- The Terra Classic community has unanimously approved the v2.1.0 Parity upgrade proposed by the Joint L1 Task Force.
- The upgrade is a significant milestone since the community took control following the Terra-LUNA crisis, aiming to bring Terra Classic at par with major blockchains, reigniting interest from developers.
In a significant development, the Terra Classic community has given its unwavering support to the v2.1.0 Parity upgrade proposal put forth by the Joint L1 Task Force (L1TF). The approval paves the way for major modifications to the Terra Classic ecosystem, the most significant one since the Terra-LUNA crisis in the previous year.
Slated to happen on June 14, the update will help Terra Classic achieve parity with blockchain heavyweights such as Terra 2.0 and other Cosmos chains, thereby restoring the platform’s attractiveness for developers and projects.
Joint L1 Task Force project manager LuncBurnArmy declared the said date as the official day for the CosmWasm v1.1.0 parity upgrade. The decision came after thoughtful consideration, comprehensive testing, and preparation for the groundbreaking enhancement. Terra Classic is expected to carry out the v2.1.0 software upgrade at block height 13215800, approximately at 13:15:23 UTC on June 14, although the block height and the upgrade time are subject to change.
In anticipation of the upgrade, all nodes and validators must install the v2.1.0 release. Developers Fragwuerdig and The Vinh Nguyen are available to provide assistance with the upgrade and migration to Dapps and smart contract providers. In addition, projects with ‘sealed’ smart contracts will also need to contact L1TF or its developers.
The v2.1.0 upgrade promises several features, such as a minimum 5% commission for validators, CosmWasm v1.1.0, and two security updates. It also includes upgrades to WasmVM and Wasmd, a bug fixes, and more.
The proposal received an overwhelming 99.99% of votes in favor, with a negligible 0.01% opposing it. Almost no votes were cast for “Abstain” and “No with veto”. Major validators, including Allnodes, Orion, Coinpayu, Interstake One, StakeBin, among others, voted in support of the proposal.
This groundbreaking upgrade has stirred up the LUNC market, with its price soaring by 35% this week. There’s heightened anticipation for further growth post-upgrade. LUNC is currently trading at $0.000098, and it could well be on its path to $1.
