Did the terra luna Classic Community Vote to Reactivate IBC and LUNC?
Terra Luna Classic voted on another major proposal to enable blockchain-to-block communication (IBC) with the osmosis protocol. If approved, transfers between Terra Luna Classic and Osmosis will be restored as Client ID 07-tendermint-12 in columbus-5, indicating that the Osmosis validator set has expired.
Terra Luna Classic Osmosis IBC Reactivation Offer
Proposal 12104 “Re-Enable Osmosis IBC” is up for vote on the Station wallet by developer Fragwuerdig, a former member of the core developer team. The proposal is aimed solely at reactivating the Osmosis-Terra Luna Classic IBC.
Recently Terra Classic member and validator Vegas announced that the Osmosis IBC client needs an update to facilitate cross-chain transfers between LUNC and Osmosis for the IBC transfer to work smoothly. He suggested upgrading from 07-tendermint-12 to 07-tendermint-250.
“We recommend upgrading from version 07-tendermint-12 to version 07-tendermint-250.” This update is critical for the smooth operation of IBC.
The proposal has received more than 96% positive votes so far. The deadline for voting on the proposal is May 25. In addition to the positive votes, the proposal received 3 percent of the “No with Veto” votes. The seven approvers who took part in the vote believe that the proposal should be approved and voted “Yes”. These are LuncGoblins, Moon Rabbit Validator, MoonRunners and others.
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LUNC and USTC Trading Range Limit
The community expects the LUNC price to surpass $0.0002 soon due to development activities and staking. LUNC price is trading sideways after a 3% rise this week. The 24-hour low and high are $0.0001072 and $0.0001106 respectively. Additionally, there has been a slight decrease in transaction volume in the last 24 hours.
USTC price is up 30% in a month, but trading volumes have dropped considerably 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. The slight increase in trading volume compared to the previous day shows that investors are showing interest.
Also Read: Popular Analyst Announces Trading Warning For Bitcoin ETF, Will BTC Price Go To $80K?
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Varinder has 10 years of experience in the Fintech industry and has been dedicated to blockchain, crypto and Web3 development for over 5 years. A tech enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles, and articles. Varinder believes in the great potential of future innovative technologies with parofix Media. He currently covers the latest updates and developments in the crypto industry.
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