Terra Luna Classic is considering a proposal to restore interblockchain communication (IBC) with the Osmosis protocol. This initiative aims to recover liquidity for LUNC and USTC tokens.
If approved, transfers between Terra Luna Classic and Osmosis would resume under the Client ID 07-tendermint-12 on columbus-5, which references the expired Osmosis validator set.
Proposal to Reactivate Osmosis IBC on Terra Luna Classic
Developer Fragwuerdig, a former core team member, has proposed “Reactivate Osmosis IBC” on the Station wallet. This proposal aims to restore interblockchain communication (IBC) between Osmosis and Terra Luna Classic.
Vegas, a Terra Classic member and validator, highlighted that the Osmosis IBC client requires an upgrade for smooth IBC relay operations. Specifically, he recommended transitioning from version 07-tendermint-12 to 07-tendermint-250 to ensure seamless interchain transfers between LUNC and Osmosis.
As of now, the proposal has garnered over 96% of votes in favor. The voting deadline is set for May 25. In addition to the strong support, 3% of votes opposed the proposal with veto power. Notably, seven validators, including LuncGoblins and Moon Rabbit Validator, who participated in the voting, have voted “Yes,” emphasizing the importance of approving the proposal for the community’s benefit.
Terra Luna Classic (LUNC) and USTC Price Updates
The Terra Luna Classic (LUNC) community anticipates a price increase to surpass $0.0002 soon, driven by ongoing development activities and staking. Currently, LUNC has been trading sideways following a modest 3% increase this week. The 24-hour trading range for LUNC shows a low of $0.0001072 and a high of $0.0001106. Despite a slight decrease in trading volume over the past day, investor interest remains strong.
In contrast, USTC has experienced a notable 30% rally over the past month. However, trading volumes have significantly decreased in recent days, particularly this week. USTC is currently trading at $0.02233, with a 24-hour low and high of $0.02200 and $0.02314, respectively. Although trading volume has seen a slight uptick compared to the previous day, indicating sustained trader interest, the overall volume trend remains subdued.
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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