The Terra Classic LUNC developer group Joint L1 Task Force has successfully completed version 2.0.1, and it now shifts its focus to version 2.1.0, the CosmWasm rehearsal testnet upgrade, and migration process. A highly-anticipated event, the community has referred to the CosmWasm v2.1.0 parity upgrade as LUNC reaching $1. This upgrade has the potential to bring Terra Classic on par with other blockchains like Terra 2.0 and Cosmos, integrating numerous features and functionalities, such as Edward Kim’s AI app chain, “Block Entropy.”
Initially planned for May 31, the v2.1.0 parity upgrade has been moved to June 14 to allow for additional testing, considering its importance. To provide status updates on the upgrade, LuncBurnArmy took to Twitter on May 29, also revealing plans for including a 5% minimum commission fee for validators in the v2.1.0 upgrade.
The L1 Task Force team is currently focusing on finalizing the CosmWasm upgrade and migration. They have already executed Bajor-1 testnet upgrade to CosmWasm v1.1.0, smart contracts testing, and new contracts deployment. Preparations are underway for the Rebel-2 testnet ‘dress-rehearsal’ upgrade on May 31 at 11 AM EST, with eight validators showing interest in the testnet upgrade. The 5% minimum validator commission fee is being tested and could be part of the v2.1.0 upgrade. An updated Agora proposal will be posted on June 1, with post-governance voting starting on June 7. Ultimately, the CosmWasm Parity upgrade is set for June 14.
DApp owners and smart contract providers need to ensure their projects’ codebases are updated to v2.1.0. The Terra Classic community is working on numerous developments to drive LUNC and USTC prices back to $1. Professor Edward Kim is preparing to launch the testnet for the AI-embedded “Block Entropy” upgrade. Additionally, proposals to restore the LUNC burn tax to 1.2% are in process after increasing it to 0.5% last week, as the community collaborates with the USTC repeg team to create a USTC test environment.
LUNC price has shown sideways movement in the past 24 hours, with a 24-hour low of $0.000086 and a high of $0.000088. As of now, the total amount of LUNC burned by the community has reached $60 billion. Although the presented content may reflect the author’s personal opinion, it is crucial for investors to conduct proper market research before engaging with cryptocurrencies, as the author and the publication have no responsibility for personal financial losses.
Source: Coingape
