Terra Luna Classic Proposal Passes Despite Concerns, LUNC Falls 10% USTC 15%

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Terra Luna Classic IBC Proposal Officially Passed, LUNC Price Jumps 8% – Crypto News

Published

1 year ago

May 23, 2024

Dripp

Terra Luna Classic community unanimously voted in favor of the proposal to enable interblockchain communication (IBC) with the Osmosis protocol. The transfers between Terra Luna Classic and Osmosis will be restored as Client ID 07-tendermint-12 on columbus-5 referencing Osmosis validator set will be restored.

LUNC and USTC prices saw massive buying activity as trading volumes skyrocketed 200% in the last 24 hours.

Terra Classic Osmosis IBC Reactivation Proposal Passed

Proposal 12104 “Reactivate Osmosis IBC” has surpassed the pass threshold in the governance voting on the Station wallet by developer Fragwuerdig, a former member of the core developer team. The proposal aims to reactivate Osmosis-Terra Luna Classic IBC.

The proposal has been received 85% votes in favor, with the deadline for voting on May 25. Along with votes in favor, the proposal received 15% “No with veto” votes. Among 40 validators who participated in the voting, 38 validators voted in favor of the proposal. These are LuncGoblins, Moon Rabbit Validator, MoonRunners, and others. Allnodes is yet to voted on the proposal.

Terra Classic member and validator Vegas revealed that Osmosis IBC client needs an update for seamless operation of the IBC relay, facilitating interchain transfers between LUNC and Osmosis. He recommended an upgrade from 07-tendermint-12 to 07-tendermint-250.

“We propose upgrading from version 07-tendermint-12 to 07-tendermint-250.” This update is critical for the seamless operation of the IBC.

Also Read: Terra Luna Classic Community Passes Crucial Proposal, LUNC Price to Rally?

LUNC and USTC Price Jumps Higher

Terra Luna Classic ecosystem tokens saw massive trading volumes of more 200% in the last 24 hours. Analyst Javon Marks predicts a quick move of LUNC price to $0.00021439. He added that LUNC is displaying major strength after breakouts that can imply another 70% upside move.

LUNC price jumped 8% in the last 24 hours, but pared some gains in the last few hours. The 24-hour low and high are $0.0001089 and $0.0001263, respectively. Furthermore, trading volume has increased massively by 231% in the past 24 hours.

Meanwhile, USTC price climbed 5% over the lat 24 hours, but fell due to profit booking by traders. The price is trading at $0.02346, with a 24-hour low and high of $0.02229 and $0.02513, respectively.

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