Edward Kim, the core developer at Terra Rebels, comes up with a new proposal to re-enable the Terra Classic’s Inter Blockchain Communication (IBC) channels. The proposal aims to reopen IBCs for Osmosis, Crescent, and Juno that were disabled during the Terra-LUNA crisis in May.
The Terra Classic community looks to increase utility by bringing back projects on the chain. It will also boost the LUNC burn rate and help the LUNC price recover from pressure following the FTX crisis.
Terra Classic Core Developer to Reopen IBC Channels
Terra Rebels’ core developer Edward Kim published a proposal to re-enable IBCs between Terra Classic and three channels for Cosmos-based chains Osmosis, Crescent, and Juno. The channels were disabled during the Terra-LUNA crisis.
Terra Rebels, Osmosis, and Notional Labs are working on an L1/L2 chain upgrade to re-enable IBCs. The IBC channels will be separated from the overall v23 software upgrade. Edward Kim believes it is necessary due to continuous changes in the Cosmos ecosystem and the testing required to reach parity with the Cosmos ecosystem.
If the proposal is passed by the community, developers will reopen the IBC channels at block 10,542,500, estimated on December 5. Thus, allowing trapped assets to flow through the channels, with most assets trapped on Osmosis. However, it will not take effect until the v23 network upgrade rollout.
The proposal has already received majority approvals from Terra Classic community members. The governance vote will confirm the opening of the channels. This indeed will help increase the LUNC burn rate by bringing back utility to the chain. In fact, it may also help recover the LUNC price.
LUNC Price Falls Amid FTX Debacle
Terra Classic’s price also fell due to the collapse of FTX. The crypto market continues to drag lower with Bitcoin and Ethereum prices hitting a two-year low.
LUNC price is currently trading at $0.000149, down nearly 3% in the last 24 hours and 14% in a week. Meanwhile, the community remains hopeful about a massive jump in LUNC prices in December.
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