- The latest upgrade brings several new features to the Terra Classic blockchain which includes mandatory security updates, minimum initial deposit for governance proposals, etc.
- The next major upgrade in the Terra Classic ecosystem will be the Cosmwasm v1.1.0 upgrade (parity) scheduled to take place later this month on May 31.
Joint L1 Task Force (L1TF), a developer for Terra Classic has successfully implemented the v2.0.1 upgrade without any issues or hassle. Some of the key members of the Terra Classic community have also joined the L1 Task force developer including developer Edward Kim, programmer Fragwuerdig, and PFC Validator.
Soon after the upgrade, traders reacted positively to it driving the LUNC price higher by 3 percent and moving all the way to $0.000091. LuncBurnArmy, the project manager at Joint L1 Task Force project manager announced on Twitter that the Terra Classic blockchain has been successfully upgraded with v2.0.1 at block height 12815210. He also thanked the validators and other contributors for the upgrade.
https://twitter.com/luncburnarmy/status/1658886059738923008
This upgrade brings several new features to the Terra Classic blockchain which includes mandatory security updates, minimum initial deposit for governance proposals, as well as an upgrade to Cosmos SDK v0.45.13.
The next major upgrade in the Terra Classic ecosystem will be the Cosmwasm v1.1.0 upgrade (parity) scheduled to take place later this month on May 31. The Terra Classic network will regain its utility through the Parity upgrade, enabling projects and builders on Cosmos and Terra Luna 2.0 to resume development on the Terra Classic chain. L1TF will announce the final block and date for the upgrade by May 21.
Terra Classic Revival Roadmap
The Terra Classic Network is planning for a major overhaul while reinstating the USTC peg and the LUNC sentiment. Furthermore, the community is currently discussing increasing the burn tax to 1.2 percent.
Professor Edward Kim is set to launch the testnet for the AI upgrade called Block Entropy. Initially, the testnet will support a limited range of ML inference tasks such as AI image diffusion, text language models, and music generation. Distributed training, fine-tuning, python APIs, and SNARK verification will be introduced in subsequent stages.
Last month in April, Edward Kim and Tobias “Zaradar” Anderson left the Joint L1 Task Force, that oversees the development, updates, and maintenance of the Terra Classic blockchain.
LUNC Burning and LUNC Price Rise
Several Terra Classic projects have been involved in the process of burning LUNC tokens thereby driving its prices higher. Earlier this month in May, the Terral Classic DFLunc burned a total of 1.5 billion LUNC tokens in a rapid deflation of the LUNC circulating supply. The total LUNC burn so far has reached close to 60 billion now.
On the other hand, the Terra Classic community has also passed four crucial proposals to raise the LUNC burn tax to 0.5 percent while also introducing staking rewards as well as boosting prices. As of press time, LUNC is trading at $0.00008963.