Joint L1 Task Force (L1TF), a group of Terra Classic core developers, announced it is ready for the Terra Classic blockchain’s largest v2.1.1 parity upgrade on June 14.
Following the approval of Proposal 11561 “Upgrade to v2.1.0” by the Terra Luna Classic (LUNC) community, L1TF has provided an update on the status and specifics of the upgrade.
Following the infamous fall of LUNA and UST, the Terra community chose a drastic course of action. The LUNA cryptocurrency would be updated, and a new blockchain would be created. While the original blockchain, now known as Terra Classic, would continue to support the original coin, now known as LUNC, owned and run by the Terra Classic community, this would assume the LUNA handle. Terra Classic is powered by LUNC, which may be purchased, sold, and exchanged on exchanges.
The project manager for the Joint L1 Task Force, LuncBurnArmy, shared an update on Twitter regarding preparations for the June 14 Parity upgrade. Due to a few adjustments, the upgrade name has been changed from v2.1.0 to v2.1.1. Wasmvm will be upgraded to version 1.1.2 with the upgrade, and the 5% minimum validator commission will take effect.
The primary goal of the upgrade is to put Terra Classic on an equal footing with other blockchains like Terra 2.0 and other Cosmos chains. As a result, projects and developers can now create and upload dApps to the Terra Classic network.
Dapps and smart contract providers were instructed to update the codebase of their projects to CosmWasm v2.1.0, upload it, and move code and data. However, if smart contracts are sealed, it wouldn’t take place. Native token balances and contract addresses will be lost after migration if this is not done.
Prior to the CosmWasm v2.1.0 parity upgrade, the Terra Classic core developer team Joint L1 Task Force (L1TF) announced the developer team would help Dapps with crucial requirements.
Owners of Dapps or Dapps with sealed smart contracts are being urged by LuncBurnArmy to get in touch with developer Fragwuerdig for any help with the CosmWasm parity upgrade.
To validators and central exchanges, the Joint L1 Task Force team has sent directives. According to the StakeBin countdown timer , Terra Classic will receive the v2.1.1 software upgrade at block height 13215800 at about 14:00 UTC on June 14.
The Joint L1 Task Force has delivered the v2.1.0 software version to validators and finished thorough testing and review of security vulnerabilities for this significant upgrade. The budget forecast was also discussed, showing how much money was left over. The USTC repeg team will utilize a tiny fraction of the funds to put up a USTC test environment.
Prior to the significant Parity upgrade, Terra Luna Classic (LUNC) staking has formally achieved 1 trillion, a historic milestone. Additionally, the community has destroyed more than 63 billion LUNC tokens in total.
Around 1 trillion LUNC, or about $100 million, has been successfully staked by stakers. Due to this success, the staking ratio reached a record high of 14.61 percent, breaking all prior records. This shows that, out of a total of 6.84 trillion Terra Luna Classic (LUNC), only 5.8 trillion are now in use.
The price of LUNC, which was the sole cryptocurrency in positive territory last week, is currently jumping by 11.54%. The price is now $0.000097. Following the Parity upgrade on June 14, the price of LUNC is projected to increase even more.
Be it as it may, time will tell if the aforementioned causes truly succeed in pushing the LUNC price upward, especially when the planned advancements materialize, or if the bears will win out given the current unfavorable environment on the wider crypto market