Terra blockchain will undergo an upgrade on July 29th to onboard three new updates. Hence, the Terra chain will be halted temporarily at block 890000 on the said date to execute the upgrade with Terra validators.
Props 894 Supported by Terra Community
On July 20, a proposal to upgrade the Terra blockchain and add three new updates went live for voting on Terra Station. This proposal named Prop 894 successfully passed on July 27, after it gained maximum support from the Terra community.
1/ Prop 894 to upgrade the Terra chain and add three new updates has successfully passed! As a result, the Terra blockchain will halt temporarily at block 890000, which is approximately 12:00 am UTC on July 29th, to execute the upgrade with Terra validators. https://t.co/TPnrWMlQXX
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) July 27, 2022
Prop 894 is a proposal type that requires the Terra blockchain to be halted at a specific block height for nodes to update their software. Therefore, the Terra chain will be shortly halted at block 890000 for the three new updates to be added to the chain.
As revealed in the proposal, this block height will be reached at approximately 12:00 am UTC on July 29, 2022. To enable a smooth chain upgrade, the Software Upgrade Governance function will be employed.
The first update on the proposal will enable the creation of vesting accounts via transactions. Initially, vesting accounts could only be created during Genesis.
Outstandingly, this condition hindered the execution of the planned LUNA airdrop. Interestingly, with this update tagged ‘Enable vesting account creation via transaction’ in play, the LUNA airdrop would be executed.
The second update aims to correct a discrepancy that occurred during Genesis of the Terra blockchain. From the proposal, “an exchange with the wallet address terra1chq5ps8yya004gsw4xz62pd4psr5hafe7kdt6d was incorrectly whitelisted during Genesis.”
Therefore, the update aims to adjust the vesting period for the Pre-Attack LUNC allocation for this wallet address. “1.137M LUNA will be unlocked with this update, and the vesting schedule for the remaining LUNA will be adjusted to a 6-month cliff, 2-year vesting,” Prop 894 showed.
The last update on the list is geared toward enabling any user to send their vesting LUNA tokens to the Community Pool via transaction.
Developments on New Terra Blockchain Increases
Following the historic collapse of the old Terra ecosystem tokens UST and LUNC, a new Terra blockchain was born. This Terra 2.0 has a native token with the ticker LUNA and is void of the algorithmic stablecoin, UST.
Several developments have since been recorded on the new chain. On Monday, LUNA was the top searched token, according to Coinmarketcap. This could mean that some investors still have faith in Terra (LUNA), the embattled cryptocurrency project.