The Terra Classic community showed unanimous support to pass the v2.1.0 Parity upgrade proposal submitted by the core developer group Joint L1 Task Force (L1TF).
With the proposal now passed, the L1TF will upgrade the chain on June 14 to bring many significant changes to Terra Classic. Primarily, it will bring Terra Classic to parity with other blockchains such as Terra 2.0 and other Cosmos chains. Thus, allowing projects and developers to once again build on the Terra Classic chain.
It is one of the biggest upgrades since the Terra Classic community took charge of the blockchain after the Terra-LUNA crisis in May last year.
Terra Classic Community Officially Passes v2.1.0 Parity Upgrade Proposal
Joint L1 Task Force project manager LuncBurnArmy announced June 14 as the official date of the CosmWasm v1.1.0 parity upgrade and how the decision of delaying, testing, and preparing for the groundbreaking upgrade was taken.
According to the countdown timer, the Terra Classic will undergo the v2.1.0 software upgrade at block height 13215800, expected at 13:15:23 UTC on June 14. The block height and time of upgrade are subject to change.
Nodes and validators are required to install the v2.1.0 release before the upgrade. Dapps and smart contracts providers can reach out to developers Fragwuerdig and The Vinh Nguyen for assistance on the upgrade and migration. Projects with ‘sealed’ smart contracts must also contract L1TF or its developers.
The v2.1.0 upgrade mainly contains features including minimum 5% commission for validators, CosmWasm v1.1.0, and two security updates. Other changes include WasmVM upgrade to v1.1.2, Wasmd upgrade for multichain capability, IBC go v4.3.1, and bug fixes.
The team successfully completed testing for v2.1.0 on rebel-2 testnet, Bajor-1 smart contract, Cosmwasm v1.1.0, and 5% minimum commission.
CoinGape Media also detailed why the Parity upgrade is crucial for professor Edward Kim’s AI app chain “Block Entropy.”
Proposal 11561 “Upgrade to v2.1.0” received 99.99% votes in favor, while only 0.01% “No” votes. The proposal received almost zero “Abstain” and “No with veto” votes. Many validators including Allnodes, Orion, Coinpayu, Interstake One, StakeBin, and other top validators voted to support the proposal.
LUNC Price to Rally Higher After Upgrade
Terra Luna Classic (LUNC) price skyrocketed 35% this week as users closes their open positions and shorts in response to Binance delisting the USDⓈ-M 1000LUNCBUSD Perpetual Contract. Massive 1000LUNC and LUNC shorts liquidation worth millions is recorded currently.
LUNC price jumped 2% in the last 24 hours, with the price currently trading at $0.000098. The 24-hour low and high are $0.000091 and $0.000103, respectively.
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