Terra Luna Classic Biggest v2.1.1 Parity Upgrade Goes Live, LUNC Price Rally 8%

Terra Classic core developer group Joint L1 Task Force (L1TF) successfully completed the network’s biggest v2.1.1 parity upgrade at block height 13215800 on June 14 at 13:57 UTC. Members of the developer group Joint L1 Task Force were joined by professor and core developer Edward Kim, validators, and key LUNC community members.

Terra Classic Developer Successfully Completes v2.1.1 Parity Upgrade

Joint L1 Task Force project manager LuncBurnArmy took to Twitter to reveal that the Terra Classic blockchain was successfully upgraded with v2.1.1 at block height 13215800. He praised validators and others who took part in the upgrade.

The v2.1.1 upgrade has been completed! Thank you to all validators for such a smooth upgrade. Parity has arrived. Thank you @TheVinhNguyen4 @frag_dude, Xi, for your endless work on this on this upgrade!

Also, thank you to all of the validators for a great upgrade!

— 🔥LuncBurnArmy🔥 (@luncburnarmy) June 14, 2023

The v2.1.1 upgrade mainly contains features including a minimum 5% commission for validators, CosmWasm v1.1.x, and two security updates. Other changes include Wasmvm upgrade to v1.1.2, Wasmd upgrade to v0.30.0 for multichain capability for smart contacts, IBC go v4.3.1, and bug fixes.

Primarily, the upgrade brings Terra Classic to parity with Terra 2.0 and other Cosmos chains. Projects and developers on other Cosmos chains can easily build and bring dApps to the Terra Classic chain.

L1TF earlier reported that dApps could face issues after the upgrade as some wasm components will only function after Google update its Chrome extension. However, the existing Station web and mobile versions will continue to work normally.

Crypto exchanges including Binance announced support for the Terra Classic network’s biggest v2.1.1 upgrade, temporarily suspending deposits and withdrawals of LUNC. The crypto exchanges will open deposits and withdrawals once the Terra Classic network stabilizes after the upgrade.

After the Parity upgrade, professor Edward Kim will work with LITF to incorporate Interchain Accounts (ICA) into Terra Classic. ICA 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.

The LITF will also work with the USTC repeg team to revive TerraClassicUSD (USTC) to $1. There are efforts to work with the USTC repeg team and TGF to get a list of the CEX concerns and address them.

Also Read: US House To Vote On Crypto Bill For Clarity On SEC or CFTC Jurisdiction In Weeks

LUNC Price Rally After the Upgrade

Terra Classic has rallied 8% in the past 24hrs and over 20% in a week in anticipation of major changes coming to the chain.

LUNC price is currently trading at $0.000100. The 24-hour low and high are $0.000092 and $0.000100, respectively. Furthermore, the trading volume has also increased by 70% in the last 24 hours, indicating an increase in interest.

Also Read: US Fed Bet On “Pause”, Peter Brandt Predicts Bitcoin Rally

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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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