Edward Kim, Terra Rebels’ core developer, has a new proposal to reopen Terra Classic’s Inter Blockchain Communication channels (IBC). The proposal aims at reopening IBCs for Osmosis and Crescent that were closed during the Terra-LUNA crisis. Terra Classic seeks to increase utility by bringing the back
CoinGape’s first article, Terra Classic Developers Open Key IBC Channels to Boost $LUNC appeared on CoinGape.
Edward Kim, Terra Rebels’ core developer, has a new proposal to reopen Terra Classic’s Inter Blockchain Communication channels (IBC). The proposal aims at reopening IBCs for Osmosis and Crescent that were closed during the Terra-LUNA crisis.
Terra Classic is looking to increase utility by bringing back projects. It will also increase the LUNC burning rate and help the LUNC prices recover from the pressures resulting from the FTX crisis.
Terra Classic Core Developer to Open IBC Channels
Edward Kim, Terra Rebels’ core developer, published a proposal to re-enable IBCs for Terra Classic and three channels of Cosmos-based chains Osmosis Crescent, Crescent, and Juno. During the Terra-LUNA crisis, the channels were disabled.
Terra Rebels, Osmosis and Notional Labs are currently working on an upgrade to the L1/L2 chain to re-enable IBCs. The IBC channels will be separate from the overall v23 upgrade. Edward Kim believes that it is necessary because of continuous changes in Cosmos ecosystem and the testing needed to reach parity.
If the community approves the proposal, developers will reopen block 10,542,500 IBC channels. This was estimated December 5. The community will vote to allow trapped assets to flow through the channels. Most assets are still on Osmosis. It will not be in effect until the rollout of the v23 network upgrades.
Terra Classic community members have already given their majority approval to the proposal. The channel’s opening will be confirmed by the governance vote. This will increase the LUNC burning rate and bring back utility to the chain. It may even help to recover the LUNC cost.
LUNC Price Drops amid FTX Debacle
The collapse of FTX also caused Terra Classic’s prices to fall. The crypto market continues to slide, with Ethereum and Bitcoin prices at a two year low.
Currently, the LUNC price is trading at $0.000149. This is a drop of nearly 3% over the last 24 hours and 14% over a week. The community is optimistic about a dramatic jump in LUNC prices during December.
Also read: Terra’s Luna Foundation Guard Issues Audit Report
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