Terra Classic Community (LUNC) Proposes To Re-Enable The IBC Protocol
✍️ 12 September, 2022 - 19:31 👤 Editor: Jakub Motyka
- The CEO of LUNC DAO proposes to enable blockchain interoperability protocol.
- Thanks to the 1.2% fee burn, LUNC has seen an uptick in its price and capitalization in recent weeks.
- The latest news about cryptos, in our Telegram channel.
Max Callisto, one of the CEOs of LUNC DAO, announced the launch of a proposal for the Terra Classic community about the protocol IBC and LUNC token. In it, it is proposed to re-enable the Inter Blockchain Communication (IBC) protocol, which allows the exchange of tokens and data with other block chains. This tool was disabled during the fall of Luna Classic (LUNC) following the unbinding of UST. This was initially done to prevent LUNA's liquidity pools from suffering temporary losses.
Callisto points out that now is a good time to reopen the bridge between the Terra Classic network and other Cosmos chains. This would allow users to transfer funds from Osmosis' LUNC and USTC liquidity pools, for use in other decentralized applications.
Terra Classic Community Struggles To Get Back To Normality
With his proposal, Callisto wants to ensure a return path for all LUNC and USTC tokens trapped in other networks. In this way they could return the liquidity to the main chain and be used in other Decentralized Applications (DApps) of Terra Classic. An example of this is Astroport and Prism, both of which indicated that they may soon resume operations on the Terra Classic blockchain.
In turn, the proposal to burn the 1.2% tax per transaction of the LUNC token has received great support from the community and exchange platforms. The developer of Terra Classic, ReXx of TerraRebels, reported that Terraform Labs had given its support to this proposal, which will be effective from September 20. This will grant a utility burning method to the Terra Classic token.
The Revival Of Terra Classic And Its LUNC Token Through The IBC And Other Proposals
The recent rise of Terra Classic (LUNC) has caught the attention of the crypto market in generall. Fatman, the well-known user of Terra, has pointed out on multiple occasions that the recent increase in the price and capitalization of LUNC is unsustainable due to the low utility of the network. However, with the reopening of the blockchain interoperability protocol and the DApps Astroport and Prism, this could change.
In the last 14 days, the LUNC token has seen a 424% increase while the overall market fell sharply. According to data from CoinMarketCap, the current price of the token is 0.000349, and it has already registered a significant correction from its last high.a
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