• The Terra Luna Classic (LUNC) L1 Joint Task Force unveils Q3 sprint.
• Cosmwasm upgrade revolves around parity between Cosmos and LUNC.
• Binance will hold the next LUNC burns batch on July 2nd, 2023.

The historical Cosmwasm v2.1.0 upgrade for Terra Classic blockchain has been successfully tested and is ready to be launched, devs reveal. The L1 Joint Task Force penned a blog post on Medium regarding the upcoming procedures to bring LUNC to parity with Cosmos-based blockchains and LUNA 2.0.

2. The team is focused on the v2.1.0 upgrade, and smart contract testing has been going well. The rehearsal testnet upgrade has been scheduled for this Wednesday May 31st at approximately 11am EST.

— 🔥LuncBurnArmy🔥 (@luncburnarmy) May 29, 2023

Cosmwasm to Launch LUNC into Cosmos

According to the official blog post, the testing phase is completed, and the scaling upgrade is ready for migration. However, the L1 Joint Task Force postponed the initial Cosmwasm launch date from May 31st, 2023, to the 14th of July, 2023. The two-week wait comes with the Rebel-2 testnet launching tomorrow. 

Once the testing on the second testnet is complete, LUNC holders shall receive an Agora proposal for the v2.1.0 upgrade. Once the community consensus is reached, dApps on Terra Classic blockchain will have mainnet parity via the Cosmwasm v2.1.0 Layer-1 upgrade.

Greating #LUNC, speaking from the forge. L1 upcoming canonical CosmWasm migration is tested and ready to roll out.

“Past contracts that use Custom Terra logic (query oracle, swap, query contract info, …) will stop working”

All contract providers on Classic ping me ASAP

— 🇻🇳⚛️The Vinh Nguyen⚛️🇻🇳 (@TheVinhNguyen4) May 30, 2023

Binance to Toast Billions of LUNC

In related news, the LUNC community is debating whether the upcoming quarterly Binance LUNC burn will have a distinguishable impact on the price of the embattled Terra Luna Classic (LUNC). Previously, the crypto giant Binance burned 8.9 billion $LUNC tokens during the last quarterly LUNC Burn event.

At press time, $LUNC trades at $0.00008692, according to CoinGecko. With a 1.4% downturn in the last 24 hours, the price movement suggests a continuous consolidation phase for the past two weeks. Ultimately, the LUNC community is highly hopeful about Terra’s revitalization, as both Binance and KuCoin approved the recent 0.5% burn tax proposal.

I’m not excited about Binance burns. I will be excited only if they implement at-least 0.2% tax on all off-chain transactions, but one thing for sure, get ready #CZ has a secret plan that he can reveal at any time and when that happens #LUNC will skyrocket with his single tweet

— BurbankChandu (@ChanduBurbank) May 29, 2023

On the Flipside

• Many traders on Crypto Twitter argue that burning $LUNC at this pace is “going to take forever” and rarely impacts the troubled altcoin’s price, as the post-crash Terra Luna Classic still plunged by 37.8% in yearly terms.

Why This Matters

Bringing Terra Classic blockchain to parity with the rest of the Cosmos-powered blockchain would significantly increase utility and scalability.

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• Source: https://dailycoin.com/lunc-devs-share-parity-upgrade-roadmap-ahead-of-binance-burn/