, (…) as well as advising on the ideal Cosmos SDK upgrade roadmap and release planning schedule for future upgrades.”

LUNC price analysis

Meanwhile, the price of Terra Classic at press time stood at $0.00009014, correcting after a brief but massive gain that saw the digital asset reach $0.00009704 – a 15% increase from 24 hours earlier, showing signs of possible retaking of the psychologically important $0.0001 level.

LUNC 24-hour price chart. Source: Finbold

Notably, Terra Classic’s current price shows an increase of 7.68% on the day as it tries to reverse the losses of 15.09% across the previous week and 27.46% in the last 30 days, as per the recent data accessed by Finbold on May 10.

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