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- The Terra Classic LUNC developer group, Joint L1 Task Force (L1TF), has provided details about the forthcoming CosmWasm Parity Testnet upgrade and a 5% commission fee for validators.
- This upgrade, considered equivalent to LUNC attaining $1 in value, will align Terra Classic with other blockchains such as Terra 2.0 and Cosmos, offering a wealth of features and functionalities.
Following the successful completion of v2.0.1 in mid-May, the Joint L1 Task Force, the developer group behind Terra Classic LUNC, is now channeling its efforts towards the v2.1.0 CosmWasm rehearsal testnet upgrade and the accompanying migration process.
A Significant Leap: CosmWasm Parity Upgrade
This CosmWasm v2.1.0 parity upgrade is seen by the community as a significant milestone, likening it to LUNC reaching a value of $1. This comprehensive upgrade will bring Terra Classic into parity with other notable blockchains, including Terra 2.0 and Cosmos. Additionally, it will introduce numerous features and functionalities to the blockchain, including Edward Kim’s AI app chain “Block Entropy,” which aims to rejuvenate utility within the blockchain.
The project manager of the Joint L1 Task Force, LuncBurnArmy, unveiled June 14 as the official date for the CosmWasm v2.1.0 parity upgrade. This upgrade, initially planned for May 31, was postponed to allow for further testing, given its significant implications. In conjunction with this upgrade, the developer team is also planning to implement a 5% minimum commission fee for validators.
The Road Ahead: Testnet Upgrade and Validator Commission
Currently, the L1 Task Force team is working on finalizing the CosmWasm upgrade and migration. The team has successfully completed the Bajor-1 testnet upgrade to CosmWasm v1.1.0, conducted smart contracts testing, and deployed new contracts. The team is now preparing for the Rebel-2 testnet ‘dress rehearsal’ upgrade, scheduled for May 31 at 11 AM EST.
Eight validators have expressed interest in the testnet upgrade thus far, and testing is in progress for the 5% minimum validator commission fee, which may be included in the v2.1.0 upgrade. The L1TF team plans to publish an updated Agora proposal on June 1, with post-governance voting commencing on June 7.
LUNC Price Anticipated to Surge?
In an effort to revive LUNC and USTC prices to the $1 mark, the Terra Classic community is focusing on numerous developments. These include the launch of a testnet for the AI upgrade Block Entropy by Professor Edward Kim, proposals to revert the LUNC burn tax to 1.2% after it was raised to 0.5% last week, and collaboration with the USTC repeg team to establish a USTC test environment.
Over the past 24 hours, the LUNC price has remained relatively stable, with a low of $0.000086 and a high of $0.000088. The total amount of LUNC burned by the community has reached a staggering $60 billion.