Terra (LUNA) Soars as Blockchain Upgrade Paves the Way for Mass Adoption and Smart Contract Enhancements

2023-07-19 09:51:59

The Terra (LUNA) blockchain has accomplished an exciting feat, the successful upgrade to v2.4, establishing a robust foundation for wider acceptance of its native token, LUNA. The expedited update, as acknowledged by Terra’s tweet, manifests the network’s commitment to staying at the forefront of blockchain evolution.

Terra Core has successfully upgraded to v2.4 and is once again producing blocks. Shoutout to Terra validators for a speedy upgrade!

— Terra 🌍 Powered by LUNA 🌕 (@terra_money) July 18, 2023

Swift Adaptation to Network Enhancements

This major stride required the Terra mainnet Phoenix-1 to pause its block production temporarily. Even though this brief disruption was an inevitable part of the process, the network resumed its functionality within a few hours, thanks to the ness of the upgrade and the effective communication to the community beforehand.

The Terra blockchain community demonstrated strong support for this upgrade. The v2.4 update proposal earned a resounding approval, with a remarkable 98.22% of YES votes against a slim 1.78% of NO votes. Setten and the Smart Stake Analytics Hub led the YES votes, while Kucoin LUNA Node and 70 other validators chose not to participate in the vote.

The v2.4 Upgrade: A Significant Leap for Terra (LUNA)

The v2.4 upgrade has ushered in substantial improvements to the Terra blockchain. It has addressed significant issues, making the network more reliable and enhancing user experience.

The upgrade tackled the hitherto erratic triggering of smart contracts, which had been a source of concern. It also addressed the challenge of undelegation experienced by some users and solved an essential problem linked to message validation.

Furthermore, a team of developers presented an innovative proposal known as “Gate Contract”. The proposal aims to stimulate Inter Blockchain Communication (IBC) messages between the Terra (LUNA) network and other blockchain networks utilizing smart contracts. This proactive step is anticipated to greatly expand the scope of Terra’s interoperability and influence, thereby bolstering its position in the blockchain eco.

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