The highly anticipated Terra Classic blockchain v2.1.1 parity upgrade is just around the corner, scheduled for June 14. This comes after the passing of Proposal 11561, “Upgrade to v2.1.0” by the Terra Luna Classic (LUNC) community. Joint L1 Task Force (L1TF), the core developer group of Terra Classic, is all set for the upgrade and has shared essential details regarding its implementation.
The upgrade will primarily bring Terra Classic at par with other blockchains, including Terra 2.0 and various Cosmos chains. This opens doors for projects and developers to build and launch dApps on the Terra Classic chain once again. Furthermore, wasmvm will be updated to v1.1.2, and a 5% minimum validator commission will be introduced.
Terra Classic’s v2.1.1 software upgrade is scheduled to take place at block height 13215800, around 14:00 UTC on June 14, according to the StakeBin countdown timer. The Joint L1 Task Force team has already submitted instructions to validators and central exchanges, ensuring a smooth upgrade process.
The extensive testing and review of security vulnerabilities for the upgrade have been completed by the Joint L1 Task Force. They have also provided the v2.1.0 software release to validators and shared the budget forecast, which has funds still remaining. A small portion of the budget will be utilized to create a USTC test environment for the USTC repeg team.
In the meantime, Terra Luna Classic (LUNC) staking has reached an impressive milestone ahead of the upgrade, with the total amount of staked LUNC exceeding 1 trillion. Additionally, over 63 billion LUNC tokens have been burned by the community.
LUNC’s price experienced a 12% drop on Saturday due to a market-wide sell-off. However, it is currently trading at $0.000087, with expectations of a rebound following the parity upgrade on June 14.
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Source: Coingape
