The core developer group of the L1 Terra Classic Task Force (L1TF) submitted a proposal for the v2.2.1 upgrade of the Terra Luna Classic blockchain. The proposal received unanimous approval from the community through governance voting.
The upgrade will introduce important changes to the blockchain, such as improving security, performance, and interoperability. However, the prices of LUNC and USTC, the native tokens of Terra Luna Classic, continue to face downward pressure in the market.
The Terra Luna Classic community has approved Proposal 11766, which aims to upgrade the blockchain to v2.2.1. The proposal garnered overwhelming support from the community, with no dissenting votes.
Out of 50 validators who participated in the governance voting, 49 voted “Yes” and one abstained. Some of the top validators who backed the proposal are Allnodes, Interstellar Lounge, HappyCattyCrypto, Stakely, 1maxfee, and others.
The core upgrade of v2.2.1 for the Terra Luna Classic blockchain is scheduled to take place at block height 14,514,000, which is expected to be reached at 10:21 UTC on September 12. This was announced by Vinh Nguyen, a developer of L1 Terra Classic Task Force (L1TF), the group responsible for the upgrade.
The upgrade will involve updating the cosmos SDK, migrating tendermint to CometBFT, upgrading IBC-go to v6, and adding wasmd. The upgrade will also apply some key changes that were previously approved by the community through governance voting, such as dividing the burn tax to the distribution module.
Prices Haven’t Responded Positively to the News
Despite the recent community-approved proposals, the prices of Terra Luna Classic and USTC are still under pressure from the crypto market-wide selloff. Both tokens have lost more than 4% of their value in the last 24 hours.
LUNC, the native token of Terra Luna Classic, is trading at $0.000057, down 5% from yesterday. The token has reached a low of $0.0000565 and a high of $0.0000605 in the same period.
USTC, the stablecoin pegged to the US dollar, is trading at $0.012, down 4.2% from yesterday. The coin has fluctuated between $0.0119 and $0.0132 in the last 24 hours.
