- Terra Luna Classic(LUNC) community approves the proposal to restore interblockchain communication (IBC) with the Osmosis protocol.
- LUNC and USTC prices surge, with trading volumes increasing by over 200% in the past 24 hours.
In a significant development for the Terra Luna Classic community, the proposal to reactivate inter-blockchain communication (IBC) with the Osmosis protocol has been officially passed. This decision has not only restored the essential link between the two chains but also sparked a remarkable increase in the prices of Terra Luna Classic (LUNC) and TerraClassicUSD (USTC).
The approval of the IBC proposal, which saw 85% of votes in favor, marks a pivotal moment for Terra Luna Classic. The proposal, identified as 12104 and titled “Reactivate Osmosis IBC,” was put forward by developer Fragwuerdig, a former member of the core developer team. The initiative aims to re-establish the IBC link between Terra Luna Classic and Osmosis, enabling smoother and more efficient transfers between the two ecosystems.
The community’s overwhelming support for the proposal highlights a strong consensus, with 38 out of 40 participating validators voting in favor. Notable validators such as LuncGoblins, Moon Rabbit Validator, and MoonRunners were among those who supported the proposal. However, Allnodes, another prominent validator, has yet to cast its vote.
Validator and Terra Classic member Vegas emphasized the necessity of updating the Osmosis IBC client for optimal performance. He proposed an upgrade from the current version 07-tender mint-12 to 07-tender mint-250. This update is seen as crucial for ensuring seamless operation and efficient interchain transfers between LUNC and Osmosis.
The market reacted positively to this news, with LUNC and USTC experiencing significant price jumps. LUNC saw an 8% increase in the last 24 hours, with trading volumes soaring by an impressive 231%. The token’s price fluctuated between a low of $0.0001089 and a high of $0.0001263 during this period. Analysts, including Javon Marks, predict a bullish trend for LUNC, suggesting that it could see an additional 70% upside.
Similarly, USTC also benefited from the increased buying activity, recording a 5% rise. Despite some profit booking by traders, which caused a slight dip, USTC’s price remains strong, trading between $0.02229 and $0.02513 over the past 24 hours.
The successful passage of the IBC proposal is a testament to the Terra Luna Classic community’s commitment to enhancing the ecosystem’s functionality and connectivity. As the IBC link with Osmosis is restored, both LUNC and USTC are likely to see continued interest and activity, driven by enhanced interoperability and potential for further growth.
This development underscores the importance of community-driven governance in the cryptocurrency space, showcasing how collective action can lead to significant technological advancements and market impacts. As the Terra Luna Classic community moves forward, the successful reactivation of IBC with Osmosis sets a positive precedent for future initiatives and collaborations.