A group of Terra Classic Core developers, the Joint L1 Task Force (L1TF), has announced that it is ready for the Parity Upgrade, set for the 14th of June, 2023. 

The Terra Classic Community unanimously voted in favor of Proposal 11561, paving the way for the critical update to be implemented. 

The Parity Upgrade 

With the Terra Classic community passing the proposal, the Join L1 Task Force will initiate the upgrade on the 14th of June, bringing a host of significant changes to Terra Classic. The primary change will see the upgrade bring Terra Classic to parity with other blockchains, such as Terra 2.0 and other Cosmos chains. This will allow developers and projects to start building once again on the Terra Classic chain. The Parity upgrade is considered one of the most significant upgrades since the Terra community took control of the project following the Do Kwon-led Terra-Luna fiasco in May 2022. Do Kwon now faces multiple charges, and was arrested in Montenegro.

Terra Classic will undergo the Parity upgrade at block height 13215800 and will be initiated at 14:00 UTC on the 14th of June. However, the block height and upgrade time could be changed. Validators and nodes must install the V2.1.1 release before the upgrade. The upgrade primarily consists of features such as a minimum 5% commission for validators, CosmWasm V1.1.x, and two security upgrades. Other significant changes included in the upgrade are WasmVM upgrade to V1.1.2, WASMd upgrades for multi-chain capability, IBC go v4.3.1, along with bug fixes. 

Unprecedented Support 

Proposal 11501 upgrade to V2.1.0 received unprecedented support, with 99.99% votes in favor of the proposal. The proposal received a minuscule 0.01% “No” votes. It also received almost no “abstain” and “no with veto” votes, indicating the strong level of support for it within the Terra Classic community. Several prominent validators supported the proposal, including Orion, Coinpayu, Allnodes, Interstake One, StakeBin, and others. 

Developers Urged To Reach Out 

The main goal of the Parity upgrade is to put Terra Classic at par with other Cosmos chains, such as Terra 2.0. This would allow developers and projects to create and upload their applications on the Terra Classic network. Joint L1 Task Force member LuncBurnArmy stated on Twitter, 

“As I believe everyone in the #LUNC community is aware, this upcoming Wednesday, the 14th of June, is a milestone upgrade for the blockchain, as we will be at parity with other Cosmos blockchains, providing dApp developers with a much easier process of bringing their dApps over.”

Decentralized applications (dApp) and smart contract providers were urged to update the codebase of their projects to CosmWasm v2.1.0 and upload it. The Joint L1 Task Force announced that it would be helping dApps with several crucial requirements for the upgrade. Owners of decentralized applications with sealed smart contracts were urged to contact developer Fragwuerdig if they require help with the CosmWasm parity upgrade. 

Name Changed To V2.1.1 

Joint L1 Task Force members also made crucial changes to the original V2.1.0 upgrade and changed the name to V2.1.1. According to GigHub, developers made around 19 additions and 9 deletions to files in the upgrade. This includes changing logs and fixing missing labels in the Wasm client.

A Historic Milestone 

Terra Luna Classic staking also achieved a significant milestone as the upgrade looms, reaching 1 trillion LUNC staked. Furthermore, the community has burned an additional 63 billion LUNC. As a result, the staking ratio has reached a record high of 14.61%. Currently, out of 6.84 trillion LUNC tokens, around 5.8 trillion are in circulation. 

“BREAKING: #LunaClassic officially has 1 TRILLION $LUNC staked! Congratulations to the community for this historic achievement! Let’s go for 2 TRILLION next! Send it!”

Furthermore, the price of the LUNC token has seen a sustained rally following the news of the upgrade. The token was also the only cryptocurrency to remain positive last week, while all others were in the red. The asset’s price has seen a jump of over 11.50%, rising to $0.000097, and could increase further following the Parity upgrade. The trading volume has also seen a considerable increase, rising by 120% in the last 24 hours.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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