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Terra (LUNA) developers announced that Recommendation 4785 to upgrade Terra to v2.5 has been approved by the community.
The update is expected to occur at block height 7316000, approximately on Wednesday, October 18, 2023 at 15:04 UTC. During this process, the chain will stop temporarily to allow the upgrade to occur.
The update includes many new features and bug fixes, including a significant move to Cosmos SDK 47, which supports ABCI 1.0 and officially certifies the CosmWasm module.
Another important change is the inclusion of the Protocol-Owned Builder (POB) module created by Skip Protocol into the system. This Cosmos SDK module allows developers to define the way their applications create and validate blocks on-chain in a transparent and enforceable way.
This new hard fork of Terra was created after the price of LUNA hit bottom following the collapse of the algorithmic stablecoin UST on the old chain. The old chain began to be called Terra Classic (LUNC). This latest update will be brought to the network currently known as LUNC.
However, this latest update has been questioned by users as it includes features that have not yet been adopted by other chains in the Cosmos ecosystem. However, a Terra developer responded that LUNA should be the leader in innovation.
*This is not investment advice.