Terra Classic Proposal “Restore IBC To Kujira” Officially Passes, LUNC Futures OI Jumps 10%

LUNC News: Terra Luna Classic community has unanimously approved a key proposal to update the interblochain communication (IBC) client between Terra Classic and Kujira (from 07-tendermint-178 to 07-tendermint-246), allowing the connection between the two chains to work again. This improves Terra Classic revival effort by increasing liquidity and freeing frozen funds.

Terra Classic Community Approves Proposal for Liquidity

Proposal 12099 “Restore IBC to Kujira” has surpassed pass threshold and received overwhelming support from the Terra Luna Classic community. The RakoffToken team proposed to re-enable IBC client 07-tendermint-178 connection between Terra Classic and Kujira.

The proposal has received 99.99% of the votes in favor from the community, indicating the unanimous support from the community in restoring the lost connection between chains through inter-blockchain communication (IBC). Validators also showed unwavering support with all 57 participants including Allnodes, Interstellar Lounge, HappyCattyCrypto, Luna Station 88 voted “Yes”.

As reported by CoinGape, the IBC client 07-tendermint-178 will be upgraded to IBC client 07-tendermint-246 to restore the connection between the blockchains and free up frozen funds.

Meanwhile, the community has also approved multiple proposal Genuine Labs’ proposal to decrease MaxBlockSize from 5mb to 2mb as an initial security measure to counter peer-to-peer spam, increasing minimum commission for validators to 2.5%, and changing the reward share distribution of the burn tax.

Also Read: Terra Luna Classic Community Revises LUNC Burn Tax

LUNC Price Jumps 5%

LUNC price jumped 5% in the last 24 hours, with the price currently trading at $0.0001076. The 24-hour high and low are $0.0001039 and $0.0001145, respectively. Moreover, trading volume increased by 80% in the last 24 hours, indicating a rise in interest among traders. The community remains confident on LUNC price hitting $1.

Terra Luna Classic (LUNC) futures open interest has climbed by over 10% across exchanges in the last 24 hours, Coinglass. Whereas, 1000LUNC futures OI has jumped 16% on Binance and Bybit in the past 24 hours as Terraform Labs (TFL) announced to restrict access to some Terra products and features from users in the US.

Meanwhile, USTC price also jumped over 2%, with the price changing hands at $0.01892. The price climbed 20% higher last week. The 24-hour low and high are $0.01857 and $0.01957, respectively.

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