The Code To Re-open IBC On Terra Classic Network Is Ready Says Cosmo Developer
It is worth noting that the Terra Rebel hasn’t relented in the process to re-enable the IBC protocol, the well-known Cosmos developer, Jacob Gadikian unravels the code needed to re-open the Inter Blockchain on the Terra classic network.
Code To Re-open IBC Is Here
The new development was shared on the handle of Jacob Gadikian, saying; “So, as it has been for the past few months, the needed code to re-open IBC is here,”
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It is worth noting that Terra classic network has been on the Cosmo chain but was disconnected during the ecosystem collapse in May to prevent impermanent losses.
Benefits of IBC
- It enables the interaction and transfer of the value across independent Cosmo chains just like it was working before the Terra collapse.
- Re-enabling the IBC will help access trapped liquidity and improve the chain’s utility.
In this regard, the Terra classic developer met with Jacob Gadikian and he promised both to help with the uphill task of re-enabling IBC after its permanent shutdown and to help in the chain cleanup.
Notably, this significant support has enhanced the timeline for the classic chain to achieve technological parity with Terra 2.0 which in the long run increase the number of project on the chain.
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According to Venus, a member of the Terra Rebel, highlighted in a recent post, saying that should the IBC be re-opened, projects on Cosmos chains could decide to integrate Terra Luna Classic (LUNC) as a payment option to attract its active community. Consequently, this increases LUNC’s utility and on-chain transaction volume, which will increase the burn rate and boost the network’s treasury as 10% of the burning tax goes to the community pool.
LUNC Community React To the Code update
Following the good news, the community was prompted to give a positive, saying how pleasing the update is to them.
Furthermore, Max Callisto, one of the CEO of the LUNC validator LUNCDAO and the first to author a proposal asking for the re-enabling of the IBC protocol, also commented by highlighting the fortune that will become the network as a result.
Notably, Jacob Gadikian has requested a signal vote from the community to confirm their support for the re-enabling of IBC while the code passes through testing.
Regarding the feedback from the community, Terra Rebels plans to make the governance proposal open for voting in the coming days. Should the proposal pass, validators can implement the new code, effectively opening IBC on the chain once testing is complete.
It is worth noting that the full Cosmo interoperability will be completed by December as the CosWasm upgrade needed to achieve this full functionality will come with the v23 Terra classic upgrade which is slated to happen in December.
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