Terra Classic discloses Parity upgrade date; what about LUNC?

• The Parity upgrade would act as an improvement to smart contract deployment.
• The disclosure did not impact the development activity positively.

Terra Classic’s [LUNC] development team has finally picked a date for the Cosmwasm upgrade v.1.1.0. According to the announcement by the project’s L1 team manager on Twitter, the upgrade would happen on 14 June. 

Realistic or not, here’s LUNC’s market cap in ETH’s terms

Sealed on the downside

Terra had initially disclosed the move to switch from v.0.16.6 (also known as the Parity upgrade) earlier this year. Although it was initially slated for a 31 May move, the developer noted that it needed time for testing. Hence, the need to shift the date forward.

2. Also, we have revised our May 31st target, and have added some additional time for testing. This is a major upgrade, and we want it to go as smoothly as the previous v2.0.1 upgrade. Con't.

— ?LuncBurnArmy? (@luncburnarmy) May 21, 2023

The Cosmwasm upgrade serves as a further improvement to the Cosmos SDK v0.45. It would involve the polishing of smart contracts on the Terra blockchain. 

Despite the revelation, Terra Classic’s development activity metric did not experience a significant boost. The metric measures the rate of contribution by developers to an ecosystem. At press time, the development activity was 5.93. 

The decrease means that public GitHub repositories geared towards improvements on the Terra network were not impressive.

Likewise, social dominance also followed a downtrend to 0.338%. Social dominance shows the aggregate share of discussion related to an asset when compared to others in its category. Therefore, the decline implied that LUNC was not part of the top 100 assets by market capitalization that was getting hyped.

Source: Santiment

Accommodating those left behind

In spite of the decrease, the LUNC community seemed excited about the announcement. With reference to market capitalization, LUNC was positioned at number 82. For context, market capitalization takes into consideration the total supply — burned and circulating of an asset multiplied by its price.

At press time, LUNC’s market cap was down to $512.63 million. This inferred that the token had lacked a lot of entering its ecosystem. On the other hand, its price was not any better.

How much are 1,10,100 LUNCs worth today?

With the value at $0.000087, it means the price had decreased by 20.35% in the last 30 days. Moreover, there was no assurance that the parity upgrade would impact LUNC’s price.

Source: Santiment

However, the Medium blog post shared by the team project manager showed a bit of what to expect from the upgrade. According to the post, the upgrade would be fully compatible with other versions of the smart contract. It also read,

“We will aim to provide any assistance we can to existing smart contract owners prior to, and post upgrade/migration to ensure that they are able to update their contracts to be compatible with cosmwasm v1.1.0.”