Terra Luna Classic community will participate in a vote regarding the v2.1.0 upgrade proposal on June 7. If the proposal receives approval, LuncBurnArmy has announced that the upgrade will be implemented on June 14. The v2.1.0 upgrade proposal encompasses several enhancements, such as a 5% validator commission to incentivize more validators, integration of Cosmwasm v1.1.x, and the inclusion of protocol security updates. These updates aim to address issues like the infinite fee grant bug by applying necessary patches.
Terra Luna Classic v2.1.0 upgrade Voting opens soon
Included in the v2.1.0 upgrade proposal are several components aimed at enhancing the system. Firstly, a 5% validator commission is being introduced to entice a greater number of validators to participate.
Additionally, the upgrade involves the incorporation of Cosmwasm v1.1.x, which is a modular platform based on Cosmos. Cosmwasm streamlines the process of developing smart contracts and offers a range of example contracts on its GitHub, catering to various purposes such as DeFi or token usage.
Furthermore, the protocol’s security will be bolstered through the implementation of updates. This includes addressing the issue of the infinite fee grant bug by applying necessary patches. Moreover, the proposal also highlights the provision of a template repository within the protocol.
This repository enables developers to select and configure a suitable template, eliminating the need to construct smart contracts from scratch. If the proposal is approved, Cosmwasm will additionally facilitate multi-chain smart contract functionality.
This will give you a simple contract along with tests, and a properly configured build environment. From there you can edit the code to add your desired logic and publish it as an independent repo.
Although the proposal was initially introduced on June 3, the price of Terra Classic did not exhibit any response until June 4. During that time, it experienced a notable surge of 36% from its daily opening price of $0.00008459.
The price reached its highest point at $0.00011508, which has recently served as a significant level of both support and resistance. However, an attempt to surpass this price on June 5, at 04:00 BST, was met with rejection, causing a decline that erased approximately half of the gains made on Sunday, as of the time of writing.
It’s worth noting that the Terra Classic chain is the original Terra chain that faced challenges when UST de-pegged, and allegations of fraud involving Do Kwon and his associates were revealed.
The token has undergone a substantial decrease of 99.9% from its all-time high of $119.18, achieved on April 5, 2022. Nevertheless, supporters of Terra Classic remain optimistic about the project’s potential for recovery. Some advocates, such as Bull. Lunc, are actively rallying for a price of $0.10 by 2024, citing the recent performance as a basis for their confidence.
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