Terra Classic’s Monumental v2.1.0 Parity Upgrade Proposal by Core Developer Joint L1 Task Force Officially Approved. Will LUNC Price Reach $1 Next?
The Terra Classic community has demonstrated overwhelming support for the v2.1.0 Parity upgrade proposal put forth by the core developer group Joint L1 Task Force (L1TF).
Following the community’s unanimous backing, the proposal has been officially approved. As a result, the L1TF is scheduled to implement the upgrade on June 14, ushering in a multitude of significant changes for Terra Classic. The foremost objective of this upgrade is to align Terra Classic with other blockchains like Terra 2.0 and various Cosmos chains.
This synchronization will grant projects and developers the opportunity to resume building on the Terra Classic chain. The approval of this proposal marks a pivotal moment for Terra Classic’s evolution and sets the stage for renewed growth and innovation within the ecosystem.
Terra Classic Community Approves v2.1.0 Parity Upgrade Proposal
The forthcoming v2.1.0 Parity upgrade stands as one of the most significant milestones since the Terra Classic community assumed control of the blockchain in the wake of the Terra-LUNA crisis in May of the previous year. This upgrade represents a crucial turning point for Terra Classic, symbolizing the community’s resilience and determination to rebuild and strengthen the platform.
By embracing this upgrade, the community showcases its commitment to advancing the blockchain’s capabilities and fostering a more robust ecosystem. The upgrade’s approval marks a pivotal moment in Terra Classic’s journey, signifying the community’s dedication to overcoming challenges and charting a path towards sustained growth and innovation.
LuncBurnArmy, the project manager of the Joint L1 Task Force, has officially declared June 14 as the designated date for the highly anticipated CosmWasm v1.1.0 parity upgrade on Terra Classic. The announcement shed light on the meticulous decision-making process, highlighting the careful considerations given to delay, test, and adequately prepare for this groundbreaking upgrade.
According to the countdown timer, the Terra Classic blockchain is set to undergo the v2.1.0 software upgrade precisely at block height 13215800, with an estimated time of 13:15:23 UTC on June 14. It’s important to note that the block height and upgrade time are subject to potential changes.
This announcement marks a significant step forward for Terra Classic, demonstrating the community’s commitment to ensuring a seamless transition and enhancing the platform’s capabilities for future growth and development.
In preparation for the upcoming upgrade, nodes and validators are mandated to install the v2.1.0 release prior to the scheduled event. To facilitate a smooth transition and migration process, Dapps and smart contract providers are encouraged to seek support from Fragwuerdig and The Vinh Nguyen, who are available to assist with the upgrade process.
Additionally, projects utilizing “sealed” smart contracts are advised to establish contact with L1TF or its developers for further guidance and collaboration. By ensuring the proactive installation of the v2.1.0 release and engaging with the designated support channels, participants within the Terra Classic ecosystem can effectively navigate the upgrade and leverage the full potential of the enhanced features and functionalities it brings forth.
The v2.1.0 upgrade encompasses several significant features aimed at enhancing the Terra Classic ecosystem. Key additions include the implementation of a minimum 5% commission requirement for validators, the integration of CosmWasm v1.1.0, as well as the inclusion of two critical security updates.
Additionally, the upgrade brings forth notable changes such as the upgrade of WasmVM to v1.1.2, Wasmd upgrade to facilitate multichain capability, adoption of IBC go v4.3.1, and a series of bug fixes. The development team has diligently conducted comprehensive testing across various components, including the rebel-2 testnet, Bajor-1 smart contract, Cosmwasm v1.1.0, and the 5% minimum commission requirement. Through these meticulous testing efforts, the team ensures the stability, functionality, and reliability of the v2.1.0 upgrade, paving the way for a more robust and efficient Terra Classic ecosystem.
Proposal 11561, titled “Upgrade to v2.1.0,” garnered an overwhelming level of support from the Terra Classic community. With an astonishing 99.99% of votes in favor, the proposal enjoyed widespread endorsement, while a mere 0.01% of votes expressed dissent.
Notably, the proposal received an incredibly low number of “Abstain” and “No with veto” votes. Numerous renowned validators, including Allnodes, Orion, Coinpayu, Interstake One, StakeBin, and other top validators, actively contributed to the endorsement of the proposal.
This overwhelming display of support from both the community and prominent validators underscores the consensus and collective belief in the benefits and importance of the v2.1.0 upgrade for the Terra Classic ecosystem.
LUNC Price Set to Soar Following Upgrade
This week, the price of Terra Luna Classic (LUNC) experienced an astounding surge of 35%. This surge was primarily driven by users closing their open positions and shorts in response to Binance’s decision to delist the USDⓈ-M 1000LUNCBUSD Perpetual Contract.
As a result, a massive liquidation of 1000LUNC and LUNC shorts, amounting to millions, was observed.
Over the past 24 hours, LUNC’s price has increased by 2%, currently trading at $0.000098. During this period, the price fluctuated between a low of $0.000091 and a high of $0.000103. This significant price movement reflects the dynamic nature of the market and the impact of external factors on LUNC’s trading activity.
Important:Â 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.
Follow Cryptos Headlines on Google News
Join Cryptos Headlines Community
