Terra Luna Classic Community Votes on Reactivating IBC, LUNC Price to Rally?

Terra Luna Classic votes on another major proposal to enable interblockchain communication (IBC) with the Osmosis protocol. If approved, the transfers between Terra Luna Classic and Osmosis will be restored as Client ID 07-tendermint-12 on columbus-5 referencing Osmosis validator set expired.

Terra Luna Classic Osmosis IBC Reactivation Proposal

Proposal 12104 “Reactivate Osmosis IBC” is up for voting on the Station wallet by developer Fragwuerdig, a former member of the core developer team. The proposal simply aims to reactivate Osmosis-Terra Luna Classic IBC.

Recently, Terra Classic member and validator Vegas revealed that Osmosis IBC client needs an update for seamless operation of the IBC relay, facilitating interchain transfers between LUNC and Osmosis. He recommended an upgrade from 07-tendermint-12 to 07-tendermint-250.

“We propose upgrading from version 07-tendermint-12 to 07-tendermint-250.” This update is critical for the seamless operation of the IBC.

The proposal has received more than 96% votes in favor until now. The deadline for voting on the proposal is May 25. Along with votes in favor, the proposal received 3% “No with veto” votes. Seven validators who participated in the voting yet believe the proposal needs to be approved and voted “Yes.” These are LuncGoblins, Moon Rabbit Validator, MoonRunners, and others.

Also Read: WIF Selloff Alert: Dogwifhat Tumbles On Multiple Factors

LUNC and USTC Trading Range Bound

The community expects LUNC price to cross $0.0002 soon amid development activity and staking. LUNC price trading sideways after a 3% upswing this week. The 24-hour low and high are $0.0001072 and $0.0001106, respectively. Furthermore, trading volume has decreased slightly in the past 24 hours.

USTC price rallied 30% in a month but the trading volumes have decreased immensely in the last few days, especially this week. The price is trading at $0.02233, with a 24-hour low and high of $0.02200 and $0.02314, respectively. Trading volume has increased slightly as compared to the last day, indicating interest among traders.

Also Read: Popular Analyst Reveals Trading Alert for Bitcoin ETF, BTC Price To $80K?

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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