NewsletterLUNC News: Proposal To Re-Enable Terra Luna Classic IBC To Cosmos Chain Passed
LUNC News: The community has unanimously voted in favor of a proposal to re-enable inter-blockchain communication (IBC) transfers between Crescent and Terra Luna Classic. Professor Edward Kim earlier announced the reopening IBCs for Osmosis, Crescent, and Juno that were disabled during the May 2022 Terra-LUNA crisis.
Proposal To Re-Enable IBC Between Crescent and Terra Luna Classic Passes
Proposal 271 “Re-enable IBC Client to Terra Classic” is passed by the community to re-enable IBC transfers between Crescent and Terra Luna Classic. Crescent Network is a Cosmos appchain that provides multi-chain asset exchange and capital-efficient liquidity incentivization.
The proposal has surpassed the “pass threshold” amid the community’s major support to the proposal. It received 99.98% votes in favor, while only 0.02% voted against the proposal.
Edward Kim earlier said it is necessary due to continuous changes in the Cosmos ecosystem and the testing required to reach parity with the Cosmos ecosystem. Also, it allows trapped assets to flow through the channels.
Read More: Early Terra Luna Classic Developers Seek Return To Revive LUNC & USTC To $1
LUNC Price Continues To Fall Amid Bearish News
LUNC price is currently trading at $0.000078, down nearly 1% in the last 24 hours and 4% in a week. The community remains hopeful about a massive jump in LUNC prices. CoinGape Markets analysis also predicts a jump in prices if it breaks above the descending channel.
Meanwhile, USTC price trades at $0.015, up 4% in the past 24 hours amid the USTC repeg efforts by the community. The 24-hour low and high are $0.0144 and $0.0157, respectively. Furthermore, the trading volume has increased by 55% in the past 24 hours, indicating an interest among traders.
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