The Terra Luna Classic community will vote on the v2.1.0 upgrade proposal on June 7.
If the proposal is approved, LunarBurnArmy stated that the upgrade would go live on June 14.
Terra Classic Upgrade v2.1.0
The v2.1.0 upgrade proposal includes a 5% validation commission to attract more validators, Cosmwasm v1.1.x, and the implementation of protocol security updates, including patching the infinite fee bug.
Cosmwasm refers to a modular Cosmos-based platform that simplifies smart contract development Cosmwasm GitHub details sample smart contracts, including those focused on DeFi or token usage.
The protocol includes a template repository, allowing developers to choose one for configuration, eliminating the need to build smart contracts from scratch.
“It gives you a simple contract along with testing and a well-configured build environment. From there you can edit the code to add the logic you want and publish it as an independent repository.”
Cosmwasm will also enable multi-chain smart contract functionality if the proposal is approved.
LUNC price performance
Although the proposal was first released on June 3, Terra Classic’s price did not respond until June 4 — up 36% from its daily open of $0.00008459.
The move peaked at $0.00011508, which is a level that has recently proven significant support and resistance. An attempt to break this price on June 5, at 04:00 BST, was rejected, leading to a slide that spent about half of Sunday’s winnings at the time of going to press.
The Terra Classic necklace is the original Terra necklace that suffered when UST disconnected and allegations of fraud at the hands of Do Kwon and his associates surfaced.
The token is down 99.9% from its $119.18 all-time record, set on April 5, 2022. However, proponents of Terra Classic argue the project can recover, with some including Bull.Luncgain support for a price of $0.10 in 2024 thanks to its recent performance.
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