Terra Classic Community Revives Network with IBC Restoration
The Terra Classic ecosystem received a significant boost with the community overwhelmingly approving a proposal to restore the Inter-Blockchain Communication (IBC) link with Kujira. This move is expected to unlock frozen funds and enhance liquidity for the network.
IBC Upgrade Secures Unanimous Support
Proposal 12099, spearheaded by the RakoffToken team, aimed to re-enable the IBC client 07-tender mint-178 between Terra Classic and Kujira. IBC technology facilitates secure communication between different blockchains, allowing for seamless asset transfers and greater interoperability.
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🚨 @RakoffToken $LUNC PROPOSAL 12099 RESTORE IBC TO KUJIRA UP 🚨
We're happy to announce our first proposal to reopen (and sponsor) IBC relaying to $kuji.
Please deposit and vote accordingly 🔥
https://t.co/nbIMP6jSx8— Rakoff Token Validator (Not Judge Rakoff's) (@RakoffLuncVal) April 19, 2024
The proposal received near-unanimous support, garnering a staggering 99.99% of the vote. To achieve this restoration, the IBC client will be upgraded from version 07-tendermint-178 to 07-tendermint-246.
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The restoration proposal also enjoyed the unanimous backing of validators, showcasing the decentralized nature of the project and its commitment to continuous improvement. Notable validators like Interstellar Lounge, Allnodes, Luna Station 88, and HappyCattyCrypto were among the 36 validators who supported the move.
Security Measures Mitigate Potential Risks
While the IBC restoration is a positive step forward, the Terra Classic community remains vigilant in seeking comprehensive solutions to address potential risks associated with peer-to-peer storm attacks. As an initial security measure, a proposal by Genuine Labs proposes reducing the maximum block size from 5MB to 2 MB.
Market Responds Positively to LUNC and USTC
The revitalization of the IBC has had a favourable impact on the price performance of Terra Classic’s native tokens. Data from CoinMarketCap indicates that over the past 24 hours, the price of LUNC has risen by 2.79%, extending its gains to a promising 10.55% for the week. LUNC currently trades at $0.0001115, with continued bullish sentiment fueled by the community’s aspiration for the coin to reach $1. Similarly, USTC has also experienced an upward trend, rising 0.5% in the past day. This follows a 17.41% surge in the previous week, with its current value hovering at $0.01981.
The Terra Classic community’s approval of the IBC restoration signifies their unwavering commitment to reviving the project. This decision, intended to enhance network liquidity and unlock frozen funds, underscores the collaborative spirit driving efforts towards Terra Classic’s resurgence.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
