The Big Announcement: Terra (LUNA) is preparing for the highly anticipated Terra v2.5 upgrade, which has been approved under Recommendation 4785. The crypto community is eagerly awaiting this major development, scheduled to roll out on October 18, 2023, at 15:04 UTC at block height 7316000. During this upgrade, there will be a temporary pause in the chain’s activities to ensure a smooth transition.
What’s New in the Upgrade?: The Terra v2.5 upgrade is not just an ordinary update. It introduces the integration of Cosmos SDK 47, which supports ABCI 1.0 and officially introduces the CosmWasm module. Additionally, it incorporates the Protocol-Owned Builder (POB) module, a groundbreaking innovation by Skip Protocol. This feature provides developers with a unique approach to shape their applications and transparently validate blocks on-chain.
A Journey from Past to Present: This significant update follows a price dip in 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. While some users have expressed concerns about the new features, a Terra developer confidently stated that LUNA is a trendsetter, not a follower.
LUNA’s Market Dynamics: LUNA recently showed a strong bullish trend, experiencing a slight pullback after failing to break 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, aiming for a new resistance near $0.45. Despite a dip in market cap, LUNA’s trading volume has increased, reflecting continued investor confidence.
Final Thoughts: As Terra (LUNA) embarks on this transformative journey with the v2.5 upgrade, it is determined to lead the crypto space, undeterred by skeptics. The prevailing bullish sentiment and unwavering community support suggest a bright future ahead.