Terra Classic Proceeds For Major Upgrade, Popular Dev “Zaradar” Doubts Its Success

The Proposal for v2.0.1 Upgrade submitted by Terra Classic core developer Joint L1 Task Force (L1TF) has passed the threshold limit. This is a major upgrade on the LUNC blockchain, along with Cosmwasm v1.1.0 upgrade (parity) on May 31 to allow projects and builders across Cosmos and Terra (LUNA) to build on the Terra Classic chain. However, former core developer Tobias “Zaradar” Anderson doubts its success.

Terra Classic Dev “Zaradar” Doubts the Success Of Cosmwasm Upgrade

Proposal 11511 “Proposal for v2.0.1 Upgrade” by Joint L1 Task Force has passed with received 99.5% votes in favor of the proposal, while only some objected to the proposal. Moreover, major validators such as Allnodes, StakeBin, JESUSisLORD, Lunanauts, and SolidVote support the proposal. The proposal will end on May 15 and developers are already preparing for the upgrade as the community always passes such proposals.

However, core developer Tobias “Zaradar” Anderson believes the “upgrade will be difficult using an upgrade handler without excessive work.” Can we all agree that maybe the nuclear option for the WASM module is the path of least resistance.”

As GoinGape earlier reported, the upgrade includes several critical features such as a minimum initial deposit for governance proposals that will prevent spam, upgraded Cosmos SDK and Tendermint, and enhanced code maintainability. Joint L1 Task Force asked all nodes and validators to install and run the current upgrade version v2.0.1 as the proposal has passed.

The Terra Classic blockchain will halt at block 12,812,900, estimated on May 17 at 14:03 UTC. It is followed by the Cosmwasm 1.1.0 Parity upgrade on May 31. Parity upgrade will help bringing 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.

The Inter Blockchain Communication (IBC) was already opened with other chains earlier, but there are still several developments left as the Terra Classic Revival Roadmap planned by core developer Edward Kim.

Also Read: Terra Classic Project DFLunc Burns Billions Of LUNC, More Than Binance

LUNC Burn Rises As Price Falls

LUNC burn rate has increased after a new project burned billions of tokens in just a week. LUNC price fall below $0.000010 has led to massive burn.

LUNC price fell 2% in the last 24 hours, with the price currently trading at $0.000088. The 24-hour low and high are $0.000083 and $0.000097, respectively.

Also Read: Bitcoin Price Bearish? On-Chain Data Indicates It’s Time To Sell

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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