Saturday, February 4

Terra Classic Developers Successsfull Links The IBC To Osmosis

In a recent development, it was revealed that the linking of Inter Blockchain Communication (IBC) to Osmosis has been successful. It was recently reported how the Terra Classic has been beckoning to the Osmosis to be part of the LUNC burns, saying that it will be an additional effort to the community burns.

IBC To Osmosis Is Successful

Rex Harrison, AKA Rexzy (@RexYellerBelly,) a senior member of TerraCVita, a competing independent developers group, also confirmed the development, sharing a screenshot of a successful transaction. 

Read Also: Terra Classic Burns Over 13.7M LUNC Over The Weekend And In The Early Hours Of Monday.

Notably, the Osmosis re-opening of Inter Blockchain Communication has been submitted in the Terra Classic network. The proposal was brought by Edward Kim, one of the core developers, and it was said that the proposal would speed up the timeline of the IBC reopening for Osmosis, Juno, and Crescent.

Recall that the reopening was to be done with the network upgrade which will take place part of this month but the proposal was written, saying that the reopening should precede the network upgrade.

Read Also: David Gokhshtein Says We Need Ripple To Win And Not Settle. Settle or Win?

It is worth noting that this reopening will permit the users to access trapped Terra Luna Classic and TerraUSDClassic (USTC) liquidity, most of which lie on Osmosis.

Terra Classic Has Been Doing To Get The LUNC To Its Feet

It is worth noting that the Terra Classic has been doing great following the May Terra Collapse which lead to multimillions of lost funds and it was then that the IBC was disconnected to prevent further laundering in the network.

The effort of the community to get the LUNC token back on its feet has been so imminent since the fall of its parent stablecoin. There have been a series of measures which include burning the LUNC, staking and some others to get the circulation supply from a whopping 6.9 trillion to a minimum.


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