Bitrabo Editorial
Terra Classic (LUNC) is gearing up for the launch of the Cosmwasm upgrade v1.1.0. This upgrade marks a crucial step towards refining smart contracts within the Terra blockchain, enhancing the functionality of the Cosmos SDK v0.45.
The eagerly anticipated Cosmwasm upgrade is expected to have a positive impact on the price of LUNC, and investors are optimistic about the potential market response.
Terra Classic CosmWasm Upgrade v1.1.0 Officially Scheduled
According to an announcement made by LuncBurnArmy, the project manager of the Joint L1 Task Force on Twitter, the highly anticipated CosmWasm upgrade v1.1.0 for Terra Classic has officially been scheduled for June 14. Originally planned for May 31, the core developer team decided to extend the timeline by two weeks.
The CosmWasm upgrade presents four different scenarios for implementation, each with varying complexity, potential impact on the schedule, and associated costs. Following deliberations with expert developers, the Joint L1 Task Force has chosen to proceed with “Scenario 4.”
The Significance of the LUNC Upgrade
The forthcoming CosmWasm v1.1.0 upgrade is important for the Terra Classic network as it will restore utility by enabling projects and builders from Cosmos and Terra Luna 2.0 to once again construct on the Terra Classic chain.
On May 17, the Joint L1 Task Force successfully completed the v2.0.1 upgrade without encountering any issues, introducing essential features to the Terra Classic blockchain, including a minimum initial deposit requirement for governance proposals and upgrades to Cosmos SDK v0.45.13 and Tendermint v0.34.24.
LUNC market cap currently at $643 million. Chart: TradingView.com
This upgrade will also facilitate the launch of the AI upgrade Block Entropy testnet by the team. Furthermore, a proposal scheduled for June aims to reinstate the burn tax at a rate of 1.2%, increase staking rewards, and revive LUNC and USTC to a value of $1.
Source: Coingecko
Despite currently trading at a modest value of $0.00008885 according to CoinGecko, LUNC has experienced a slight surge of 0.8% within the past 24 hours and displayed a steady climb of 5.2% over a 14-day period, indicating positive market performance and bolstering investor confidence.
-Featured image from InsideBitcoins