HomeNewsTerra Classic Revolutionizes with Groundbreaking v2.1.1 Parity Upgrade, LUNC Price Surges by...

Terra Classic Revolutionizes with Groundbreaking v2.1.1 Parity Upgrade, LUNC Price Surges by 8%

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  • Terra Classic’s core developer team, the Joint L1 Task Force, successfully introduces the v2.1.1 upgrade, eliciting an 8% rise in LUNC price.
  • The v2.1.1 upgrade propels Terra Classic towards parity with Terra 2.0 and other Cosmos chains, fostering an inviting environment for dApp development.

Terra Classic, under the stewardship of its core developer group, the Joint L1 Task Force (L1TF), has marked a significant milestone with the successful implementation of the v2.1.1 parity upgrade. Unveiled at block height 13215800 on June 14, this major network overhaul is the largest in Terra Classic’s history. The commendable effort involved the collaboration of core developer and professor Edward Kim, validators, and influential LUNC community members.

The L1 Task Force project manager, LuncBurnArmy, declared the triumphant upgrade via Twitter. He extended his gratitude to validators and others who contributed to the smooth transition to v2.1.1, a version teeming with notable features. These include a minimum 5% commission for validators, the implementation of CosmWasm v1.1.x, and two security updates. Other enhancements span Wasmvm upgrade to v1.1.2, Wasmd upgrade to v0.30.0 for multichain capability for smart contracts, IBC go v4.3.1, and numerous bug fixes.

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The crucial achievement of this upgrade is that it brings Terra Classic to parity with Terra 2.0 and other Cosmos chains. This provides a fertile ground for projects and developers from other Cosmos chains to develop and migrate dApps to the Terra Classic chain with ease.

L1TF had previously warned that the upgrade could lead to minor issues with dApps due to some wasm components only functioning post Google’s Chrome extension update. Notwithstanding, the Station web and mobile versions are expected to continue operating as usual.

Several cryptocurrency exchanges, including Binance, have shown their support for this upgrade. In response, they temporarily halted deposits and withdrawals of LUNC, with plans to resume once the Terra Classic network stabilizes after the upgrade.

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Looking ahead, Professor Edward Kim will collaborate with LITF to integrate Interchain Accounts (ICA) into Terra Classic, a move that will introduce the AI app chain Block Entropy to the Terra Classic chain.

Following the upgrade, Terra Classic saw an 8% price hike, trading at $0.000100. This price rally, combined with a 70% increase in trading volume, signals an escalated interest in Terra Classic post-upgrade, suggesting a promising future for this emergent blockchain.

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Jack Williams
Jack Williams
As a Blockchain Analyst, I specialize in analyzing the performance of decentralized systems and optimizing their efficiency. Through data analysis, I provide insights on blockchain technology, smart contracts, and cryptocurrencies to help businesses make informed decisions and improve their operations.
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