Terra Classic (LUNC) Close to Parity as L1JTF Fixes New Date for v2.1.0 Upgrade

The Terra Classic (LUNC) layer-1 Task Force updates the progress made toward implementing the Cosmwasm upgrade.

The Terra Classic (LUNC) blockchain is making headway on its journey to revitalization as the L1 Joint Task Force (L1JTF) progresses toward the ultimate implementation of the network v2.1.0 upgrade. The upgrade will bring Terra Classic to parity with Luna 2.0 and the Cosmos blockchain.

In a recently-released revision of the Q2 roadmap, the L1 Team has pushed back the date for the upgrade to v2.1.0. As disclosed by LuncBurnArmy (LBA), the L1JTF’s Project Manager, the team has moved the date from May 31 to June 14 to allow them to make additional tests on the upgrade.

1. #LuncArmy Please find the status update for Q2 Sprint #4 at the following location:https://t.co/NKCxueSAiB

— 🔥LuncBurnArmy🔥 (@luncburnarmy) May 29, 2023

According to LBA, the team’s focus for Q2 is fixated on the v2.1.0 upgrade, and testing is currently underway. Notably, the v2.1.0 upgrade is regarded as one of the most important upgrades on the network since the ecosystem implosion, as it will upgrade the Cosmwasm framework to v1.1.0. This will make LUNC compatible with the Cosmos and Luna 2.0 networks.

The team has made progress on testing, having completed the unit upgrade on the Bajor-1 testnet and implemented smart contracts to v2.1.0 without any issues. The Bajor-1 testnet has been successfully upgraded to Cosmwasm 1.1.0. The L1 team plans to make similar upgrades on Rebel-2, another testnet. This second testnet upgrade is scheduled for May 31 at 15:00 (UTC).

Once the task force successfully carries out the Rebel-2 testnet upgrade, they will put up an Agora proposal between June 1 and 2. This proposal will seek community consensus on the implementation of the v2.1.0 upgrade on the Terra Classic mainnet. If the proposal passes, the upgrade will occur on June 14.

Minimum LUNC Validator Commission Rate

Notably, the L1JTF is also currently working on implementing a minimum validator fee rate of 5% for the network. Validators on Terra Classic have the liberty of setting their validator fee. However, some validators set their commission rate too low to attract delegators, but this can affect the network’s overall security.

The team wants to enforce a minimum validator commission rate of 5%, preventing them from undercutting each other and ensuring a fair and secure network. LBA noted that the L1JTF is looking to implement the 5% minimum commission rate in the v2.1.0 upgrade, considering the ample time they have to test the upgrade.

If things go as planned, the upcoming v2.1.0 upgrade will occur precisely four weeks after the v2.0.1 upgrade. The v2.0.1 update on May 17 was a minor upgrade that implemented some bug fixes and set up the stage for the major upgrade.