The Big Announcement: Terra (LUNA) is all set for a significant transformation with the upcoming Terra v2.5 upgrade. This major development, approved under Recommendation 4785, is eagerly awaited by the crypto community. The upgrade is scheduled to roll out at block height 7316000 on October 18, 2023, at 15:04 UTC. It’s worth noting that there will be a temporary halt in the chain’s activities to ensure a smooth transition.
What’s New in the Upgrade?: The Terra v2.5 upgrade is not just any regular update. It marks the integration of the Cosmos SDK 47, which not only supports ABCI 1.0 but also officially introduces the CosmWasm module. Additionally, the Protocol-Owned Builder (POB) module, a brilliant innovation by Skip Protocol, will be incorporated. This feature offers developers a unique approach, allowing them to shape their applications and validate blocks on-chain transparently and conclusively.
A Journey from Past to Present: This significant update follows LUNA’s price dip due to the UST stablecoin’s collapse. Post this event, the original chain was renamed Terra Classic (LUNC), and the upcoming upgrade will be implemented on this network. While some users have expressed reservations about the new features, a Terra developer confidently stated that LUNA is a trendsetter, not a follower.
LUNA’s Market Dynamics: LUNA showcased a strong bullish trend in the past day, with a slight pullback after not crossing the intra-day high of $0.4326. However, the overall market sentiment remains upbeat, with the bulls maintaining solid support above $0.4079. If the bearish trend breaches the $0.40 support, the next critical level is approximately $0.385. Conversely, surpassing the $0.4326 mark could indicate a bullish continuation, targeting a new resistance near $0.45. Despite a market cap dip, LUNA’s trading volume has surged, reflecting continued investor confidence.
Final Thoughts: As Terra (LUNA) embarks on this transformative journey with its v2.5 upgrade, it stands poised to lead the crypto space, undeterred by skeptics. The prevailing bullish sentiment and unwavering community support hint at a bright future ahead.
