As a seasoned crypto investor with a deep understanding of the Terra Luna Classic ecosystem, I’m thrilled to see the community’s unanimous vote in favor of reactivating the Interblockchain Communication (IBC) between Terra Luna Classic and Osmosis. This is a significant development that will undoubtedly boost trading volumes and liquidity on both platforms.
The Terra Luna Classic community came to a consensus in approving the proposal for interblockchain communication (IBC) with Osmosis. Consequently, transactions between Terra Luna Classic and Osmosis will be reinstated using Client ID 07-tendermint-12 on columbus-5, referencing the validator set of Osmosis.
In the past 24 hours, there was significant purchasing interest in LUNC and USTC, resulting in a substantial increase in trading volume by over 100% compared to the previous day.
Terra Classic Osmosis IBC Reactivation Proposal Passed
Proposal 12104, titled “Reactivating Osmosis IBC” proposed by developer Fragwuerdig, a previous core team member, has garnered more than the required approval in Station wallet’s governance voting. This initiative intends to reactivate the Inter-Blockchain Communication (IBC) connection between Terra Luna Classic and Osmosis.
As a crypto investor, I’ve noticed that our recent proposal has gained significant support, with an impressive 85% of votes cast in its favor. The cut-off date for casting votes was May 25. In addition to these affirmative votes, there were 15% of “No with veto” votes. Among the validators who took part in this voting process, a total of 38 out of 40 have expressed their approval for the proposal. Some of these validators include LuncGoblins, Moon Rabbit Validator, and MoonRunners, to name a few. Allnodes remains as the only validator yet to make their decision on this matter.
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 recommend advancing from Tendermint version 07-12 to 07-250. This essential upgrade is necessary for maintaining smooth IBC functionality.”
LUNC and USTC Price Jumps Higher
As a researcher, I’ve noticed an impressive surge in trading activity for Terra Luna Classic ecosystem tokens within the last 24 hours, with volumes exceeding 200%. Analyst Javon Marks anticipates that this momentum could propel the LUNC price to reach $0.00021439. Moreover, he emphasizes that LUNC’s recent breakouts display significant strength, potentially indicating a further upward move of approximately 70%.
In the last 24 hours, the price of LUNC experienced a significant surge of around 8%. However, it gave back some of those gains in the more recent hours. The lowest and highest prices during this period were $0.0001089 and $0.0001263 respectively. Additionally, there was an impressive jump in trading volume by over 231% within the same timeframe.
Over the past 24 hours, USTC’s price increased by 5%, but subsequently decreased due to profit-taking actions by traders. Currently, the price hovers at $0.02346. The day’s lowest and highest prices were recorded at $0.02229 and $0.02513, respectively.
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2024-05-23 00:47