Terra Classic Completes Biggest Parity Upgrade, LUNC Soars Over 6%

Key Points:

• The Terra Classic core development group Joint L1 Task Force (L1TF) completed the v2.1.1 parity update successfully.
• The key features of the upgrade include a minimum 5% fee for validators, CosmWasm v1.1.x, and two security patches.

On June 14 at 13:57 UTC, Terra Classic core development group Joint L1 Task Force (L1TF) completed the network’s largest v2.1.1 parity update at block height 13215800.

The Terra Classic blockchain was successfully updated with v2.1.1 at block height 13215800, according to Joint L1 Task Force project manager LuncBurnArmy on Twitter. He congratulated the validators and everyone who helped with the upgrading.

The v2.1.1 upgrade includes a minimum 5% fee for validators, CosmWasm v1.1.x, and two security fixes. Additional updates include an upgrade to Wasmvm v1.1.2, an upgrade to Wasmd v0.30.0 for multichain functionality for smart contacts, an upgrade to IBC go v4.3.1, and bug fixes.

Terra Classic is now on par with Terra 2.0 and other Cosmos chains, thanks to the update. Other Cosmos chains’ projects and developers may simply construct and deliver dApps to the Terra Classic chain.

In addition, the LITF will collaborate with the USTC repeg team to bring TerraClassicUSD (USTC) back to $1. There are attempts to collaborate with the USTC repeg team and TGF to compile a list of CEX problems and fix them.

Professor and core developer Edward Kim, validators, and important LUNC community members joined members of the development group Joint L1 Task Force.

Professor Edward Kim will collaborate with LITF to add Interchain Accounts (ICA) into Terra Classic after the Parity update. ICA will integrate Block Entropy, an AI app chain, into the Terra Classic chain. In the meanwhile, the public may get Testnet tokens through the Block Entropy TestNet Faucet.

Binance, among other crypto exchanges, announced support for the Terra Classic network’s largest v2.1.1 update, temporarily banning LUNC deposits and withdrawals. After the Terra Classic network has stabilized following the update, the crypto exchanges will allow deposits and withdrawals.

LUNC rose over 6% on Tuesday as whales and investors predict a huge surge after the upgrade due to substantial changes and forthcoming plans.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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