Terra Classic Proposal “Restore IBC To Kujira” Officially Passes, LUNC Futures OI Jumps 10%

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As a seasoned crypto investor with a keen interest in Terra Luna Classic (LUNC), I’m thrilled to see the recent developments within the community. The approval of proposal 12099 to update the inter-blockchain communication (IBC) client between Terra Classic and Kujira is a significant step towards improving liquidity and freeing up frozen funds. This news has not only received overwhelming support from the community but also resulted in a 5% price increase for LUNC in the last 24 hours.

Update on Terra Luna Classic: The proposal to upgrade the inter-chain communication (IBC) client connecting Terra Luna Classic and Kujira, which was endorsed by the entire community, will facilitate the restoration of communication between the two chains. This improvement is expected to boost Terra Luna Classic’s revival efforts by enhancing liquidity and releasing frozen funds.

Terra Classic Community Approves Proposal for Liquidity

The proposition named Proposal 12099, “Reactivate IBC for Terra Luna Classic on Kujira,” has amassed an impressive level of approval from the community. Sponsored by RakoffToken team, this proposal seeks to reactivate the connection between Terra Classic and Kujira using IBC client 07-tendermint-178.

The proposal has gained nearly 100.0% approval from the community through their votes, signaling a strong consensus among community members for the restoration of the connection between chains via inter-blockchain communication (IBC). Notably, validators such as Allnodes, Interstellar Lounge, HappyCattyCrypto, and Luna Station 88, with a total of 57 participants, have all endorsed this initiative by casting their votes in favor.

According to CoinGape’s report, the IBC client version 07-tendermint-178 is set to be updated to version 07-tendermint-246. This upgrade aims to reestablish communication between the blockchains and release funds that have been held up.

As a researcher studying the developments within the community, I’ve observed that there has been approval for Genuine Labs’ proposed measures aimed at enhancing network security. Specifically, these include decreasing MaxBlockSize from 5mb to 2mb as an initial countermeasure against peer-to-peer spam. Additionally, the minimum commission for validators has been increased to 2.5%. Lastly, changes have been made to the reward share distribution of the burn tax.

LUNC Price Jumps 5%

In the past 24 hours, the value of LUNC has risen by 5%, reaching a current price of $0.0001076. The highest and lowest points of trading during this period were at $0.0001039 and $0.0001145 respectively. Additionally, there has been a significant surge in trading activity, with volumes up by 80% compared to the previous day. This heightened interest from traders suggests optimism within the community that LUNC’s price could potentially reach $1.

As a crypto investor, I’ve noticed an intriguing development in the Terra Luna Classic (LUNC) futures market. According to Coinglass, the open interest for LUNC futures has surged by more than 10% across various exchanges over the past 24 hours. However, this increase is particularly noteworthy on Binance and Bybit, where the open interest for 1000LUNC futures contracts has spiked by an impressive 16%.

Concurrently, USTC’s value surged by more than 2% to reach $0.01892. Over the past week, its price had escalated by approximately 20%. The lowest and highest values recorded within the previous 24 hours were $0.01857 and $0.01957, respectively.

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2024-04-26 18:22