The Terra Luna Classic (LUNC) community has taken a significant step towards reviving the ecosystem with the approval of a key proposal. This proposal, unanimously supported by validators and receiving near-unanimous community backing (99.99%), aims to restore the Inter-Blockchain Communication (IBC) connection between Terra Classic and Kujira.
IBC Re-establishment, Unfreezing Liquidity and Reviving LUNC
The approved proposal, titled “Restore IBC to Kujira” (Proposal 12099), focuses on upgrading the IBC client between the two chains. This upgrade, from 07-tendermint-178 to 07-tendermint-246, will effectively re-establish the bridge between Terra Classic and Kujira. The restored connection offers two key benefits:
- Improved Liquidity: With the IBC bridge operational, users can seamlessly transfer assets between Terra Classic and Kujira. This paves the way for increased liquidity within the Terra Classic ecosystem, potentially boosting its overall health.
- Unlocking Frozen Funds: The proposal also aims to free up funds currently frozen due to the disabled IBC connection. This unlocks additional capital for users within the Terra Classic ecosystem.
These developments are seen as positive steps towards the revival of Terra Classic. The price of LUNC has responded with a modest increase, jumping 1% in the last 24 hours and 6% over the past week. Despite the current price hovering around $0.00011, some community members remain optimistic about LUNC reaching $1 in the future.
Security Measures and USTC Price
While the IBC restoration is a positive step, the Terra Luna Classic community remains focused on mitigating potential risks. A separate proposal from Genuine Labs seeks to decrease the MaxBlockSize from 5mb to 2mb as an initial security measure against peer-to-peer spam attacks.
The price of USTC, the algorithmic stablecoin of the Terra Classic ecosystem, has also seen a slight uptick of 1% following a 20% increase last week.
The Terra Luna Classic community’s efforts to restore the IBC connection and address security concerns demonstrate their commitment to reviving the ecosystem. Whether these efforts will translate to a significant and sustained price increase for LUNC and USTC remains to be seen, but the recent developments offer a glimmer of hope for the project’s future.
About The Author
