Terra Classic Successfully Upgraded to v2.1.1, LUNC Price Jumps 8%

Summary:
Terra Classic core developer group Joint L1 Task Force (L1TF) successfully completed the network’s biggest v2.1.1 parity upgrade at block height 13215800 on June 14. LUNC has rallied 8% in the past 24 hours and over 20% in a week in anticipation of major changes coming to the chain.

Today, at block height 13215800 on June 14 at 13:57 UTC, the Joint L1 Task Force (L1TF), a group of Terra Classic core developers, successfully upgraded the network to v2.1.1 parity. Professor and core developer Edward Kim, validators, and other influential members of the LUNC community joined the Joint L1 Task Force of developers.

The Terra Classic blockchain was updated to version 2.1.1 at block height 13215800, as announced on Twitter by Joint L1 Task Force project manager LuncBurnArmy. He lauded the efforts of the validators and everyone else involved in the upgrading.

Significant Modifications

A minimum 5% fee for validators, CosmWasm v1.1.x, and two security patches are the major features of the v2.1.1 upgrade. Upgrades to Wasmvm (now at version 1.1.2), Wasmd (now at version 0.30.0) to include multichain support for smart contacts, IBC (now at version 4.3.1), and bug fixes round out the list of improvements.

Moreover, the main benefit of this update is that Terra Classic is now on par with Terra 2.0 and other Cosmos networks. The Terra Classic chain is compatible with dApps built and developed for other Cosmos chains.

Long Way to Go

Some wasm components will only work when Google updates its Chrome extension, as previously noted by L1TF, therefore dApps may have problems following the change. The current online and mobile versions of Station, however, will function correctly.

Binance and other cryptocurrency exchanges have declared their support for the major v2.1.1 update to the Terra Classic network, which has resulted in the temporary suspension of LUNC deposits and withdrawals. Deposits and withdrawals at the cryptocurrency exchanges will be enabled when the Terra Classic network has stabilized after the update.

More Updates Underway

Professor Edward Kim will collaborate with LITF to implement Interchain Accounts (ICA) in Terra Classic after the Parity update. Block Entropy, a blockchain for artificial intelligence applications, will be integrated into the Terra Classic network thanks to ICA. Meanwhile, the Block Entropy TestNet Faucet is where members of the community may get their hands on some Testnet tokens.

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As per CoinMarketCap, the Terra Classic’s LUNC price has risen by 8 percent in the last day and 20 percent in the last week on speculation that these modifications would have a positive impact.