Last Updated on September 11, 2023 by Bitfinsider
The L1 Terra Classic Task Force (L1TF) core developer group’s proposal for the v2.2.1 core upgrade was approved by the Terra Luna Classic community with a unanimous vote. The proposal will execute important adjustments that were previously approved by governance vote and make significant changes to the blockchain. The prices of USTC and LUNC are still under pressure in the interim.
It is officially approved by the Terra Luna Classic community to upgrade the blockchain to version 2.2.1 with Proposal 11766 by L1 Terra Classic Task Force (L1TF).
With 99.85% of the vote cast in favour, the initiative was met with universal support from the community. 49 out of the 50 validators that took part in the governance voting supported the proposition. Prominent validators such as Stakely, 1maxfee, HappyCattyCrypto, Interstellar Lounge, and Allnodes are in favour of the plan.
Developer Vinh Nguyen of the L1 Terra Classic Task Force (L1TF) previously disclosed that the development team is prepared for the v2.2.1 core upgrade. On September 12, at around 10:21 UTC, the L1TF development team will upgrade the chain at block height 14,514,000.
The IBC-go to v6, the Wasmd, the cosmos SDK upgrade, and the tendermint migration to CometBFT are all included in the v2.2.0 core update. Major modifications that were previously approved through governance voting are also implemented by the upgrade, including the division of the burn tax into the distribution module.
In spite of recent community initiatives, selloff pressure is still present on Terra Luna Classic and USTC pricing. Additionally, as the cryptocurrency market experiences a selloff, prices keep declining.
The price of LUNC dropped by 5% over the previous day to trade at $0.000056. It is $0.0000565 at the 24-hour low and $0.0000605 at the 24-hour high.
The price of USTC is currently trading at $0.012, down over 4% over the last day. $0.0119 is the 24-hour low, and $0.0132 is the 24-hour high.
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