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Official Approval Granted to Restore IBC to Kujira; LUNC Futures Open Interest Surges by 10%
Highlights
- The Terra Luna Classic community approved an essential proposal to update the IBC client for improved connectivity between Terra Classic and Kujira.
- Receiving a staggering 99.99% of the votes, the proposal garnered unanimous support from validators.
- The prices of LUNC and USTC surged as futures open interest saw significant growth.
LUNC Update: The Terra Luna Classic community overwhelmingly supported a critical proposal to update the interblochain communication (IBC) client between Terra Classic and Kujira. This upgrade from 07-tendermint-178 to 07-tendermint-246 enhances connectivity and boosts liquidity, unlocking previously frozen funds.
Approval for Enhanced Liquidity
Proposal 12099 titled “Restore IBC to Kujira” achieved the necessary votes for implementation, showcasing strong backing from the Terra Luna Classic community. RakoffToken spearheaded the initiative to reactivate the IBC client 07-tendermint-178 linking Terra Classic with Kujira.
The overwhelming community support was evident with 99.99% of votes in favor, underscoring the unity in restoring the lost inter-chain connectivity using IBC. Validator consensus was equally unanimous, with key players like Allnodes, Interstellar Lounge, HappyCattyCrypto, and Luna Station 88 voting “Yes”.
The shift from IBC client 07-tendermint-178 to 07-tendermint-246 aims to reignite cross-chain operations and release previously stranded assets.
Furthermore, the community greenlit various other proposals, including Genuine Labs’ suggestions to lower MaxBlockSize, hike validator commission rates to 2.5%, and modify the reward distribution structure of the burn tax.
LUNC Price Surge
Notably, LUNC prices saw a 5% surge in the last 24 hours, currently trading at $0.0001076. Trading volume spiked by 80%, indicating heightened trader interest. Optimism prevails among the community regarding LUNC reaching $1.
Terra Luna Classic’s futures open interest witnessed a 10% uptick across platforms, with Binance and Bybit showing a 16% surge in 1000LUNC futures OI. This rise comes amid Terraform Labs’ decision to limit certain Terra features for US users.
Additionally, USTC prices surged by over 2%, settling at $0.01892. Last week saw a notable 20% increase. The daily price range oscillated between $0.01857 and $0.01957.
