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.

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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.

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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

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