Terra Classic (LUNC) is almost ready for the highly anticipated date for the launch of the Cosmwasm upgrade v.1.1.0. This upgrade signifies an important step forward in enhancing the functionality of the Cosmos SDK v0.45 by focusing on refining smart contracts within the Terra blockchain.
The Cosmwasm upgrade holds immense significance for market participants, as it is widely anticipated to have a positive impact on the price of LUNC. With the introduction of this upgrade, investors and observers alike are optimistic about the potential market response, expecting it to drive the value of LUNC upward.
Terra Classic CosmWasm Upgrade v1.1.0 Officially Scheduled
In an announcement on Twitter, LuncBurnArmy, the project manager of the Joint L1 Task Force, disclosed that the highly anticipated CosmWasm upgrade v1.1.0 for Terra Classic has been officially slated for June 14.
Originally planned for May 31, the core developer team of Terra Classic opted to extend the timeline by two weeks to allow for additional testing, recognizing the significance of this major upgrade.
2. Also, we have revised our May 31st target, and have added some additional time for testing. This is a major upgrade, and we want it to go as smoothly as the previous v2.0.1 upgrade. Con’t.
— 🔥LuncBurnArmy🔥 (@luncburnarmy) May 21, 2023
The CosmWasm upgrade, transitioning from version v0.16.6 to v1.1.0 (also known as the Parity upgrade), presents four distinct scenarios for implementation. Each scenario varies in terms of complexity, potential impact on the schedule, and associated costs.
Following deliberations with expert developers, the Joint L1 Task Force made the decision to proceed with “Scenario 4,” the chosen path forward for the upgrade.
The Significance Of The LUNC Upgrade
The forthcoming CosmWasm v1.1.0 upgrade holds immense importance for the Terra Classic network as it aims to restore utility by enabling projects and builders from Cosmos and Terra Luna 2.0 to once again construct on the Terra Classic chain.
The upgrade to v2.0.1 has been completed successfully. Thank you to all of the validators for great upgrade today, and to @frag_dude @TheVinhNguyen4 @wenxich and @gevik for all of your hard work in making this a success! https://t.co/vdI0TeFoUQ
— 🔥LuncBurnArmy🔥 (@luncburnarmy) May 17, 2023
Notably, on May 17, the Joint L1 Task Force successfully completed the v2.0.1 upgrade without encountering any issues, thereby introducing several essential features to the Terra Classic blockchain. These additions encompassed the implementation of a minimum initial deposit requirement for governance proposals, upgrades to Cosmos SDK v0.45.13 and Tendermint v0.34.24, and mandatory security updates.
LUNC market cap currently at $643 million. Chart: TradingView.com
The significance of this upgrade extends beyond these improvements, as it will facilitate the launch of the AI upgrade Block Entropy testnet by the team. Furthermore, a proposal scheduled for June aims to reinstate the burn tax at a rate of 1.2%, increase staking rewards, and revive LUNC and USTC to a value of $1.
Despite currently trading at a modest value of $0.00008885 according to CoinGecko, LUNC experienced a slight surge of 0.8% within the past 24 hours. Additionally, over a 14-day period, LUNC displayed a steady climb of 5.2%, indicating a positive trend in its market performance and further bolstering confidence among investors and observers alike.
-Featured image from InsideBitcoins