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- The long awaited Parity Upgrade of the Terra Classic (LUNC) protocol has finally been passed.
- Billed to introduced a plethora of beneficial features, the vote received almost a 100% support to be passed.
Terra Classic’s v2.1.0 Parity upgrade proposal submitted by the core developer group Joint L1 Task Force (L1TF) has finally been passed.
The proposal, which was announced on Twitter by L1TF’s manager LuncBurnArmy, received enormous support from the community members who voted in its favor. Proposal 11561 “Upgrade to v2.1.0” as it was dubbed, received 99.99% votes in favor with only 0.01% “No votes.”
The proposal enjoyed participation from Allnodes, Orion, Coinpayu, Interstake One, StakeBin and other top validators. Moving forward, the v2.1.0 upgrade is scheduled to take place on Wednesday, June 14 and this will be the beginning of a new era as several significant changes will happen to Terra Classic (LUNC).
V2.1.0 Upgrade Comes With Unique Features
Notably, the v2.1.0 upgrade will bring the LUNC blockchain to parity with other blockchain networks including the Luna 2.0 and Cosmos networks. This will once again allow developers to build projects on the LUNC chain. Since the Terra LUNA collapse of 2022 and the reassignment of the blockchain to the Terra LUNA community, this is the first and biggest upgrade that the protocol is undergoing.
A few eye-catching features of the upgrade are a minimum 5% commission for validators, CosmWasm v1.1.0, as well as two security updates. This is in addition to the WasmVM upgrade to v1.1.2, Wasmd upgrades for multichain capability, IBC go v4.3.1, and several bug fixes.
According to LuncBurnArmy, as part of the June 14 CosmWasm v1.1.0 parity upgrade, LUNC will go through the v2.1.0 software upgrade at block height 13215800, and it is expected to happen around 13:15:23 UTC on the said date. These details are likely to change as the day draws closer. However, in preparation for the upgrade, nodes and validators will be expected to install the v2.1.0 release.
Blockchain developers at Terra Classic L1 Task Force, The Vinh Nguyen, and Fragwuerdig, will be available to assist Decentralized Applications (DApps) and smart contracts providers who may experience any difficulties with both the upgrade and the migration. This would also apply to projects with “sealed” smart contracts. So far, testing has been completed for v2.1.0 on rebel-2 testnet after the v2.0.0 upgrade. The team has also conducted the testing on Bajor-1 smart contract, CosmWasm v1.1.0, and 5% minimum commission.
Amidst all of these upgrades, LUNC is still struggling to remain afloat. LUNC price had initially moved higher by 3 percent and thereby reached $0.000091. In this week alone, the price to Terra Classic has jumped by 35% even amidst Binance crossfire with the SEC. Many analysts are still speculating that these upgrades and positive improvements will facilitate the price of LUNC to surge up to $1.
