The proposal seeks to upgrade the Terra Classic (LUNC) chain to v2.0.1 on May 17, bringing the network one step closer to parity with Cosmos and Luna 2.0.
The Terra Classic (LUNC) community has been making progress on the revitalization plan for the network, as evidenced by recent developments. The latest move involves a proposal that seeks community consensus on upgrading the chain to v2.0.1.
Proposal 11511, which was recently submitted by Lunc Burn Army (LBA) for the Layer-1 Joint Task Force (L1JTF), aims to introduce specific improvements to the Terra Classic chain with an upgrade to v2.0.1. LBA disclosed in a tweet that the proposal is already up for voting.
Software upgrade proposal for v2.0.1 is up for vote! #Lunc
— 🔥LuncBurnArmy🔥 (@luncburnarmy) May 9, 2023
The proposal comes six days after the L1JTF successfully upgraded the rebel-2 testnet to v2.0.0. As previously reported by The Crypto Basic, following the successful testnet upgrade, LBA released an Agora text detailing the specifics involved in upgrading the mainnet as well.
The upgrade seeks to review the minimum initial deposit required for submitting governance proposals in order to mitigate incidents of spam, as well as facilitate an upgrade to Cosmos SDK v0.45.13 and Tendermint v0.34.24. The Terra Classic blockchain runs on the Cosmos SDK framework and uses the Tendermint consensus protocol.
With six days left, the proposal now has 99.30% votes on “Yes.” However, it has not hit the pass threshold yet as of press time. Once the community passes the proposal, the upgrade is expected to occur on May 17 at 14:00 (UTC). This will bring LUNC one step closer to parity with the Cosmos and Luna 2.0 networks.
LUNC Now Among Biggest Gainers
Notably, after this upgrade, the L1 team will seek to upgrade the chain to v2.1.0 on May 31, which is expected to introduce a Cosmwasm upgrade to v1.1.0. This will bring parity with Cosmos and Luna 2.0, essentially allowing builders on these networks to bring their projects to Terra Classic.
Meanwhile, LUNC has secured a position among the biggest gainers amid the ongoing voting. The asset is up 6.06% in the past 24 hours, making it the second biggest gainer among the top 100 assets by market cap. LUNC is currently trading for $0.00008985 as of press time.
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