The Terra Classic developer Joint L1 Task Force (L1TF) successfully completed the v2.0.1 upgrade without any issues. Joint L1 Task Force developer group were joined by key members including core developer Edward Kim, programmer Fragwuerdig, and PFC Validator. Traders immediately responded to the successful completion of upgrade and LUNC price jumped 3%.
Terra Classic Chain Upgrade to v2.0.1
Joint L1 Task Force project manager LuncBurnArmy took to Twitter to reveal that Terra Classic blockchain was successfully upgraded with v2.0.1 at block height 12815210. He praised validators and others who took part in the upgrade.
The upgrade to v2.0.1 has been completed successfully. Thank you to all of the validators for great upgrade today, and to @frag_dude @TheVinhNguyen4 @wenxich and @gevik for all of your hard work in making this a success! https://t.co/vdI0TeFoUQ
— 🔥LuncBurnArmy🔥 (@luncburnarmy) May 17, 2023
The upgrade enabled several features to the Terra Classic blockchain, including minimum initial deposit for governance proposals, upgrade to Cosmos SDK v0.45.13 and Tendermint v0.34.24, as well as mandatory security updates.
The next major upgrade Cosmwasm v1.1.0 upgrade (parity) is scheduled for May 31. It will bring back utility to the Terra Classic network by allowing projects and builders across Cosmos and Terra Luna 2.0 to once again build on the Terra Classic chain. L1TF will finalize the block and exact date for Parity upgrade by May 21.
Professor Edward Kim will be launching the testnet for AI upgrade Block Entropy. Testnet will only support a small set of ML inference tasks at this time (AI image diffusion, text language models, and music generation). Distributed training, fine-tuning, python APIs, and SNARK verification comes later.
The developments are as planned under the Terra Classic Revival Roadmap, with reinstating USTC peg and LUNC sentiment. A discussion on increasing the burn tax to 1.2% is also underway.
Also Read: Do Kwon and Terraform Labs Withdraw Millions A Year After Terra-LUNA Crisis
LUNC Price To Rally
Meanwhile, the Terra Classic community passed four crucial proposals to raise LUNC burn tax to 0.5%, introduce staking rewards, and boost prices.
LUNC burn rate has increased recently as the community burns millions of LUNC daily via DeFi protocol DFLunc, with over 2 billion LUNC burned in almost two weeks. Total LUNC burn has reached nearly 59 billion.
LUNC price jumped 3% in the last 24 hours, with the price currently trading at $0.000090. The 24-hour low and high are $0.000089 and $0.000093, respectively.
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