- The Terra Luna Classic community has approved a proposal to restore interblockchain communication (IBC) with the Osmosis protocol, resulting in an 8% surge in LUNC price and a 200% increase in trading volumes.
- The proposal received 85% of votes in favor, with 38 out of 40 validators supporting the initiative, highlighting strong community backing.
The Terra Luna Classic community has successfully approved the proposal to restore interblockchain communication (IBC) with the Osmosis protocol, marking a significant milestone for the ecosystem. The proposal, which received an overwhelming 85% of votes in favor, aims to facilitate seamless transfers between Terra Luna Classic and Osmosis by restoring Client ID 07-tendermint-12 on columbus-5. This move has sparked substantial buying activity, leading to a notable rise in the prices of LUNC and USTC.
Massive Trading Volumes and Price Surge
Following the proposal’s approval, trading volumes for Terra Luna Classic ecosystem tokens skyrocketed, witnessing an impressive 200% increase within the last 24 hours. The LUNC price surged by 8%, reaching a high of $0.0001263, although it has since pared some gains. The 24-hour trading volume saw a massive 231% increase, highlighting the community’s strong support and optimism.
The USTC price also experienced a 5% rise, trading at $0.02346. Despite some profit booking by traders, the heightened trading activity underscores the positive sentiment surrounding the Terra Luna Classic ecosystem.
Proposal 12104: Reactivate Osmosis IBC
Proposal 12104, titled “Reactivate Osmosis IBC,” surpassed the pass threshold in the governance voting on the Station wallet. This proposal, developed by Fragwuerdig, a former core developer team member, seeks to reactivate the Osmosis-Terra Luna Classic IBC, which is crucial for interchain transfers.
Of the 40 validators who participated in the voting, 38, including LuncGoblins, Moon Rabbit Validator, and MoonRunners, voted in favor. Allnodes is yet to cast its vote. Despite the strong support, 15% of the votes were “No with veto,” highlighting some opposition within the community.
Critical Upgrade for Seamless Operation
Vegas, a Terra Classic member and validator, emphasized the need for an update to the Osmosis IBC client to ensure the smooth operation of the IBC relay. He recommended upgrading from version 07-tendermint-12 to 07-tendermint-250. This upgrade is deemed essential for facilitating efficient interchain transfers between LUNC and Osmosis.
“We propose upgrading from version 07-tendermint-12 to 07-tendermint-250,” Vegas stated, underscoring the critical nature of this update for the IBC’s seamless operation.
Analyst Predictions and Future Prospects
Analyst Javon Marks predicts a quick move of LUNC price to $0.00021439, suggesting a potential 70% upside from its current levels. Marks noted that LUNC is displaying major strength following recent breakouts, which could indicate further upward momentum.
The Terra Luna Classic community’s unanimous support for the IBC proposal and the resulting surge in trading volumes and prices reflect a positive outlook for the ecosystem. As the community continues to drive development and improvements, the future looks promising for Terra Luna Classic and its associated tokens.
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