- Terra Luna Classic passes a proposal to restore IBC between Osmosis and Terra Classic chains, causing LUNC and USTC prices to jump massively.
- The proposal received 85% votes in favor, with the Allnodes validator yet to vote on the proposal.
- LUNC and USTC prices rise amid massive buying, as displayed by more than a 200% jump in trading volumes.
Discover how Terra Luna Classic’s latest proposal to restore IBC with Osmosis is impacting LUNC and USTC prices, leading to significant market movements.
Terra Classic Osmosis IBC Reactivation Proposal Passed
Proposal 12104, titled “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 the Osmosis-Terra Luna Classic IBC.
The proposal 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 include LuncGoblins, Moon Rabbit Validator, MoonRunners, and others. Allnodes is yet to vote on the proposal.
Terra Classic member and validator Vegas revealed that the Osmosis IBC client needs an update for the 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.
LUNC and USTC Price Jumps Higher
Terra Luna Classic ecosystem tokens saw massive trading volumes of more than 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 last 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.
Conclusion
The Terra Luna Classic community’s decision to restore IBC with Osmosis has led to significant market activity, with LUNC and USTC prices experiencing substantial gains. As the proposal moves forward, the community’s focus will likely shift to ensuring the seamless operation of the IBC relay, which could further impact the market positively. Investors should keep a close eye on these developments for potential future opportunities.
