The developers behind Terra (LUNA) have announced the approval of Recommendation 4785, which paves the way for the upgrade to Terra v2.5. This significant update is scheduled to take place at block height 7316000, expected on Wednesday, October 18, 2023, at 15:04 UTC. During this process, the blockchain will undergo a temporary halt to facilitate the upgrade.

The forthcoming update boasts a multitude of new features and bug fixes, with a noteworthy transition to Cosmos SDK 47. This version supports ABCI 1.0 and officially certifies the CosmWasm module.

Another pivotal alteration is the integration of the Protocol-Owned Builder (POB) module, developed by Skip Protocol, into the Terra ecosystem. This Cosmos SDK module empowers developers to define the manner in which their applications create and validate on-chain blocks in a transparent and enforceable manner.

This fresh hard fork for Terra emerged in response to the slump in LUNA's price, stemming from the collapse of the algorithmic stablecoin UST on the previous chain, which has since come to be known as Terra Classic (LUNC). The impending update will be implemented on the network that is currently recognized as LUNC.

Nevertheless, some users have raised questions about this latest update, citing concerns that it incorporates features not yet adopted by other chains in the Cosmos ecosystem. In response, a Terra developer emphasized LUNA's role as an innovation leader within the network.