The Terra Classic core developer group, known as the Joint L1 Task Force (L1TF), is fully prepared for the biggest upgrade of the Terra Classic blockchain, version 2.1.1, scheduled for June 14. After Proposal 11561, titled “Upgrade to v2.1.0,” was approved by the Terra Luna Classic (LUNC) community, the L1TF provided an update on the readiness and details of the upgrade.
LuncBurnArmy, the project manager of the Joint L1 Task Force, took to Twitter to announce the preparations for the upcoming Parity upgrade . Notably, the upgrade version has been changed from v2.1.0 to v2.1.1 due to a few modifications. With this upgrade, the wasmvm will be updated to v1.1.2, and the minimum validator commission of 5% will be implemented.
The primary objective of this upgrade is to align Terra Classic with other blockchains like Terra 2.0 and other Cosmos chains. This alignment will enable projects and developers to build and deploy dApps on the Terra Classic chain once again. The Joint L1 Task Force team has provided instructions to validators and central exchanges. The software upgrade to v2.1.1 for Terra Classic is scheduled to take place at block height 13215800, around 14:00 UTC on June 14, according to the StakeBin countdown timer.
To ensure the stability and security of the major upgrade, the Joint L1 Task Force has completed extensive testing and review of security vulnerabilities. They have also provided the v2.1.0 software release to validators, ensuring their readiness for the upcoming changes.
3. Also on June 14th, all validators will be running at a minimum of 5% commission following the upgrade. Be sure to support all validators, as they are expensive to operate. Interesting stat: the top-30 validators have ~90% of the voting power for the entire blockchain.— 🔥LuncBurnArmy🔥 (@luncburnarmy) June 11, 2023
Notably, the Terra Luna Classic (LUNC) staking has achieved a significant milestone by reaching 1 trillion, marking a historic achievement just before the major Parity upgrade. Additionally, the LUNC community has burned over 63 billion tokens, showcasing active participation and engagement.
At present, the price of LUNC is trading at $0.000093, with a 24-hour low of $0.00084 and a high of $0.000093. However, it is expected that the LUNC price will experience a rebound following the Parity upgrade on June 14. With the alignment of Terra Classic with other blockchains and the implementation of crucial changes, the upgrade will open doors for new opportunities for developers and projects on the Terra Classic chain.
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