The Terra Luna Classic community unanimously approved the proposal to enable interblockchain communication (IBC) with the Osmosis protocol. However, transfers between Terra Luna Classic and Osmosis will resume as Client ID 07-tendermint-12 on columbus-5 referencing Osmosis validator set will be reinstated. Meanwhile, massive buying activity drove up LUNC and USTC prices as trading volumes surged 200% in the last 24 hours.
Terra Luna Classic Successfully Passes Osmosis IBC Reactivation Proposal
Proposal number 12104 “Reactivate Osmosis IBC” has exceeded the pass threshold in the governance voting on the Station wallet by developer Fragwuerdig, a former member of the core developer team. In addition, the proposal aims to reactivate Osmosis-Terra Luna Classic IBC.
The proposal garnered 85% approval votes, with the voting deadline set for May 25. Alongside favorable votes, the proposal received 15% “No with veto” votes. Among the 40 validators participating in the vote, 38 validators supported the proposal. These include LuncGoblins, Moon Rabbit Validator, MoonRunners, and others. Allnodes is yet to cast its vote on the proposal.
Terra Classic member and validator Vegas disclosed that the Osmosis IBC client requires an update for seamless operation of the IBC relay, facilitating interchain transfers between LUNC and Osmosis. However, he proposed an upgrade from 07-tendermint-12 to 07-tendermint-250.
“We propose transitioning from version 07-tendermint-12 to 07-tendermint-250.” This update is crucial for the smooth operation of the IBC.
LUNC and USTC Price Surges Higher
Tokens within the Terra Luna Classic ecosystem witnessed substantial trading volumes, increasing by more than 200% in the past 24 hours. Analyst Javon Marks anticipates a swift ascent in LUNC price to $0.00021439. He noted that LUNC is demonstrating significant resilience following breakouts, suggesting a potential 70% upward movement.
LUNC price surged by 8% in the last 24 hours, albeit retracing some gains in the final hours. The 24-hour low and high stand at $0.0001089 and $0.0001263, respectively. Additionally, trading volume surged by a remarkable 231% over the past 24 hours.
Meanwhile, USTC price climbed by 5% over the last 24 hours, only to decline due to profit-taking by traders. Moreover, the price is currently trading at $0.02346, with a 24-hour low and high of $0.02229 and $0.02513, respectively.
