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LUNC News: Terra Luna Classic community has unanimously approved a key proposal to update the <a href="https://coingape.com/lunc-news-terra-classic-community-restores-key-ibc-revives-liquidity/" target="_blank" rel="noopener noreferrer nofollow">interblochain communication</a> (IBC) client between Terra Classic and Kujira (from 07-tendermint-178 to 07-tendermint-246), allowing the connection between the two chains to work again. This improves Terra Classic revival effort by increasing liquidity and freeing frozen funds.
<h2 id="terra-classic-community-approves-proposal-for-liquidity">Terra Classic Community Approves Proposal for Liquidity</h2>
Proposal 12099 “Restore IBC to Kujira” has surpassed pass threshold and received overwhelming support from the Terra Luna Classic community. The RakoffToken team proposed to re-enable IBC client 07-tendermint-178 connection between Terra Classic and Kujira.
The proposal has received 99.99% of the votes in favor from the community, indicating the unanimous support from the community in restoring the lost connection between chains through inter-blockchain communication (IBC). Validators also showed unwavering support with all 57 participants including Allnodes, Interstellar Lounge, HappyCattyCrypto, Luna Station 88 voted “Yes”.
As reported by CoinGape, the IBC client 07-tendermint-178 will be upgraded to IBC client 07-tendermint-246 to restore the connection between the blockchains and free up frozen funds.
Meanwhile, the community has also approved multiple proposal <a href="https://coingape.com/terra-luna-classic-block-size-proposal-officially-passed-lunc-price-soars-10-ustc-20/" target="_blank" rel="noopener noreferrer nofollow">Genuine Labs’</a> proposal to decrease MaxBlockSize from 5mb to 2mb as an initial security measure to counter peer-to-peer spam, increasing minimum commission for <a href="https://coingape.com/terra-luna-classic-to-raise-minimum-commission-for-validators-lunc-price-to-recover/" target="_blank" rel="noopener noreferrer nofollow">validators</a> to 2.5%, and changing the reward share distribution of the <a href="https://coingape.com/terra-luna-classic-community-revises-lunc-burnr-tax/" target="_blank" rel="noopener noreferrer nofollow">burn tax</a>.
Also Read: <a href="https://coingape.com/terra-luna-classic-community-revises-lunc-burnr-tax/" target="_blank" rel="noopener noreferrer nofollow">Terra Luna Classic Community Revises LUNC Burn Tax</a>
<h2 id="lunc-price-jumps-5">LUNC Price Jumps 5%</h2>
<a href="https://coingape.com/price/terra-luna-classic/" target="_blank" rel="noopener noreferrer nofollow">LUNC price</a> jumped 5% in the last 24 hours, with the price currently trading at $0.0001076. The 24-hour high and low are $0.0001039 and $0.0001145, respectively. Moreover, trading volume increased by 80% in the last 24 hours, indicating a rise in interest among traders. The community remains confident on LUNC price hitting $1.
Terra Luna Classic (LUNC) futures open interest has climbed by over 10% across exchanges in the last 24 hours, Coinglass. Whereas, 1000LUNC futures OI has jumped 16% on Binance and Bybit in the past 24 hours as Terraform Labs (TFL) announced to restrict access to some Terra products and features from users in the US.
Meanwhile,&nbsp;<a href="https://coingape.com/price/terraclassicusd" target="_blank" rel="noopener noreferrer nofollow">USTC price</a> also jumped over 2%, with the price changing hands at $0.01892. The price climbed 20% higher last week. The 24-hour low and high are $0.01857 and $0.01957, respectively.
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The post <a href="https://coingape.com/terra-classic-proposal-to-restore-ibc-to-kujira-lunc-futires-oi-price/" rel="noopener noreferrer nofollow">Terra Classic Proposal “Restore IBC To Kujira” Officially Passes, LUNC Futures OI Jumps 10%</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Terra Classic Proposal “Restore IBC To Kujira” Officially Passes, LUNC Futures OI Jumps 10%

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