terra luna Classic IBC Offer Officially Passed, 8% Increase in LUNC Price
The Terra Luna Classic community unanimously voted for the proposal to enable inter-blockchain communication (IBC) with the osmosis protocol. Transfers between Terra Luna Classic and Osmosis will be restored as Client ID 07-tendermint-12 in columbus-5 referencing the Osmosis validator set.
LUNC and USTC prices witnessed massive buying activity with trading volumes increasing by 200% in the last 24 hours.
Terra Classic Osmosis IBC Reactivation Proposal Passed
Proposal 12104 “Re-Enable Osmosis IBC” passed the passage threshold in a governance vote on the Station wallet by developer Fragwuerdig, a former member of the core developer team. The proposal aims to reactivate the Osmosis-Terra Luna Classic IBC.
The proposal received 85% positive votes and the deadline for voting is May 25. The proposal received 15% “no” votes with veto, as well as positive votes. Of the 40 validators who participated in the vote, 38 validators voted in favor of the proposal. These are LuncGoblins, Moon Rabbit Validator, MoonRunners and others. Not all nodes have voted on the proposal yet.
Terra Classic member and validator Vegas explained that the Osmosis IBC client needs an update for the IBC transfer, which facilitates cross-chain transfers between LUNC and Osmosis, to work perfectly. 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.
Also Read: Terra Luna Classic Community Accepts Significant Offer, Will LUNC Price the Rally?
LUNC and USTC Price Increased
Terra Luna Classic ecosystem tokens have seen massive trading volumes of over 200% in the last 24 hours. Analyst Javon Marks predicts that LUNC price will rise quickly to $0.00021439. He added that LUNC has shown great strength after breakouts, which could mean another upward move of 70%.
LUNC price is up 8% in the last 24 hours but has pared some of its gains in the last few hours. The 24-hour low and high are $0.0001089 and $0.0001263 respectively. Additionally, trading volume has increased by a whopping 231% in the last 24 hours.
Meanwhile, USTC price rose 5% in the last 24 hours but fell due to traders’ profit booking. The price is trading at $0.02346 with a 24-hour low and high of $0.02229 and $0.02513 respectively.
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