Last Updated on November 5, 2022 by Bitfinsider
Breaking its downward trend, Terra Luna Classic (LUNC) saw significant bids at approximately $0.00022. Prior to the current governance proposal to re-enable IBC, the performance of coins over the past few weeks has been abysmal.
The unanticipated surge of the coin can be related to the ongoing Governance Proposal 10880. Concerning defrosting and updating the IBC Tendermint client 07-tendermint-71, which mentions the Cosmoshub.
Notably, the IBC protocol permits communication and the transfer of value between distinct Cosmos chains. In order to avert temporary losses when the ecosystem failed in May, the Terra Classic network, which was originally a Cosmos chain, permanently shut down its channels.
Accessing blocked liquidity and increasing the chain’s utility are contingent upon re-enabling IBC as the network charts a route towards recovery. The Terra Rebels, a different group of volunteers working on the Terra Classic chain, contacted Gadikian in September, as disclosed by core developer Edward Kim. Notably, Gadikian offered to clean up the chain in addition to assisting them with the difficult task of re-enabling IBC, which had been permanently disabled.
According to Venus, a Terra Rebel and the core team project manager, once IBC is reopened, projects on Cosmos chains may choose to include Terra Luna Classic (LUNC) as a payment option in order to attract the community’s vitality. Consequently, LUNC’s utility and transaction volume should increase.
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