Terra Classic core developer group Joint L1 Task Force (L1TF) is all prepared for the Terra Classic blockchain’s biggest v2.1.1 parity upgrade on June 14. With Proposal 11561 “Upgrade to v2.1.0” passed by the Terra Luna Classic (LUNC) community, LITF has shared a status update on the readiness and details of the upgrade.
Also Read: Terra Classic’s Biggest v2.1.0 Parity Upgrade Proposal Officially Passed, LUNC To $1
Joint L1 Task Force project manager LuncBurnArmy took to Twitter to announce preparations for the upcoming Parity upgrade on June 14. Notably, the upgrade name is changed from v2.1.0 to v2.1.1 due to a few changes. With the upgrade, wasmvm will be upgraded to v1.1.2 and the 5% minimum validator commission will go into effect.
Primarily, the upgrade will bring Terra Classic to parity with other blockchains such as Terra 2.0 and other Cosmos chains. Thus, allowing projects and developers to once again build and bring dApps on the Terra Classic chain.
3. Also on June 14th, all validators will be running at a minimum of 5% commission following the upgrade. Be sure to support all validators, as they are expensive to operate. Interesting stat: the top-30 validators have ~90% of the voting power for the entire blockchain.
— 🔥LuncBurnArmy🔥 (@luncburnarmy) June 11, 2023
The Joint L1 Task Force team has submitted instructions to validators and central exchanges. Terra Classic will undergo the v2.1.1 software upgrade at block height 13215800 at approximately 14:00 UTC on June 14, as per the StakeBin countdown timer.
Read More About the v2.1.1 Parity Upgrade Proposal & Edward Kim’s AI app chain “Block Entropy”
The Joint L1 Task Force has completed extensive testing and review of security vulnerabilities for this major upgrade, as well as provided the v2.1.0 software release to validators. The budget forecast was also shared, with funds still remaining. A small portion of the budget will be used to set up a USTC test environment for the USTC repeg team.
Terra Luna Classic (LUNC) staking has officially reached 1 trillion, a historic milestone ahead of the major Parity upgrade. Moreover, the total LUNC tokens burned by the community has reached over 63 billion.
LUNC price is currently rebounding after it fell 12% on Saturday due to the market-wide selloff and remained the only crypto in green last week. The price currently trading at $0.000087, with the 24-hour low and high are $0.000084 and $0.000090, respectively. However, the LUNC price is likely to rebound after the Parity upgrade on June 14.
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