This is Why the Price of Luna Classic (Lunc) is Rising

Published on:

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.


Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: Above are some affiliate links and we may collect a share of sales or other compensation from the links on this page.
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

Related