Terra Classic L1TF On CosmWasm Parity Testnet Upgrade, LUNC Validators Commission

The community considers the CosmWasm v2.1.0 parity upgrade as LUNC to $1. It is one of the biggest upgrades to bring Terra Classic to parity with other blockchains such as Terra 2.0 and Cosmos. Also, it will bring several Features and functionalities to the chain, including Edward Kim’s AI app chain “Block Entropy,” ultimately bringing back utility.

advertisement

Also Read: Terra Classic Project Burns LUNC For Edward Kim AI Chain “Block Entropy” Testnet Token

Terra Classic Developer L1TF Update on CosmWasm Parity Upgrade

Last week, Joint L1 Task Force project manager LuncBurnArmy revealed June 14 as the official date of CosmWasm v2.1.0 parity upgrade. The upgrade was initially planned for May 31, but was revised to allow for additional testing as this is a major upgrade.

LuncBurnArmy took to Twitter on May 29 to provide status updates on the Parity upgrade. In addition, the developer team plans to include a 5% minimum commission fee for validators in the v2.1.0 upgrade.

Recommended Articles
ethereum price crypto news
Crypto Presale Projects For 2023 To Invest; Updated List
Must Read
crypto exchange affiliate programs
Best Crypto Exchange Affiliate Programs In 2023
Must Read
ethereum price crypto news
Top Crypto Marketing Firms / Agencies 2023; Here’s Best Picks [Updated]
Must Read
ethereum price crypto news
Crypto Telegram Channels List 2023 [Updated]
Must Read
ethereum price crypto news
Top 10 Web3 Games To Explore In 2023; Here List
Must Read

The L1 Task Force team is currently focusing on finalizing the CosmWasm upgrade and migration. The team completed the Bajor-1 testnet upgrade to CosmWasm v1.1.0, smart contracts testing, and new contracts deployment.

The team now prepares for the Rebel-2 testnet ‘dress rehearsal’ upgrade on May 31 at 11 AM EST. Until now eight validators have shown interest in the testnet upgrade. The 5% minimum validator commission fee testing is in progress and may be included in the v2.1.0 upgrade.

L1TF will post an updated Agora proposal on June 1 and post-governance voting starts on June 7. The CosmWasm Parity upgrade will happen on June 14. DApp owners and smart contracts providers need to update their projects’ codebase to v2.1.0.

Also Read: SHIB News: Shiba Inu Burn Rises 1500% Amid Price Rally Anticipation

LUNC Price to Rally Ahead?

The Terra Classic community is working on many developments to revive LUNC and USTC prices to $1. Professor Edward Kim to launch the testnet for AI upgrade Block Entropy, proposals to reinstate LUNC burn tax to 1.2% after increasing it to 0.5% last week, and working with the USTC repeg team to set up a USTC test environment.

LUNC price is moving sideways in the last 24 hours. The 24-hour low and high are $0.000086 and $0.000088, respectively. Moreover, the total LUNC burned by the community reached $60 billion.

Also Read: Terra Do Kwon Hires Top Law Firm For His Defense In US Lawsuit

Comments

Post a Comment

Popular posts from this blog

Analyst: ETH Not Ready for Bull Run till Huge Correction

Image
Benjamin Cowen, a cryptocurrency strategist, is bearish on Ethereum (ETH) because the second-largest digital asset has failed to climb back above a key resistance level. In a new video, Cowen tells his 785,000 YouTube subscribers that the price of Ethereum is likely to go down because there is a lot of “anxiety” around the $1,800 mark. Cowen says that there isn’t as much “apathy” in the market as there was during the bear season of 2019/2020. “There’s so much anxiety in this level [$1,800 resistance level] like I think it’s much more likely to break down eventually… I will be the first to admit it’s taking longer than I thought it would. But I also don’t really feel that same type of apathy in the market now that I did back in 2019 and 2020.” At the time of writing, one Ethereum is worth $1,736. Cowen says that less people would care about Ethereum if the price of the second most valuable cryptocurrency fell to triple digi...
Read more

Crypto Analyst Says Selling XRP Now Is Unwise, the Bulls Are Set

Image
Ben Armstrong argued that selling XRP is unwise due to perceived underperformance. He dismissed comparing XRP to Solana (SOL) and Avalanche (AVAX). Armstrong claimed XRP’s uptrend would commence in January, urging investors to pack their bags. In a recent YouTube video, crypto analyst Ben Armstrong argued that selling XRP is unwise due to perceived underperformance. While acknowledging XRP’s historical lackluster trend, he first addressed concerns related to XRP’s failure to sustain its bullish momentum following the victory from the legal dispute. Armstrong argued that broader market conditions suppressed further gains. Furthermore, he countered critical views about XRP’s failure to engineer a bullish trajectory like other rivals such as Solana (SOL) and Avalanche (AVAX), which have seen more than 100% gains.   He dismissed such comparisons and drew parallels to Ethereum’s delayed ascent in previous cycles. Moreover, he caution...
Read more

BitBoy dismissed from FTX case as three celebrities settle

The legal fallout from the collapse of crypto exchange FTX continues, with some high-profile names opting to settle while others are dismissed entirely. Crypto influencer Ben “BitBoy” Armstrong is no longer facing a lawsuit related to his promotion of FTX. Lawyers recently filed notice that they are voluntarily dismissing claims against him. Armstrong had not yet responded to the allegations in court. Meanwhile, Jacksonville Jaguars quarterback Trevor Lawrence, YouTuber Kevin Paffrath, and influencer Tom Nash have agreed to confidential settle ments to resolve claims against them. A judge still needs to approve the deals to officially remove them from the ongoing litigation. According to recent reports, lawyers leading the case say they are in discussions about potential settle ments with other celebrities who promoted FTX, including athletes and social media stars. More deals are likely to come. The lawsuit aims to claw back money paid to celebrity endorsers and spo...
Read more