LUNC Price Soars 8% as Terra Luna Classic Passes IBC Proposal

The Terra Luna Classic community has successfully passed Proposal 12104 to reactivate interblockchain communication (IBC) with the Osmosis protocol. This decision marks a significant milestone, enabling seamless transfers between Terra Luna Classic and Osmosis. Client ID 07-tendermint-12 on Columbus-5 references the Osmosis validator set to be reinstated.

Proposal 12104, titled “Reactivate Osmosis IBC,” was introduced by developer Fragwuerdig, a former core developer. The proposal received an overwhelming 85% approval from the community, surpassing the pass threshold in the governance voting on the Station wallet. The voting period, culminating on May 25, also saw 15% of votes cast as “No with veto.”

Among the 40 validators participating in the vote, 38 expressed their support. Notable validators backing the proposal include LuncGoblins, Moon Rabbit Validator, and MoonRunners. However, Allnodes has yet to cast its vote.

Vegas, a Terra Classic member and validator, emphasized the necessity of updating the Osmosis IBC client for efficient relay operations. He proposed upgrading from version 07-tendermint-12 to 07-tendermint-250. This update is considered crucial for the optimal functioning of the IBC relay, facilitating smooth interchain transfers between LUNC and Osmosis.

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