The vote to implement the v2.1.0 upgrade, submitted by the core development team, “Joint L1 Task Force (L1TF)”, was unanimously approved by the Terra Classic community.
Following the approval vote, on June 14, L1TF will proceed with a Blockchain upgrade, which will significantly diversify the outlook of Terra Classic.
The main advantage Terra Classic now gains is that it will be on par with other Blockchains, such as Terra 2.0 and others within the Cosmos ecosystem.
As a result, developers and projects will once again be able to use the Terra Classic infrastructure, which is expected to increase the utility of the network and thus both the price of LUNC (Terra Classic’s currency) and the coins that are “burned”.
Major modifications
This update is one of the most significant updates since the Terra Classic community took control of the blockchain in May 2022, following the collapse of the Terra-LUNA ecosystem.
The update will be implemented on June 14.
Among the notable features of the upgrade is the fact that there will be a minimum 5% commission rate that validators will have to apply, which will prevent someone from setting a low commission rate to garner a large number of users and thus more power within Terra Classic. Also included in the upgrade are two major security fixes.
For the record, the vote count for proposal 11561 was 99.99% in favor, with just 0.01% against. Almost no one voted “Abstain” or “Vetoed No” on the proposal.
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