luna burning
  • Terra Luna Classic is voting on Proposal 12104 to reactivate interblockchain communication (IBC) with the Osmosis protocol by upgrading from 07-tendermint-12 to 07-tendermint-250.
  • The proposal has received overwhelming support, and the community is optimistic that this move will boost LUNC prices, which are currently in a consolidation phase.

Terra Luna Classic Looks at Proposal to Enable Interblockchain Communication (IBC) with the Osmosis Protocol

In a significant move for the Terra Luna Classic (LUNC) community, a proposal has been put forward to reactivate interblockchain communication (IBC) with the Osmosis protocol. This development comes as LUNC and USTC prices remain in a consolidation phase, with the community hopeful that the reactivation will spur positive price movements.

The proposal, titled “Reactivate Osmosis IBC,” aims to restore transfers between Terra Luna Classic and Osmosis, which were previously disrupted when Client ID 07-tendermint-12 on columbus-5 expired. This proposal, numbered 12104, is currently up for voting on the Station wallet, initiated by developer Fragwuerdig, a former member of the core developer team.

Terra Luna Classic Osmosis IBC Reactivation Proposal

LUNC developer and validator Vegas has recommended a crucial upgrade from version 07-tendermint-12 to 07-tendermint-250. He emphasizes that this update is essential for the seamless operation of the IBC relay, which facilitates interchain transfers between LUNC and Osmosis. According to Vegas, “We propose upgrading from version 07-tendermint-12 to 07-tendermint-250.” This recommendation underscores the technical necessity for maintaining efficient and secure blockchain communication.

As of now, the proposal has received overwhelming support, with more than 96% of votes in favor. The deadline for voting is May 25. Despite a small percentage (3%) of “No with veto” votes, the majority of validators, including notable participants like LuncGoblins, Moon Rabbit Validator, and MoonRunners, have expressed their approval by voting “Yes.”

LUNC and USTC Trading Range Bound

The broader LUNC community is optimistic about the potential price surge that may follow the approval and implementation of the IBC reactivation. Currently, the LUNC price is consolidating after a recent 3% upswing, fluctuating between $0.0001072 and $0.0001106 over the past 24 hours. This sideways trading pattern is accompanied by a slight decrease in trading volume, indicating a period of market indecision.

On the other hand, USTC has seen a more substantial price movement, rallying 30% over the past month. However, trading volumes have significantly decreased in recent days, particularly this week. USTC is trading at $0.02233, with a 24-hour low and high of $0.02200 and $0.02314, respectively. Despite the reduced volumes, there is a slight increase in trading activity compared to the previous day, suggesting renewed interest among traders.

The Terra Luna Classic community is eagerly watching the outcome of Proposal 12104. The reactivation of IBC with Osmosis could mark a pivotal moment for LUNC, potentially catalyzing a price rally. As the voting period draws to a close, the community remains hopeful that this strategic upgrade will restore seamless blockchain communication and drive positive momentum in the market.

By vivian

Vivian Njoroge is a seasoned crypto and blockchain news writer with a passion for decoding the complexities of the digital financial world. Armed with a keen eye for emerging trends and a knack for simplifying intricate concepts, Vivian brings a unique blend of expertise and enthusiasm to her writing. Her articles, characterized by clarity and depth, aim to keep readers abreast of the ever-evolving landscape of cryptocurrencies and blockchain technology.