1/ Columbus-5 is now officially live as the new Terra mainnet!
Welcome to the future of Terra π
2/ Col-5 unlocks numerous dimensions for the Terra ecosystem to better capture value, port assets across IBC-enabled chains, and set the foundation for a vibrant TeFi economy.
3/ Economic Changes:
Columbus-5 simplifies the Treasury Module logic of the Terra protocol so that 100% of the $LUNA seigniorage generated by the expansion of the $UST supply is burned.
4/ By closely tethering LUNA demand to UST demand, LUNA value capture becomes a function of USTβs adoption in a thriving cross-chain, Internet-native environment. As a result, more demand for UST shifts LUNAβs demand curve outward, while LUNAβs supply curve contracts.
5/ Community Pool & Ozone:
Since 100% of LUNA is burned in Columbus-5, no more seigniorage will be diverted to the community pool. Currently, the community pool contains roughly 98.675 million LUNA, equating to approximately $3.5 billion.
6/ $1 billion from the community pool will be burned via the on-chain swap (LUNA β UST) to bootstrap Ozone. Ozone is an algorithmic, claims-based insurance protocol approaching launch on Terra.
7/ Ozone is currently undergoing an audit and is expected to launch in mid-late October.
Obviously, the LUNA price and amount in the community pool have changed significantly since the original proposal.
8/ Plans for Ozone and the community pool will be clarified soon as Ozone finalizes its audit and prepares for launch. Please stay tuned for further updates.
9/ IBC:
IBC is a standardized communication protocol for blockchains that are IBC-compatible. The Cosmos SDK comes with IBC natively, which is disabled by default in Stargate (the latest major SDK upgrade) and needs to be manually initiated.
10/ As a result, IBC functionality on Terra will go live following an on-chain governance vote now that Columbus-5 is live and stable.
11/ Once the network is ready to unleash the gates of interoperability for UST and other Terra assets, a governance vote to manually initiate IBC on Terra will be published.
More updates about the plans for the IBC governance proposal will be released soon.
12/ Columbus-5 is the culmination of years of hard work and dedication by a thriving community of developers, users, partners, investors, and #LUNAtics of all varieties. Itβs a momentous step for the network and our community.
13/ Columbus-5 is just the beginning.
It lays the foundation for future waves of apps, protocols, builders, and users to onboard into the TeFi ecosystem -- wielding the power of decentralized money that is more attractive to spend and hold than fiat incumbents.
14/ From the May crash to today, itβs been one helluva ride.
Welcome to the beginning of the future of Terra, courtesy of Columbus-5.
1/ Important Bombay-11 β Bombay-12 testnet update in preparation for the Columbus-5 mainnet launch.
NOTE -- Bombay-12 does not contain breaking changes to Bombay-11, but developers still need to migrate to the new testnet in preparation for the Col-5 mainnet.
2/ The latest core release v0.5.5 for Columbus-5 and the new Bombay-12 testnet will occur on:
Jump has quietly played a pivotal role in the Terra ecosystem for a long time and is one of the most well-reputed, talented, and strategically important firms in the broader market.
Watching an established TradFi firm dive headlong into crypto underscores the potential of the crypto industry. As premier builders and market makers in crypto already, Jump Crypto opens up an array of new possibilities.
3/ @wormholecrypto and @PythNetwork are just the beginning. We look forward to a vibrant future with the Jump team, expanding our co-initiatives in liquidity, market-making, building, and other forms of collaboration.
1/ The Columbus-5 mainnet deployment will be delayed ~3 weeks until a new block height of 4,724,000, roughly equivalent to the following times:
9/29 at 20:30 PST
9/30 at 03:30 UTC
9/30 at 12:30 KST
2/ No need to fret, as the goal is to implement some extra precautionary measures for the rollout of Terraβs most significant mainnet upgrade yet to ensure the smoothest launch possible.
3/ For some context, the Columbus-5 mainnet upgrade is massive.
Behind the scenes, numerous moving parts require attentive and thorough examination from multiple perspectives + reviews between TFL, eco partners, the community, and projects dependent on Terra applications.
With V2 now live and the Guardian set supporting Terra on mainnet, inter-chain DeFi between @ethereum, @solana, @BinanceChain, and Terra can realize its full potential.
2/ TFL will be converting its Shuttle bridge implementations to Wormhole, meaning that the Terra -- ETH and Terra -- BSC Shuttle bridges will be migrated to Wormhole, which will remain available on the Terra Bridge UI just with different back-end functionality.
3/ Solana will be added to the Terra Bridge UI as well, utilizing Wormhole. Stay tuned for further updates.
Eventually, the goal is for Terra Bridge to serve as the unified front-end for inter-chain transfers between Terra and other chains, including both Wormhole and IBC.