Joint L1 Task Force (L1TF), a group of Terra Classic developers, has effectively completed v2.1.1 parity upgrade; LUNC price increases by 8%.
At block height 13215800 on June 14 at 13:57 UTC, the Terra Classic core developer group Joint L1 Task Force (L1TF) effectively completed the network’s most significant v2.1.1 parity upgrade. Edward Kim, a professor and core developer, joined the Joint L1 Task Force along with validators and critical LUNC community members.
Joint L1 Task Force project manager LuncBurnArmy announced on Twitter that the Terra Classic blockchain at block height 13215800 was successfully upgraded to v2.1.1 with Parity. He lauded the validators and other participants in the upgrade.
The v2.1.1 upgrade has been completed! Thank you to all validators for such a smooth upgrade. Parity has arrived. Thank you @TheVinhNguyen4 @frag_dude, Xi, for your endless work on this on this upgrade!
Also, thank you to all of the validators for a great upgrade!
— 🔥LuncBurnArmy🔥 (@luncburnarmy) June 14, 2023Most of the v2.1.1 upgrade consists of a minimum 5% commission for validators, CosmWasm v1.1.x, and two security enhancements. Other modifications include the Wasmvm upgrade to version 1.1.2, the Wasmd upgrade to version 0.30.0 for multichain capability for smart contacts; the IBC go upgrade to version 4.3.1, and bug corrections.
The upgrade primarily aligns Terra Classic with Terra 2.0 and other Cosmos chains. The Terra Classic chain allows projects and developers on other Cosmos chains to build and deploy decentralized applications.
Minimum Commission Rate of 5% for Validators. Prior to the upgrade, StakeBin L1TF reported that dApps could experience issues because certain wasm components will only function after Google updates its Chrome extension. However, the current web and mobile versions of Station will continue to function ordinarily.
Several cryptocurrency exchanges, including Binance, have announced support for the Terra Classic network’s major v2.1.1 upgrade, suspending LUNC deposits and withdrawals temporarily. After the upgrade has stabilized the Terra Classic network, the crypto exchanges will enable deposits and withdrawals.
Professor Edward Kim will collaborate with LITF to integrate Interchain Accounts (ICA) into Terra Classic following the Parity upgrade. Block Entropy will be added to the Terra Classic chain by ICA. In the interim, the community can obtain Testnet tokens from the Block Entropy TestNet Faucet.
Additionally, the LITF will collaborate with the USTC repeg team to restore TerraClassicUSD (USTC) to $1. There are efforts to collaborate with the USTC repeg team and TGF to identify and address CEX’s concerns.
LUNC Price Increase Following Upgrade
The share price of Terra Classic has risen 8% in the past 24 hours and more than 20% in the past week in anticipation of significant changes to the chain.
LUNC is currently trading at $0.000100 per unit. The low and high for the past 24 hours are $0.000092 and $0.000100, respectively. In addition, the trading volume has increased by 70% over the past twenty-four hours, indicating a rise in interest.
