Terra Classic’s Biggest v2.1.1 Parity Upgrade Goes Live, Sparks LUNC Price Rally

Terra Classic, a popular blockchain network, achieved a significant milestone as its core developer group, Joint L1 Task Force, successfully completed the v2.1.1 parity upgrade. This major upgrade took place at block height 13215800 on June 14 at 13:57 UTC. The Joint L1 Task Force, accompanied by professor and core developer Edward Kim, validators, and key LUNC community members, played an instrumental role in accomplishing this feat.

LuncBurnArmy, the project manager of the Joint L1 Task Force, took to Twitter to announce the successful upgrade of the Terra Classic blockchain with the v2.1.1 version. He expressed his appreciation for the validators and other participants who contributed to the upgrade.

What’s Inside the Parity Upgrade?

The v2.1.1 upgrade encompasses several noteworthy features, such as a minimum 5% commission for validators, CosmWasm v1.1.x, and two crucial security updates. Additionally, the upgrade includes the Wasmvm upgrade to v1.1.2, Wasmd upgrade to v0.30.0 to enhance multichain capability for smart contracts, IBC go v4.3.1, and bug fixes.

One of the primary objectives of this upgrade is to bring Terra Classic on par with Terra 2.0 and other Cosmos chains. By achieving this parity, projects and developers working on other Cosmos chains can seamlessly build and introduce decentralized applications (dApps) to the Terra Classic chain. It opens up exciting possibilities for cross-chain collaboration and development.

Prior to the upgrade, the L1TF had highlighted that some dApps might encounter issues due to certain wasm components, which would only function after Google updates its Chrome extension. However, it is important to note that the existing Station web and mobile versions will continue to operate normally, ensuring a smooth user experience for Terra Classic’s existing applications.

Recognizing the significance of the v2.1.1 upgrade, leading cryptocurrency exchanges such as Binance announced their support for the Terra Classic network. As part of this support, these exchanges temporarily suspended the deposits and withdrawals of LUNC tokens. This precautionary measure ensures the stability of the network during the upgrade process. Once the Terra Classic network stabilizes after the upgrade, crypto exchanges will resume their normal operations, allowing users to deposit and withdraw LUNC tokens as usual.

Related: Terra Classic’s Parity Upgrade: Joint L1 Task Force Sets Date for CosmWasm v1.1.0

Conclusion

Overall, the successful completion of the v2.1.1 parity upgrade marks a significant milestone for the Terra Classic blockchain. This upgrade brings the network closer to its future goals, enhances its capabilities, and fosters interoperability with other Cosmos chains. It sets the stage for increased innovation, collaboration, and growth within the Terra Classic ecosystem.