• 29 May, 2024
News

Terra Luna Classic Community Unanimously Approves IBC Proposal

In an effort toward enhancing interoperability and reviving liquidity within the Terra Luna Classic (LUNC) ecosystem, the community has unanimously approved Proposal 12099, titled “Restore IBC to Kujira.” This decision marks a pivotal step in re-establishing the connection between Terra Classic and Kujira chains, aiming to unfreeze funds and bolster the ongoing efforts to revive Terra Luna Classic.

With resounding support from the Terra Luna Classic community, Proposal 12099 received an overwhelming 99.99% of the votes in favor. The proposal, put forward by the RakoffToken team, entails upgrading the IBC client from 07-tendermint-178 to 07-tendermint-246, effectively restoring the connectivity between the two chains. This unified backing underscores the community’s eagerness to address challenges and foster growth within the ecosystem.

Further reinforcing the consensus, validators such as Allnodes, Interstellar Lounge, HappyCattyCrypto, and Luna Station 88 demonstrated unwavering support for the proposal. Their endorsement highlights the importance of restoring the lost connection through inter-blockchain communication (IBC), paving the way for enhanced liquidity and functionality within Terra Luna Classic and Kujira networks.

Amidst the endeavor to restore IBC functionality, the community remains vigilant in addressing potential risks, particularly concerning peer-to-peer storm attacks. Genuine Labs proposed a proactive measure to mitigate these risks by decreasing MaxBlockSize from 5mb to 2mb. This initial security measure aims to counter peer-to-peer spam and safeguard the integrity of the network.

In tandem with these developments, Terra Luna Classic (LUNC) has shown notable resilience in the market. As of the latest insights, the price of LUNC was $0.0001142 and a 24-hour trading volume of $27,684,091.82. LUNC has witnessed a 2.50% price increase in the last 24 hours and a remarkable 15.16% increase over the past 7 days. This outperformance underscores the growing confidence in Terra Luna Classic amidst broader market fluctuations.

The approval of Proposal 12099 signifies a collaborative effort to enhance interoperability and liquidity within the Terra Luna Classic ecosystem. With unanimous community support and proactive measures to mitigate risks, the path forward looks promising for Terra Luna Classic and its stakeholders. As the ecosystem continues to evolve, stakeholders remain committed to fostering growth and resilience in the face of challenges.

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