Terra (LUNA) blockchain is back online and producing blocks as validators complete v.2.4 network upgrade.
Terra blockchain experienced a strategic upgrade earlier today at block height 5994365. The network upgrade to v.2.4 aims to incorporate several new updates on the chain and further push for the adoption of its native token LUNA.
To enable the successful implementation of this consensus-breaking change as approved by the community on July 17, the Terra mainnet dubbed Phoenix-1 went offline at about 13:00 (UTC) today and stopped producing blocks.
This unavoidable Terra network downtime today, which lasted for only a few hours, was earlier announced by the team on July 17. Interestingly, a recent announcement revealed that the Terra network is back online and producing blocks accordingly with the v.2.4 upgrade successfully executed.
Terra Core has successfully upgraded to v2.4 and is once again producing blocks. Shoutout to Terra validators for a speedy upgrade!
— Terra ? Powered by LUNA ? (@terra_money) July 18, 2023
Notably, the proposal for this just-completed Terra blockchain upgrade passed governance voting on Tuesday with 98.22% YES votes and 1.78% NO votes. The weightiest Yes vote came from the Setten validator (2.73%) and Smart Stake Analytics Hub (2.29%) while the Kucoin LUNA Node and 70 other validators abstained from voting on the on-chain proposal.
On-chain Proposal vote ended!
Prop #4737: Phoenix Software Upgrade v2.4
Status: Passed ? 98.22% of YES votes, 1.78% of NO votes, turnout: 53.7%
Link: https://t.co/sLaDiOvivo
— Terra Governance Alerts (@terra_agora) July 17, 2023
Significance of Terra v.2.4 Upgrade
The software upgrade introduced four new and important updates to the Terra chain. As outlined in the proposal, one of the problems fixed upon implementation of the v.2.4 upgrade is the issue of smart contracts not triggering as expected.
The upgrade has also solved undelegation issues faced by some users while it has equally fixed a critical issue related to message validation.
Notably, a group of developers submitted a Terra improvement proposal for governance voting on Monday. The proposal dubbed Gate Contract is aimed at facilitating Inter Blockchain Communication (IBC) messages between the Terra (LUNA) network and other smart contracts on different chains.
Amid this emerging IBC development, it bears noting that the Terra Classic (LUNC) blockchain cannot merge with the Terra (LUNA) chain at a protocol level as asserted by a TFL staff.
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