Terra Classic Officially Releases v2.1.0 Parity Upgrade Proposal

Terra Classic core developer group Joint L1 Task Force (L1TF) officially released the proposal for the v2.1.0 upgrade for discussion and review on Commonwealth.

It is one of the biggest upgrades since the Terra Classic community took charge of the blockchain after the Terra-LUNA crisis in May last year. Primarily, it will bring Terra Classic to parity with other blockchains such as Terra 2.0 and other Cosmos chains. Thus, allowing projects and developers to once again build on the Terra Classic chain.

Joint L1 Task Force (LITF) project manager LuncBurnArmy took to Twitter to reveal that the v2.1.0 Upgrade proposal is officially out and can be reviewed on the Commonwealth portal. He also revealed that the proposal will go for voting on June 7 and the upgrade to happen as scheduled on June 14.

The parity is also essential for introducing Interchain Accounts (IBA) into Terra Classic (LUNC), as professor and core developer Edward Kim stated. IBA will bring AI app chain Block Entropy to the Terra Classic chain. Meanwhile, the community can obtain the Testnet tokens from the Block Entropy TestNet Faucet. Also, DeFi protocol DFLunc is currently burning LUNC tokens to help its users get Block Entropy testnet tokens.

Technical Details of the Terra Classic v2.1.0 Upgrade

Terra Classic chain will undergo the v2.1.0 upgrade at block height 13,219,970, expected at 17:21:02 UTC on June 14. The block height and time of upgrade are subject to change. Nodes and validators are required to install the v2.1.0 release before the upgrade.

Dapps and smart contracts providers can reach out to developers Fragwuerdig and The Vinh Nguyen for assistance on the upgrade and migration. Projects with ‘sealed’ smart contracts must also contract.

The v2.1.0 upgrade mainly contains features including minimum 5% commission for validators, Cosmwasm v1.1.x, and two security updates. Other changes include WasmVM upgrade to v1.1.2, Wasmd upgrade for multichain capability, IBC go v4.3.1, and bug fixes.

Testing is successfully completed for v2.1.0 on rebel-2 testnet, Bajor-1 smart contract, Cosmwasm v1.1.0, and 5% minimum commission.

Also Read: Terra Classic To Reinstate Edward Kim 1.2% Burn Tax To Revive LUNC To $1

LUNC Price to Rally

The uncertainty in the broader crypto market has also impacted Terra Classic. LUNC price rebounded slightly after Binance burned 1.04 billion LUNC tokens on June 1. The upside momentum is mostly weak and price is following a descending trendline, with the hope of a recovery after the parity upgrade.

LUNC price jumped 1% in the last 24 hours, with the price currently trading at $0.000085. The 24-hour low and high are $0.0000842 and $0.0000857, respectively.

The Terra Classic community looks for a short-term target of $0.0005 and a long-term target of $1.

Also Read: Terra Founder Do Kwon Bail Request Approved By Montenegro Court

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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