“The community agrees to reconnect Terra Luna Classic and Crescent blockchains for communication (IBC).”
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The community unanimously voted to reopen inter-blockchain communication (IBC) transfers between Crescent and Terra Luna Classic. Professor Edward Kim had announced the reconnection of IBCs for Osmosis, Crescent, and Juno, which were disabled during the May 2022 Terra-LUNA crisis.
IBC Re-Enabled Between Crescent and Terra Luna Classic as Proposal Passes
The community has approved Proposal 271, titled “Re-enable IBC Client to Terra Classic,” which means they have decided to restore the ability to transfer assets between Crescent and Terra Luna Classic using Inter-Blockchain Communication (IBC). Crescent Network, which is a Cosmos appchain, allows for the exchange of assets across multiple blockchains and encourages liquidity with efficient use of capital.
The proposal to re-enable IBC between Crescent and Terra Luna Classic has been overwhelmingly supported by the community. With an impressive 99.98% in favor and only 0.02% against, it has surpassed the required threshold for approval.
Professor Edward Kim emphasized the need for this change due to ongoing developments in the Cosmos ecosystem and the necessary testing to match its standards. This reconnection will also help free up trapped assets, allowing them to move smoothly through the channels once again.
LUNC price keeps declining due to bearish news
Currently, LUNC price is at $0.000078, showing a decline of nearly 1% in the last 24 hours and 4% over the week. Despite this, the community remains optimistic, hoping for a significant surge in LUNC prices.
On the other hand, USTC price is trading at $0.015, experiencing a 4% increase in the past 24 hours due to the community’s efforts to stabilize USTC’s value. The price range in the last 24 hours has been between $0.0144 and $0.0157. Moreover, trading volume has risen by 55% in the last 24 hours, indicating growing interest among traders.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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