The Terra Luna Classic community will soon vote on the v2.1.0 upgrade proposal. The vote is scheduled for June 7, and if approved, the upgrade will go live on June 14. The proposal includes several updates, including a 5% validator commission to attract more validators and the implementation of protocol security updates, such as patching the infinite fee grant bug.
One significant change is the integration of Cosmwasm v1.1.x, a modular Cosmos-based platform that simplifies developing smart contracts. This upgrade will allow multi-chain smart contract functionality if the proposal is approved. Cosmwasm also provides a template repository that enables developers to choose a configuration, eliminating the need to build smart contracts from scratch.
The Terra Classic chain suffered when UST de-pegged, and allegations of fraud at the hands of Do Kwon and his associates came out. However, Terra Classic advocates maintain that the project can recover. The token is down 99.9% from its all-time high of $119.18, achieved on April 5, 2022. Nonetheless, some supporters, including Bull.Lunc, are drumming up support for a $0.10 price in 2024 based on its recent performance.
Despite the proposal being issued on June 3, the price of Terra Classic did not react until June 4. The token recorded a 36% increase from its daily opening of $0.00008459 on that day. The move peaked at $0.00011508, a level that has recently proven significant support and resistance. However, an attempt to break through this price on June 5, at 04:00 BST, was not successful. This caused a slide that erased approximately half of Sunday’s gains at the time of writing.
In summary, the Terra Luna Classic community will vote soon on a v2.1.0 upgrade proposal that includes several updates aimed at enhancing the protocol’s functionality, security, and developer experience. If approved, the upgrade will go live on June 14. Despite a significant drop in the token’s value, Terra Classic advocates remain optimistic that the project can recover.