- The Terra Classic (LUNC) developer group Joint L1 Task Force is set for the Cosmwasm v1.1.0 upgrade on May 31 and the v2.0.1 Upgrade on May 15.
- Notably, only a few validators have agreed to join the testnet, the developer team plans to conduct the Cosmos SDK upgrade and Tendermint upgrade the Rebel-2 testnet.
The Joint L1 Task Force (L1TF), which consists of developers working on the Terra Classic blockchain, successfully submitted the v2.0.1 Upgrade proposal and received enough community support to move forward.
This proposal is a significant upgrade for the LUNC blockchain and will also include the Cosmwasm v1.1.0 upgrade on May 31. The upgrade will bring 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 Joint L1 Task Force’s “Proposal for v2.0.1 Upgrade,” which includes the Cosmwasm upgrade, has received an overwhelming amount of support, with 99.5% of the votes in favor of the proposal and only a few objections. The proposal has gained support from major validators like Allnodes, StakeBin, JESUSisLORD, Lunanauts, and SolidVote. The proposal is set to end on May 15, and developers are already preparing for the upgrade as the community typically approves such proposals.
Developers Doubt the Success of the Upgrade.
According to core developer Tobias “Zaradar” Anderson, implementing the upgrade using an upgrade handler would require a lot of work, and he believes that the nuclear option for the WASM module would be the easiest path to take.
The upgrade includes various crucial features, such as a minimum deposit for governance proposals to prevent spam, upgraded Cosmos SDK and Tendermint, and improved code maintainability. The Joint L1 Task Force has requested all nodes and validators to install and run the current upgrade version v2.0.1 since the proposal has been approved. The Terra Classic blockchain will pause at block 12,812,900, which is expected to happen on May 17 at 14:03 UTC.
After that, the Cosmwasm 1.1.0 Parity upgrade will occur on May 31, which will allow builders and projects from Cosmos and Terra Luna 2.0 to build on the Terra Classic chain and restore utility to the network.
LUNC Price Action
In an unprecedented feat, a new project has burned billions of LUNC tokens in just a week, causing the burn rate to skyrocket! With LUNC prices plummeting to below $0.000010, the massive burn was an unexpected shocker!
The LUNC price has taken a hit, falling by 0,74% in the last 24 hours. The current trading price is $0.00008916, with the low and high of the day being $0.000087 and $0.000089, respectively. Will LUNC bounce back, or will it fall even lower, leaving investors on the edge of their seats? Only time will tell!
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