23 April, 2024

Terra Blockchain Successfully Upgrades to v2.4, Boosting LUNA Adoption

19 Jul, 2023

19 Jul, 2023

The Terra blockchain network recently marked a significant milestone with a strategic upgrade to version 2.4 at block height 5994365. This upgrade, which brought several new updates to the chain, was aimed at promoting the wider acceptance of its native token, LUNA.

The upgrade was announced by the official Terra Twitter page:

The implementation of the upgrade required a temporary pause in the operations of the Terra mainnet, Phoenix-1, which resulted in a brief halt in block production. Despite this short interruption, the network quickly resumed operations, successfully executing the v.2.4 upgrade.

The Terra community gave its approval for this consensus-breaking change on July 17. The proposal for the upgrade received overwhelming support, with a resounding 98.22% YES votes and a mere 1.78% NO votes. Notably, the Setten validator and the Smart Stake Analytics Hub contributed the largest share of YES votes, while the Kucoin LUNA Node and 70 other validators chose not to participate in the vote.

The v2.4 upgrade introduced four significant updates to the Terra chain. It addressed several issues, including the inconsistent triggering of smart contracts, undelegation problems experienced by some users, and a critical issue related to message validation.

In a parallel development, a team of developers put forth a Terra improvement proposal, known as the “Gate Contract.” This proposal aims to enable Inter Blockchain Communication (IBC) messages between the Terra (LUNA) network and other smart contracts on different chains. However, it is important to note that the Terra Classic (LUNC) blockchain cannot merge with the Terra (LUNA) chain at a protocol level, as stated by a TFL staff member.

The strong backing from the Terra community for this upgrade and the effective pre-upgrade communication were key to the successful implementation of these changes. The v2.4 upgrade signifies a major advancement for the Terra blockchain, improving its reliability and user experience and broadening its interoperability and influence in the blockchain ecosystem.


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