đ Final Upgrade Proposal Of Terra
The TFLâs governance proposal, known as #proposal 4818, started on August 22 and the voting will end on August 29. It aims to upgrade Terraâs mainnet to version 2.12.4. Notably, this move comes as TFL said that it is winding down its operation following an SEC settlement and implementation of its Chapter 11 plan.
This upgrade, if approved, will mark the final development by TFL. In other words, the TFL will no longer support future chain updates, and the blockchainâs future will be left in the hands of community-driven initiatives like the #Phoenix Directive.
Meanwhile, one of the major aspects of this upgrade is the enforcement of a 5% minimum commission rate for validators. This follows a previous governance decision under proposal 4803, which established the global minimum commission rate. Notably, the upgrade will ensure that all the current and new validators follow this rate, which would help in enhancing the networkâs integrity.
However, the most notable change, which is already gaining traction, is the burning of TFLâs $LUNA holdings. TFL aims to burn #LUNAâ that it had in its possession, complying with the bankruptcy court order. This would include assets locked in a vesting contract, which will be burned directly following the upgrade.
In addition, the TFL plans to address the issue of compromised wallets and illegally minted #assets from the IBC exploit. It will help ensure that the assets are permanently removed from circulation, reflecting a step towards usersâ safety and transparency.
Meanwhile, the removal of the blacklist functionality is another significant change with the upgrade. It which was initially implemented to prevent further withdrawals by the IBC attackers.
