The Terra Classic core developer Joint L1 Task Force (L1TF) has submitted Proposal 11511 for governance voting, in a bid to upgrade the Terra Classic network to v2.0.1. This comes as a major development for the LUNC blockchain, alongside the highly anticipated Cosmwasm v1.1.0 upgrade (parity) set to take place on May 31st. This move will enable projects and builders from both Cosmos and Terra (LUNA) to build on the Terra Classic chain.
Following the successful completion of the rebel-2 testnet to v2.0.0 by the Joint L1 Task Force developer team last week, the Cosmos SDK v0.45.13 Columbus-5 and Tendermint v0.34.24 mainnet upgrade is now scheduled at block height 12,812,900, estimated for May 17th at 14:03 UTC. Among the many features included in the upgrade are minimum initial deposits for governance proposals, improved Cosmos SDK and Tendermint, and enhanced code maintainability. To keep up with the proposal, all nodes and validators must install and run the current upgrade version v2.0.1.
So far, Proposal 11511 has received a resounding 99.5% votes in favor, with only a few voting “No” and “No with veto”. As the proposal wraps up on May 15th, it’s evident that the community generally supports such major strides in development. Prominent validators like Allnodes, StakeBin, JESUSisLORD, Lunanauts, and SolidVote have come forward to endorse the proposal.
With the Cosmwasm 1.1.0 Parity upgrade scheduled for May 31st, utility benefits are expected for the Terra Classic network. This will enable projects and builders from Cosmos and Terra Luna 2.0 to build on Terra Classic, which is a positive sign for its future.
Consequently, LUNC price has surged 15% in the last 24 hours, currently trading at $0.000090. The 24-hour low is $0.000083, while the high stands at $0.000097, indicating a heightened interest among traders. TerraClassicUSD (USTC) and Terra (LUNA) prices have also seen significant growth of 15% and 5%, respectively, within the last 24 hours. However, as traders book profits, prices continue to fall from their high points. This only marks the beginning of the developments as laid out by the Terra Classic Revival Roadmap.
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Source: Coingape
