The Terra Classic community has recently demonstrated an unprecedented unity, as they supported the v2.1.0 Parity upgrade proposal submitted by the core developer group Joint L1 Task Force (L1TF). Scheduled for June 14, this upgrade promises to bring significant changes to the Terra Classic chain and its capabilities.
Once executed, Terra Classic will achieve parity with other blockchains such as Terra 2.0 and other Cosmos chains, enabling projects and developers to build on the Terra Classic chain once more. This marks one of the most substantial upgrades since the community took control of the blockchain after the Terra-LUNA crisis in May last year.
LuncBurnArmy, the project manager of Joint L1 Task Force, has announced that the CosmWasm v1.1.0 parity upgrade will be introduced following thorough testing and preparations for the groundbreaking shift. The upgrade will take place at block height 13215800, anticipated to occur at 13:15:23 UTC on June 14; however, please note that the exact block height and time for the upgrade are subject to change.
In terms of its impact, the v2.1.0 upgrade will include a minimum 5% commission for validators, CosmWasm v1.1.0, and two major security updates. You can also expect an upgrade to WasmVM v1.1.2, Wasmd upgrade for multichain capability, IBC go v4.3.1, and bug fixes. To ensure a smooth transition, nodes and validators are required to install the v2.1.0 release before the upgrade.
It is vital to acknowledge that this upgrade is not only essential for maintaining the blockchain’s functionality, but it has far-reaching implications for other projects such as professor Edward Kim’s AI app chain “Block Entropy.”
In spite of the positive developments, there is a degree of skepticism surrounding Terra Classic’s future given that Binance has delisted the 1000LUNC perpetual contract, which has led to massive short liquidation worth millions. Nevertheless, there is still optimism with the LUNC price, as it climbed 35% this week and 2% within the last 24 hours. While some might argue that Terra Classic will benefit greatly from these updates, there are those who believe that external factors such as Binance’s actions could have a lasting impact.
In conclusion, the Terra Classic community’s decision to approve the v2.1.0 upgrade will introduce substantial improvements to the platform, potentially setting it up for future growth and innovation. However, with uncertainties such as the Binance delisting, one cannot overlook the potential adverse effects on the blockchain’s ecosystem.
Source: Coingape
