Terra Classic Developer Announces Official Date Of Parity Upgrade, LUNC To $1

Terra Classic developer group Joint L1 Task Force (L1TF) has announced the official date of the CosmWasm v1.1.0 parity upgrade. 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. It will bring Terra Classic to parity with other blockchains such as Terra 2.0 and Cosmos.

Terra Classic Developer L1TF Announces Date For Parity Upgrade

Joint L1 Task Force project manager LuncBurnArmy took to Twitter to reveal June 14 as the official date of the CosmWasm v1.1.0 upgrade. The upgrade was initially planned for May 31, but the Terra Classic core developer team decided to add two weeks for additional testing as this is a major upgrade.

CosmWasm upgrade from v0.16.6 to v1.1.0 can be completed in four scenarios. However, each scenario has different levels of complexity, impacts to schedule, and costs. The Joint L1 Task Force decided to proceed with “Scenario 4” after a discussion with expert developers such as Fragwuerdig and Edward Kim.

There are certain prerequisites to successfully complete the Parity upgrade. The team has completed the v1.2.0 upgrade and smart contract unit testing. It plans to complete v1.2.0 upgrade testing on Bajor testnet and v1.2.0 ‘dress rehearsal’ upgrade on rebel-2 testnet by May 31.

L1TF will post an updated Agora proposal on June 1 and post-governance voting starts on June 7. The CosmWasm Parity upgrade will happen on June 14. DApp owners and smart contracts providers need to update smart contracts to CosmWasm v1.1.0.

“The difficult and complex part of this upgrade is to migrate the state and the data that is currently inside the WASM module to the version of the future WASM module.”

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Why This LUNC Upgrade Is Important?

Joint L1 Task Force (L1TF) successfully completed the v2.0.1 upgrade without any issues on May 17. The upgrade enabled several features to the Terra Classic blockchain. It includes a minimum initial deposit for governance proposals, Cosmos SDK v0.45.13 and Tendermint v0.34.24 upgrade, and mandatory security updates.

The CosmWasm v1.1.0 upgrade will bring back utility to the Terra Classic network by allowing projects and builders across Cosmos and Terra Luna 2.0 to once again build on the Terra Classic chain.

It will enable Professor Edward Kim to launch the testnet for AI upgrade Block Entropy. In addition, reinstating the burn tax to 1.2% and increasing staking rewards, as well as reviving LUNC and USTC to $1.

LUNC price currently trades at $0.000087, down 3% in the past 24hrs amid market uncertainty. The 24-hour low and high are $0.000086 and $0.000090, respectively.

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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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