Terra Classic’s Parity Upgrade Boosts LUNC Price by 8%, Aligns with Terra 2.0 and Cosmos Chains
The cryptocurrency world witnesses a major breakthrough as the Terra Classic blockchain successfully implements the groundbreaking v2.1.1 Parity Upgrade. Led by the Joint L1 Task Force (L1TF), this seamless execution results in a remarkable 8% surge in the LUNC price. This pivotal move sets the stage for enhanced capabilities and positions Terra Classic at the forefront, demonstrating its commitment to innovation and progress.
Fruition of a Game-Changing Upgrade
According to reports, the momentous upgrade for Terra Classic was implemented at block height 13215800 on June 14, 13:57 UTC. The successful execution of this upgrade owes much to the efforts of the technical team from L1TF, as well as the invaluable contributions of key LUNC community members and validators. Edward Kim, a respected professor and core developer, also played a significant role in this achievement.
LuncBurnArmy, the project manager of L1TF, took to Twitter to announce the successful completion of the upgrade and extend gratitude to the participating validators. With the implementation of the v2.1.1 upgrade, Terra Classic has achieved alignment with Terra 2.0 and various Cosmos chains, resulting in a significant boost to its capabilities. This accomplishment marks a notable milestone for the project, further solidifying its position within the cryptocurrency ecosystem.
The v2.1.1 upgrade has been completed! Thank you to all validators for such a smooth upgrade. Parity has arrived. Thank you @TheVinhNguyen4 @frag_dude, Xi, for your endless work on this on this upgrade!
Also, thank you to all of the validators for a great upgrade!
— 🔥LuncBurnArmy🔥 (@luncburnarmy) June 14, 2023
The upgrade brings forth crucial enhancements, including the implementation of a minimum 5% commission for validators, the integration of CosmWasm v1.1.x, and important security updates. Additionally, it introduces improvements to Wasmvm and Wasmd, enhancing the multichain capability for smart contracts. The inclusion of IBC go v4.3.1 and bug fixes further solidify the upgrade’s comprehensive nature, ensuring a more robust and efficient system for Terra Classic.
This progress enables developers and projects on various Cosmos chains to seamlessly build and deploy dApps on the Terra Classic chain. However, L1TF has emphasized that certain wasm components may require updates from Google’s Chrome extension, potentially posing challenges for dApps after the upgrade. Nonetheless, the current Station web and mobile versions are anticipated to continue functioning without disruption.
In line with this, leading cryptocurrency exchanges like Binance have expressed their support for the v2.1.1 upgrade. However, as a temporary measure, they have temporarily suspended LUNC deposits and withdrawals until the Terra Classic network achieves stability. This precautionary step ensures a smooth transition and safeguards the user experience during the upgrade process.
Promising Future and Surge in LUNC Price
Post-upgrade, Professor Kim and the L1TF have outlined their future plans, including the integration of Interchain Accounts (ICA) into Terra Classic. This integration will facilitate the introduction of Block Entropy, an AI app chain. Furthermore, collaborative efforts with the USTC repeg team and TGF are underway to address concerns related to centralized exchanges (CEX) and restore the value of TerraClassicUSD (USTC) to its intended peg of $1. These strategic initiatives demonstrate the team’s commitment to expanding functionality, fostering interoperability, and ensuring a stable ecosystem for Terra Classic.
Amidst these developments, LUNC has experienced a considerable surge, with a 0.73% increase within a 24-hour period and a notable 3.78% rise over the course of a week. These gains can be largely attributed to the anticipation surrounding the upcoming changes. Presently, LUNC is trading at $0.00009685, accompanied by a substantial 31.09% surge in the trading volume observed within the last 24 hours. This heightened trading activity indicates a heightened level of interest and engagement among investors.
The implementation of the v2.1.1 Parity Upgrade by Terra Classic reaffirms the project’s unwavering dedication to innovation, interoperability, and the overall growth of its community. This milestone marks an exhilarating phase for LUNC holders, developers, and supporters, as it sets the stage for unlocking unprecedented opportunities within the Terra Classic ecosystem. The leap forward achieved through this upgrade promises to unveil new horizons and propel the project towards a prosperous future.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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