- Joint L1 Task Force (L1TF), Terra Classic’s core developer group, prepares for an impressive v2.1.1 Parity upgrade.
- Anticipated to enhance Terra Luna Classic’s compatibility with other blockchain systems, the upgrade could potentially trigger a rally in the LUNC token price.
Terra Luna Classic is on the brink of a major transformation with the impending v2.1.1 Parity upgrade, orchestrated by the core developer group Joint L1 Task Force (L1TF). After a successful passage of Proposal 11561, titled “Upgrade to v2.1.0” by the Terra Luna Classic (LUNC) community, L1TF recently updated stakeholders about the readiness and specifics of the new upgrade.
The announcement came via L1TF project manager LuncBurnArmy on Twitter, revealing the crucial upgrade to be rolled out on June 14. Interestingly, the initial name, v2.1.0, was modified to v2.1.1 due to a few key changes. This upgrade will enhance wasmvm to v1.1.2 and introduce a 5% minimum validator commission.
Notably, the Parity upgrade is poised to bring Terra Luna Classic on equal footing with blockchain systems like Terra 2.0 and other Cosmos chains. This transformation opens the door for developers and projects to build and launch decentralized applications (dApps) on the Terra Classic chain.
The L1TF team has shared the upgrade instructions with validators and central exchanges. Terra Classic will implement the v2.1.1 software upgrade at block height 13215800, expected around 14:00 UTC on June 14, as per the StakeBin countdown timer.
L1TF has carried out comprehensive security vulnerability testing for this major upgrade, also providing the v2.1.0 software release to validators. Additionally, they shared a budget forecast, with funds still remaining. A small portion of this budget is earmarked for establishing a USTC test environment for the USTC repeg team.
Terra Luna Classic’s token (LUNC) is primed for a potential rally with this upgrade on the horizon. The LUNC staking has notably reached a record-breaking 1 trillion, ahead of the substantial Parity upgrade. The LUNC community has also burned over 63 billion tokens.
Despite a 12% fall on Saturday due to the broader market selloff, LUNC stands out as the only crypto in green last week. Currently trading at $0.000087, with a 24-hour low and high of $0.000084 and $0.000090 respectively, the LUNC price shows promise to rebound following the June 14 Parity upgrade.