Terra (LUNA) Executes New Network Upgrade with Enhanced Features

In the most recent development, Terra mainnet, dubbed Phoenix-1, is back online and producing blocks following the successful implementation of a significant network upgrade to v.2.4 at block height 5994365, as revealed via a recent tweet.

Notably, the network downtime that was experienced a few hours before the network upgrade at about 13:00 (UTC) was envisioned, following an earlier announcement by the development team on July 17.

Voting Results

Votes to determine the implementation of v.2.4 network upgrade as approved by the concerned community members on July 17 were concluded on Tuesday with 98.22% “YES” votes and 1.78% “NO” votes.

The majority of votes in support of the network enhancement implementation came from the Setten Validator (2.7%) and Smart Stake Analytics Hub (2.29%). However, the Kucoin Luna Node and 70 other validators exempted themselves from voting on the on-chain proposal.

What Does Terra (LUNA) Hope To Achieve With Upgrade

The main idea behind the just-concluded update is to push for the adoption of LUNA, the dedicated token of the Terra blockchain. Per a previously drafted outline by Terra’s development team, the upgrade will integrate and tackle four impediments known to limit activities on the Terra blockchain.

One such limitation that got resolved following the successful upgrade implementation is the issue of Smart Contracts not triggering as expected.

In addition, undelegation problems witnessed by some Terra blockchain users got resolved. At the same time, a crucial issue related to message validation got fixed too.

Terra (LUNA) Moves For Inter Blockchain Communication (IBC)

Per new findings, a group of developers submitted a Terra enhancement proposal for governance voting on Monday. The new proposal was tagged “Gate Contract,” which aims at promoting inter Blockchain Communication (IBC) messages between Terra (LUNA) and other smart contracts running on different chains.

It is worth noting that Terra (LUNA) blockchain can not merge with Terra Classic (LUNC) blockchain as both blockchains are known to be certified independent blockchains; Terraform Labs staff, Jared, made this disclosure via an old tweet.

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Chinedu Agbakwusi

Chinedu Agbakwusi is a medical student at the prestigious Nnamdi Azikiwe University with sound knowledge of the crypto space. I am here to be a reliable plug for well-researched crypto content ranging from crypto news to market analyses and blockchain inventions.