- Terra (LUNA) blockchain successfully implements v.2.4 network upgrade, enhancing its smart contract functionality and solving previous operational issues.
- The upgrade, approved by an overwhelming majority of community votes, holds potential to pave the way for increased adoption of the LUNA token.
The Terra (LUNA) blockchain has emerged triumphant from a strategic and comprehensive upgrade, establishing its new version, v.2.4, and further positioning itself for broader acceptance of its native token, LUNA.
Terra Core has successfully upgraded to v2.4 and is once again producing blocks. Shoutout to Terra validators for a speedy upgrade!
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) July 18, 2023
The Dawn of Terra’s Next Phase
The genesis of this transition took place at block height 5994365, marking a significant milestone in Terra’s journey. The v.2.4 upgrade is not just a standard update but a transformative leap for the chain, bearing multiple enhancements and novel features.
To pave the way for this network metamorphosis, Terra’s mainnet, Phoenix-1, went into a brief dormancy period earlier today, ceasing the production of blocks. Though such a pause in operations is not typically desirable, this brief downtime—lasting a mere few hours—was an essential part of the process, as announced by the team on July 17.
With the v.2.4 upgrade executed successfully, the Terra network rekindled its activities, resuming the generation of blocks as per schedule. The collective assent for this transformative upgrade was echoed by the community on July 17, with a convincing 98.22% YES votes, dwarfing the dissenting 1.78% NO votes. The proposal garnered strong support, most notably from Setten validator and Smart Stake Analytics Hub, while Kucoin LUNA Node and 70 other validators chose to remain neutral.
Beyond the Upgrade: New Horizons for Terra
The v.2.4 upgrade introduced key amendments to the Terra chain that extend well beyond mere fixes. Smart contract functionality was among the top beneficiaries of this update, which resolved an issue where contracts failed to trigger as expected. User-related issues, such as those linked to undelegation, were also addressed.
The upgrade has fortified the chain’s reliability by rectifying a significant problem associated with message validation. But the leap forward doesn’t end here. A collective of developers has proposed a Terra improvement proposal, which if approved, will facilitate Inter Blockchain Communication (IBC) between Terra (LUNA) network and smart contracts on other chains.
As we navigate this era of blockchain innovation, it’s noteworthy to mention that the Terra Classic (LUNC) blockchain will remain distinct from the Terra (LUNA) chain at the protocol level, as confirmed by a TFL staff member.
With this significant upgrade, Terra (LUNA) embarks on a new trajectory, bolstered by improved functionalities, smart contract enhancements, and a clear vision for mass adoption.
