Ethereum Classic +34% in one day

The cryptocurrency has risen by a third in the last 24 hours after the announcement of the imminent hardforward.

This allowed the asset to take the 16th place in the CoinGecko ranking. ETC is trading above $60, but this is well below the May high when the price exceeded $107.

Ethereum Classic technology coordinator Stevan Lohja announced on Tuesday the upcoming hardforward to implement the latest version of the project.

The update, which the community has dubbed "Magneto," will include four suggestions for improving Ethereum or EIP that appeared in the Ethereum "Berlin" update earlier this year, bitnovosti writes.

These offerings are aimed at increasing security and reducing commission costs by keeping addresses and keys in one place.

Beta testing of ETC's Morder and Kotti test networks began on June 2 and 9. In the mainnet, the hardfork is to be activated on July 21, 2021.

Stevan Lohja recommended that users upgrade their nodes' software to a Magneto-compatible version.

If users do not manage nodes or services, but use Ethereum Classic through third-party apps, they need to make sure those apps support Magneto updates.

Recall that late last year, the ETC Labs development team began working on creating a "bridge" between the Ethereum Classic and . It will allow swaps between these networks of the stabelcoin DAI, which is used in many applications of decentralized finance (DeFi).