The Joint L1 Task Force of the Terra Classic LUNC developer group successfully completed the v2.0.1 milestone in mid-May. Now, the core developer group is fully focused on the upcoming v2.1.0 upgrade, known as the CosmWasm rehearsal testnet upgrade and migration process.
This highly anticipated upgrade is considered by the community as a significant step towards achieving LUNC’s target price of $1. It represents one of the most substantial advancements for Terra Classic, aligning it with other prominent blockchains like Terra 2.0 and Cosmos. The upgrade will introduce a range of new features and functionalities to the chain, including the AI app chain “Block Entropy” developed by Edward Kim. With these enhancements, Terra Classic aims to restore utility and unlock its full potential.
CosmWasm Parity Upgrade
The L1 Task Force, responsible for the development of Terra Classic, has provided an update on the progress of the CosmWasm parity upgrade. The official date for the upgrade has been set for June 14, after being revised from the initial target of May 31 to allow for thorough testing.
Related: Terra Classic’s Parity Upgrade: Joint L1 Task Force Sets Date for CosmWasm v1.1.0
LuncBurnArmy, the project manager of the Joint L1 Task Force, shared the latest developments on Twitter on May 29. The team also announced plans to introduce a minimum commission fee of 5% for validators as part of the v2.1.0 upgrade. Notably, validators operating within the Terra Classic network have the freedom to determine their own commission rates. Nevertheless, certain validators opt to set their fees at an excessively low level in an attempt to entice delegators.
Currently, the focus of the L1 Task Force is on finalizing the CosmWasm upgrade and migration. They have successfully completed the Bajor-1 testnet upgrade to CosmWasm v1.1.0, conducted smart contract testing, and deployed new contracts.
To ensure a smooth transition, the team is preparing for the Rebel-2 testnet “dress rehearsal” upgrade scheduled for May 31 at 11 AM EST. So far, eight validators have expressed their interest in participating in the testnet upgrade.
LUNC Price action
The Terra Classic community is making significant strides to drive the LUNC and USTC prices toward the $1 mark. Notable developments include the upcoming testnet launch of the Block Entropy AI upgrade by Professor Edward Kim, proposals to reinstate the LUNC burn tax to 1.2% after a recent increase to 0.5%, and collaborative efforts with the USTC repeg team to establish a USTC test environment.
In the past 24 hours, the price of LUNC has remained relatively stable. Trading within a narrow range, the 24-hour low and high recorded were $0.000086 and $0.000088, respectively. Additionally, the community has successfully burned a total of $60 billion worth of LUNC tokens, reflecting their commitment to enhancing the token’s value.
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