Earlier today, the Terra blockchain underwent a strategic upgrade at block height 5994365, signalling the network’s transition to version 2.4. This upgrade aims to introduce several new features and improvements to the chain while also encouraging the widespread adoption of its native token, LUNA.
To ensure the successful implementation of this consensus-breaking change, the Terra mainnet, also known as Phoenix-1, was taken offline at approximately 13:00 (UTC) on the same day, temporarily halting block production.
Terra Team to upgrade Terra Blockchain on July 17
This scheduled Terra network downtime was announced by the Terra team on July 17, allowing users and validators ample time to prepare for the upgrade process. The team worked diligently to complete the upgrade swiftly, and the network was brought back online after a few hours, with the v.2.4 upgrade successfully executed.
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
The community shows strong support for the proposal
The Terra community, showing strong support for the proposal, approved the consensus-breaking change through governance voting on Tuesday. The voting results displayed an overwhelming 98.22% of YES votes and a mere 1.78% of NO votes. Among the validators, Setten validator and Smart Stake Analytics Hub played a significant role in the decision-making process, contributing the weightiest YES votes of 2.73% and 2.29%, respectively. Notably, some validators, including the Kucoin LUNA Node and 70 others, chose to abstain from voting on the on-chain proposal.
On-chain Proposal vote ended!
Prop #4737: Phoenix Software Upgrade v2.4
Status: Passed 🟢 98.22% of YES votes, 1.78% of NO votes, turnout: 53.7%
— Terra Governance Alerts (@terra_agora) July 17, 2023
Benefits of the upgrade to the Terra blockchain
The v.2.4 upgrade introduced four essential updates to the Terra blockchain, aiming to address existing challenges and improve overall functionality. One of the prominent issues tackled by this upgrade was the problem of smart contracts not triggering as expected. This improvement is expected to enhance the efficiency and reliability of smart contracts on the Terra blockchain.
In addition, the upgrade has successfully resolved the undelegation issues that were affecting certain users on the network. This fix ensures a smoother user experience and streamlines the staking and delegation process on the platform.
Moreover, a critical issue related to message validation has been effectively resolved through the v.2.4 upgrade. This fix strengthens the security and integrity of the network by ensuring that messages are accurately validated, mitigating potential risks and vulnerabilities.
Overall, the successful execution of the v.2.4 upgrade represents a significant milestone for the Terra blockchain. With the new updates in place, the network is poised to offer improved functionality, enhanced security, and a more seamless user experience. As the Terra ecosystem continues to evolve and thrive, the push for LUNA adoption is expected to gain further momentum, attracting more participants to the growing blockchain platform.