The Terra Classic core developer group Joint L1 Task Force (L1TF) recently announced plans for the v2.1.0 upgrade proposal on the Commonwealth portal. This upgrade, scheduled for June 14, is one of the most significant changes for Terra Classic since the Terra-LUNA crisis in May of the previous year. Essentially, this upgrade aims to bring Terra Classic on par with other blockchains such as Terra 2.0 and other Cosmos chains, enabling projects and developers to build on the Terra Classic chain once again.
The introduction of Interchain Accounts (IBA) into Terra Classic (LUNC) is also an essential part of this parity, as noted by professor and core developer Edward Kim. IBA will bring the AI app chain Block Entropy to the Terra Classic chain. Users can acquire Testnet tokens from the Block Entropy TestNet Faucet, while DeFi protocol DFLunc is actively burning LUNC tokens to help its users obtain Block Entropy testnet tokens.
Terra Classic chain’s v2.1.0 upgrade is expected to occur at block height 13,219,970 (subject to change) on June 14. Nodes and validators must install the v2.1.0 release before the upgrade takes place. Furthermore, Dapps and smart contract providers can contact developers Fragwuerdig and The Vinh Nguyen for assistance with the upgrade and migration process. Projects with ‘sealed’ smart contracts will also need to get in touch with developers.
The v2.1.0 upgrade primarily includes features such as a minimum 5% commission for validators, Cosmwasm v1.1.x, two security updates, WasmVM upgrade to v1.1.2, Wasmd upgrade for multichain capability, IBC go v4.3.1, and various bug fixes. Tests for v2.1.0 on the rebel-2 testnet, Bajor-1 smart contract, and Cosmwasm v1.1.0 have all been successfully completed, as well as a 5% minimum commission.
The broader crypto market’s uncertainty has also affected Terra Classic. The LUNC price saw a slight rebound after Binance burned 1.04 billion LUNC tokens on June 1. However, upside momentum remains relatively weak, and the price follows a descending trendline. The community hopes for a recovery following the parity upgrade.
In the last 24 hours, the LUNC price has risen 1%, with the current price sitting at $0.000085. The Terra Classic community aims for a short-term target of $0.0005 and a long-term target of $1. Nevertheless, it’s crucial for potential investors to conduct thorough market research before investing in cryptocurrencies, as there are no guarantees for personal financial gains.
Source: Coingape
