Terra Classic’s development group, Joint L1 Task Force (L1TF), has made a significant announcement regarding the official date for the CosmWasm v1.1.0 parity upgrade. This upgrade marks one of the most substantial advancements since the Terra Classic community assumed control of the blockchain following the Terra-LUNA crisis in May of the previous year. The upgrade aims to align Terra Classic with other prominent blockchains like Terra 2.0 and Cosmos.
In an update shared on Twitter, LuncBurnArmy, the project manager for Joint L1 Task Force, revealed that the CosmWasm v1.1.0 upgrade will take place on June 14. Initially planned for May 31, the Terra Classic core developer team decided to allocate an additional two weeks for thorough testing, recognizing the significance of this major upgrade.
Why is this important for LUNC?
On May 17, the Joint L1 Task Force (L1TF) accomplished the v2.0.1 upgrade for the Terra Classic blockchain, achieving a seamless transition without encountering any issues. This upgrade introduced a range of new features to enhance the functionality of the network. Notable additions include the implementation of a minimum initial deposit requirement for governance proposals, an upgrade to Cosmos SDK v0.45.13 and Tendermint v0.34.24, and mandatory security updates.
The forthcoming CosmWasm v1.1.0 upgrade holds the promise of revitalizing the Terra Classic network, reigniting its utility for projects and builders across the Cosmos and Terra Luna 2.0 ecosystems. This upgrade will empower Professor Edward Kim to launch the testnet for the AI upgrade called Block Entropy. Furthermore, a proposal slated for June seeks to reinstate the burn tax to 1.2%, increase staking rewards, and revive LUNC and USTC tokens to a value of $1.
Currently, the LUNC token is trading at $0.000087, experiencing a 3% decline over the past 24 hours amidst prevailing market uncertainty. The lowest and highest recorded prices within the same period stand at $0.000086 and $0.000090, respectively.
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