- The Joint L1 Task Force announced technological parity between Luna Classic and other Cosmos blockchains.
- The upgrade involved updating Cosmos SDK, Tendermint, and implementing Cosmwasm for smart contract compatibility.
- For Q3, L1 Task Force plans to reduce Luna Classic and USTC supply, and further upgrade Cosmos SDK.
The Joint L1 Task Force announced on June 14, that it has finally acquired technological parity between the Luna Classic blockchain and other Cosmos blockchains. Simultaneously, the L1 Task Force Project Manager shared on Twitter that the project’s revised Q3 Proposal is live and awaiting reviews.
The L1 Task Force revised Q3 Proposal has been posted on Commonwealth. Please review and comment.https://t.co/0AibLsQI3x— LuncBurnArmy (@luncburnarmy) June 21, 2023
According to the proposal, the upgrade v2.0.1 involved updating the Cosmos SDK and Tendermint versions. Additionally, Cosmwasm v1.1.0 was implemented to enable compatibility of Luna Classic’s smart contracts with other Cosmos chains. The proposal also reported that the task force has enforced a minimum validator commission of 5%.
In quarter 3, the L1 Task Force aims to continue developing the blockchain, with a focus on strategies to reduce the supply of Luna Classic and USTC. Moreover, to test failsafe mechanisms, they will also configure a USTC test environment.
The announcement further proposes upgrading the Cosmos SDK to enhance interoperability with new features, such as the Alliance module. The Token Factory for Luna Classic will be enabled, allowing custom native tokens within the LUNC network. The team will coordinate with external teams and be led by LuncBurnArmy.
The proposal highlighted the anticipated benefits which include the migration to Columbus-6 for reduced sync time and improved network performance, the implementation and testing of a failsafe mechanism in the market module to prevent excessive token minting, and the upgrade of the Cosmos SDK to v46.x or v47.x, with features enhancing interoperability.
Lastly, the monthly OPEX budget is $3,000, with an average of $1,000 per developer. This budget will be maintained for future quarters, and any unused funds will either be carried over or returned to the community pool.
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