LUNC restores liquidity through IBC, which is of great significance
A major development has occurred for the Terra Classic ecosystem, and the community has firmly approved a proposal to restore the IBC connection with Kujira. This move will unlock frozen funds and add liquidity to the network.
IBC Upgrade Approved
Proposal 12099, led by the RakoffToken team, aims to re-enable the IBC client 07-tendermint-178 between Terra Classic and Kujira.
Restoring the IBC link with Kujira is a key step in revitalizing the Terra Classic network. IBC technology enables secure interaction between different blockchains, enhancing the potential for asset transfer and higher interoperability.
The proposal received overwhelming support, with 99.99% of the votes in favor. To achieve this restoration, the IBC client will be upgraded from 07-tendermint-178 to 07-tendermint-246.
The restoration proposal also received unanimous support from validators, showing the decentralized nature of the project and its commitment to continuous improvement.
Notable validators supporting the move include Interstellar Lounge, Allnodes, Luna Station 88, and HappyCattyCrypto, among others, for a total of 36.
Security Considerations
While the IBC recovery is a positive move, the Terra Classic community is also actively seeking comprehensive solutions to mitigate potential risks from peer-to-peer storm attacks. As an initial security safeguard, a proposal from Genuine Labs aims to reduce the maximum block size from 5MB to 2MB.
Market Impact of LUNC and USTC
The recovery of IBC has had a positive impact on the price performance of Terra Classic’s native token. According to CoinMarketCap, the price of LUNC has increased by 2.79% in the past 24 hours, extending a promising weekly gain of 10.55%. Currently, LUNC is trading at $0.0001115, and the community’s vision of the coin reaching $1 has further boosted bullish sentiment.
Similarly, the price of USTC has also experienced an upward trend, rising by 0.5% in the past day. In the week prior to this, its price had increased by 17.41% and is currently valued at $0.01981.
The Terra Classic community expressed their determination to revive the project with the reinstatement of IBC. The decision, aimed at improving network liquidity and releasing frozen funds, highlights the spirit of collaboration driving the LUNC recovery effort.
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