The Terra Luna Classic community will vote on the v2.1.0 update proposal on June 7th.
If the proposal is approved, LuncBurnArmy said the upgrade will go live on June 14.
Terra Classic v2.1.0 Update
The v2.1.0 update proposal includes a 5% validator fee to attract more validators, Cosmwasm v1.1.x, and the implementation of protocol security updates, including fixing the infinite fee granting bug.
Cosmwasm refers to a modular platform based on Cosmos that simplifies the development of smart contracts – the Cosmowasm GitHub details examples of smart contracts, including those geared towards DeFi or the use of tokens.
The protocol includes a template repository, allowing developers to choose one for configuration, eliminating the need to create smart contracts from scratch.
“This will give you a simple contract with tests and a properly configured build environment. From there, you can modify 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 published on June 3, Terra Classic’s price did not respond until June 4, registering a 36% increase from its daily open of $0.00008459.
The move peaked at $0.00011508, which is a level that has recently proven strong support and resistance. An attempt to breach this price on June 5 at 04:00 BST was rejected, leading to a drop wiping out roughly half of Sunday’s gains at press time.
The Terra Classic chain is the original Terra chain that suffered when UST de-peggedand allegations of fraud by Do Kwon and his associates came out.
The token is down 99.9% from its $119.18 all-time high, reached on April 5, 2022. However, Terra Classic supporters argue that the project can recover, with some including Bull.Luncincreasing support for a price of $0.10 in 2024 thanks to its recent performance.
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