Terra Luna Classic (LUNC) Skyrockets as v2.1.1 Parity Upgrade Sparks Investor Frenzy, Price Surges by 15%
- The Joint L1 Task Force, which includes Terra Classic core developers, is ready for the v2.1.1 parity upgrade on the Terra Classic blockchain.
- According to the StakeBin countdown timer, the upgrade will occur at block height 13215800.
The Joint L1 Task Force (L1TF), comprising Terra Classic core developers, has recently declared its readiness for the upcoming v2.1.1 parity upgrade on the Terra Classic blockchain. Moreover, after the approval of Proposal 11561, titled “Upgrade to v2.1.0,” by the Terra Luna Classic (LUNC) community, L1TF has furnished an update on the progress and particulars of the upgrade. According to the StakeBin countdown timer, the upgrade will occur at block height 13215800 at around 14:00 UTC.
As stated in the GitHub release, Till Ziegler, also known as “fragwuerdig,” and The Vinh Nguyen, members of the L1TF development team, have actively made 19 additions and nine deletions to certain files. During the upgrade, the development team made significant changes, including fixing missing labels in the wasm client and modifying logs. The update of wasmvm to version 1.1.2 and the imposition of a minimum validator commission rate of 5 percent for all validators are significant improvements.
The primary components of the v2.1.1 upgrade consist of several features, such as enforcing a minimum 5% commission for validators, incorporating Cosmwasm v1.1.x, and implementing two security updates. Furthermore, the upgrade includes additional changes such as upgrading Wasmvm to v1.1.2, enhancing Wasmd to v0.30.0 to enable the multichain capability for smart contracts, integrating IBC go v4.3.1, and addressing various bug fixes.
LUNC Developer Seeks Direct Dapp Contact
The main objective of the upgrade is to establish parity between Terra Classic and other blockchains, such as Terra 2.0 and various Cosmos chains. Consequently, projects and developers can now develop and deploy dApps on the Terra Classic network.
Dapp and smart contract providers were advised to update their project’s codebase to CosmWasm v2.1.0, upload it, and perform code and data migration. It is important to note that if smart contracts are sealed, this process will not occur. Failure to perform the migration may result in losing native token balances and contract addresses.
Ahead of the CosmWasm v2.1.0 parity upgrade, the Joint L1 Task Force (L1TF), the core developer team of Terra Classic, announced their assistance to Dapps in meeting essential requirements. LuncBurnArmy is encouraging Dapp owners or those with sealed smart contracts to contact developer Fragwuerdig for any necessary support regarding the CosmWasm parity upgrade.
#LuncArmy: If you are a dApp owner and have any ‘sealed’ smart contracts within your application, please reach out to @frag_dude to talk about the v2.1.0 upgrade. Also, please read the following article where we explain the upgrade / migration process!https://t.co/7B9zx4ICot
— 🔥LuncBurnArmy🔥 (@luncburnarmy) May 29, 2023
After completing comprehensive testing and reviewing security vulnerabilities for this major upgrade, the Joint L1 Task Force has distributed the v2.1.0 software version to validators. The budget forecast was presented during the discussion, highlighting the remaining funds to establish a USTC test environment.
LUNC Price Surges Prior To Parity Upgrade
Lunc is currently trading at $0.00009562, with an increase in value by 3.11 percent in the past 24 hours. The low and high points over the past 24 hours are each $0.00009262 and $0.0001002. The Parity upgrade on June 14 will cause the LUNC price to rise again. The trade volume also shows A rise in interest, which has surged by 64.41 percent in the previous 24 hours.
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