Terra Classic implements v2.1.1 Parity Upgrade, driving LUNC price up by 8%. Upgrade aligns Terra Classic with Terra 2.0 and Cosmos chains, enhancing capabilities.
Future plans include integrating Interchain Accounts and addressing CEX concerns.

In a significant development for the cryptocurrency world, the Terra Classic blockchain has triumphantly implemented its landmark v2.1.1 Parity Upgrade. This game-changing move, executed flawlessly by the Joint L1 Task Force (L1TF), propelled the LUNC price by a striking 8%.

Game-Changing Upgrade Comes to Fruition

As per reports, the upgrade, a monumental milestone for Terra Classic, went live at block height 13215800 on June 14 at 13:57 UTC. Besides the technical team from L1TF, key LUNC community members and validators played an instrumental role in this successful upgrade. Edward Kim, an esteemed professor and core developer, was also a significant contributor.

On the other hand, on Twitter, the project manager of L1TF, known as LuncBurnArmy, announced the completion of the upgrade, commending the validators for their invaluable participation. Consequently, the v2.1.1 upgrade has now brought Terra Classic in line with Terra 2.0 and other Cosmos chains, dramatically enhancing its capabilities.

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

Significantly, the upgrade introduces essential features such as a minimum 5% commission for validators, CosmWasm v1.1.x, and essential security updates. Moreover, it includes updates to Wasmvm and Wasmd for improved multichain capability for smart contracts, IBC go v4.3.1, and bug fixes.

This advancement means developers and projects on other Cosmos chains can now effortlessly build and introduce dApps to the Terra Classic chain. However, L1TF has highlighted that some wasm components might only function after Google updates its Chrome extension, potentially causing issues for dApps post-upgrade. Still, the existing Station web and mobile versions are expected to remain operational.

On the same accord, major crypto exchanges such as Binance have supported the v2.1.1 upgrade, albeit temporarily suspending LUNC deposits and withdrawals until the Terra Classic network stabilizes.

Future Endeavors and LUNC Price Surge

Following this upgrade, Professor Kim and the L1TF plan to integrate Interchain Accounts (ICA) into Terra Classic, paving the way for the AI app chain Block Entropy. Additionally, the team will work with the USTC repeg team and TGF to address CEX concerns and make efforts to re-establish the TerraClassicUSD (USTC) value at $1.

Meanwhile, LUNC has witnessed a notable rally, rising by 0.73% within 24 hours and over 3.78% within a week, mainly in response to these imminent changes. Currently, LUNC trades at $0.00009685, with a significant 31.09% increase in the last 24-hour trading volume, indicating a spike in interest.

Hence, with this v2.1.1 Parity Upgrade, Terra Classic proves once again its commitment to innovation, interoperability, and the prosperity of its community. It’s an exciting time for the LUNC holders, developers, and supporters, as this leap forward will undoubtedly unlock new possibilities for the Terra Classic ecosystem.

 

 

 

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Filed under: Bitcoin - @ June 16, 2023 8:14 am