- The Joint L1 Task Force, Terra Classic’s core developers, are set to roll out the v2.1.1 Parity upgrade on June 14, aiming to align Terra Classic with blockchains like Terra 2.0 and other Cosmos chains.
- Terra Luna Classic (LUNC) staking recently hit a major milestone of 1 trillion, while its community burned over 63 billion tokens, reflecting robust participation and engagement.
The Joint L1 Task Force (L1TF), the core development group for Terra Classic, is all set to launch a significant upgrade, v2.1.1, to the Terra Classic blockchain on June 14. This development follows the community’s approval of Proposal 11561, “Upgrade to v2.1.0.”
LuncBurnArmy, the Joint L1 Task Force’s project manager, shared the readiness status and details of the impending Parity upgrade on Twitter. Notably, the upgrade’s version changed from v2.1.0 to v2.1.1 due to certain modifications. This upgrade will see the wasmvm updated to v1.1.2 and the implementation of a minimum validator commission of 5%.
The key purpose of this upgrade is to harmonize Terra Classic with other blockchains, including Terra 2.0 and other chains within the Cosmos ecosystem. Such an alignment will allow developers to once again create and deploy decentralized applications (dApps) on the Terra Classic blockchain. Instructions for validators and central exchanges have been shared by the Joint L1 Task Force team.
The significant upgrade, scheduled to happen at block height 13215800, around 14:00 UTC on June 14, has been meticulously planned. The team conducted extensive testing and reviewed potential security vulnerabilities to ensure stability and security. Validators have also been given the v2.1.0 software release, priming them for the impending changes.
In a noteworthy achievement just before this major Parity upgrade, Terra Luna Classic (LUNC) staking reached a remarkable milestone of 1 trillion. Moreover, the active LUNC community has burned over 63 billion tokens, highlighting their active engagement and participation.
Currently, LUNC is trading at $0.000093, fluctuating between a 24-hour low of $0.00084 and a high of $0.000093. However, the Parity upgrade is expected to catalyze a price rebound for LUNC. By aligning Terra Classic with other blockchains and implementing key changes, this upgrade could unlock new possibilities for developers and projects on the Terra Classic chain, leading some to wonder if LUNC could reach $1 in 2023.