Terra (LUNA) Prepares for Promising v2.5 Upgrade: Terra is on the verge of a significant transformation with its upcoming Terra v2.5 upgrade. The crypto community eagerly anticipates this major development, which has been approved under Recommendation 4785. The upgrade is scheduled to take place on October 18, 2023, at 15:04 UTC, at block height 7316000. During this transition, there will be a temporary pause in the chain’s activities to ensure a smooth process.
Key Features of the Upgrade: The Terra v2.5 upgrade is not your ordinary update. It introduces the integration of Cosmos SDK 47, which supports ABCI 1.0 and officially introduces the CosmWasm module. Additionally, the innovative Protocol-Owned Builder (POB) module by Skip Protocol will be incorporated. This feature empowers developers by allowing them to shape their applications and validate blocks transparently and conclusively on-chain.
From Past to Present: This significant update follows a price dip for LUNA due to the collapse of the UST stablecoin. As a result, the original chain was renamed Terra Classic (LUNC), and the upcoming upgrade will be implemented on this network. Some users have expressed concerns about the new features, but a Terra developer confidently stated that LUNA is a trendsetter, not a follower.
LUNA’s Market Dynamics: In the past day, LUNA exhibited a strong bullish trend, with a slight pullback after failing to surpass the intra-day high of $0.4326. However, overall market sentiment remains positive, with solid support above $0.4079. If the bearish trend breaches the $0.40 support, the next critical level is around $0.385. On the other hand, surpassing the $0.4326 mark could indicate a bullish continuation, with a new resistance level near $0.45. Despite a dip in market cap, LUNA’s trading volume has surged, reflecting ongoing investor confidence.
Final Thoughts: As Terra (LUNA) embarks on this transformative journey with its v2.5 upgrade, it is poised to lead the crypto space, undeterred by skeptics. The prevailing bullish sentiment and unwavering community support hint at a bright future ahead.
