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Terra Classic is one of those assets that found hope when it got into the hands of the community – and the community’s efforts are now showing. After the announcement of its version 2.1.0 upgrade, the LUNC community has started to rally this token, pumping it by 7.45% in the last 24 hours. At press time, the LUNC price stands at $0.00009294.
While this increase seems nominal, it could have a long-term impact on Terra Classic.
What is Terra Classic v2.1.0 Upgrade?
The latest upgrade would be the third one to happen to Terra Classic, thanks to the LUNC Burn Army. Here are the key points mentioned in the proposal for the said upgrade.
- Commission for validators – The upgrade proposes to provide a minimum of 5% commission for validators. This would encourage more validators to the chain, allowing Terra Classic to get more consolidated.
- CosmWasm 1.1 – CosmWasm is a smart contracting platform built for the Cosmos ecosystem. Written as a module that can plug into Cosmos SDK, CosmWasm 1.1 is the second iteration of this system that will now be integrated with the Terra Classic ecosystem.
- Security Updates – There would also be two new security updates introduced to the chain.
You can check out the whole text, covering the technical aspect of this upgrade on commonwealth.in.
Community Reactions to The Announcement Are Very Positive
When Terra Luna went through the hard fork that led to the creation of Terra Classic, the community overseeing this chain has always been very closely knit. Even though it knows that the goal of reaching $1 for LUNC is very far, it continues to be optimistic about it.
And this announcement has pumped the LUNC community once again. Mr. Diamondhandz1 has tweeted that it is time for $LUNC to reach parity, and other users have shown an equal level of excitement. As we moved down the thread that made the announcement, we didn’t encounter one negative tweet. It goes to show that LUNC believers, the @LUNCBurnArmy, will continue to evolve the Terra Classic ecosystem.
LUNC Price Prediction
While the recent pump has given the community a little reason to be excited, note that the current LUNC price is still 87.28% lower than its all-time high.
The current price indicates that LUNC has to move up by high triple digits if it has a chance to reclaim its all-time high.
The #lunaburn campaign, which was designed to control the inflated supply of Terra Classic, is far from being successful right now. At press time, LUNC maintains a fully diluted market capitalization of more than $600 million, with over 5.85 trillion tokens still in circulation. Even the recent burn by Binance – which removed 1 billion tokens out of circulation, hasn’t had a lot of impact.
That said, while reclaiming the $1 mark would be hard to achieve, we can’t say the same about the possibility of LUNC reaching its all-time high once again.
Back when it did reach its ATH levels, the community bullishly moved forward to rally LUNC without paying any heed to market fundamentals. If the same interest were to rise up, Terra Classic might rise to a higher level again. But that still remains uncertain.
LUNC Alternatives
While LUNC’s recent announcement is admirable, its performance still remains uncertain. Better investment options would be crypto presales that allow users to generate profits before exposing the assets to the volatile market.
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