Terra Classic community members have been jointly working for the recovery of the imploded digital token LUNC. Developers, validators, and projects have summited various proposals that can boost the utility of the blockchain, which is expected to enhance the price in the long run.
The price of Terra Classic (LUNC) dropped below the $0.00015 region following the collapse of the crypto exchange FTX. However, the price has started to showcase signs of price recovery as the Terra Classic community sees an increase in the number of LUNC staked and burned.
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After the Terra Classic v22 upgrade was successfully deployed to enable governance changes, staking, and LUNC burn, Terra Rebels introduced the v23 upgrade.
Terra Classic v23 aims to re-enable inter-blockchain communication (IBC) ) between Cosmos blockchain and the imploded ecosystem, which was disconnected in the middle of the UST depeg fiasco to prevent further damage.
Terra Classic v23 to Boost the Number of Projects building on the Network
Edward Kim, a Terra Rebels core developer noted that community members could expect a significant boost in the number of projects building on the network after the v23 upgrade containing the CosmWasm.
It’s worth noting that Edward Kim’s Proposal 10950 to re-enable three IBC channels for Cosmos-based chains Osmosis, Crescent, and Juno has already hit the “pass threshold” in less than 24 hours of being submitted.
The 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.
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In addition, Edward Kim, program director of Terra Grants Foundation (TGF), has submitted the first initiative with Proposal 10946. It aims to set aside 750 million LUNC tokens for developers, projects, validators, and community members to contribute to the Terra Classic revival from May-October.
The upgrades on validator and network levels will help bring back utility and boost the LUNC price. Meanwhile, the community expects Binance to burn at least 20-25 billion LUNC tokens on December 2, which is expected to keep the hope of reducing the LUNC circulating supply alive. So far, Binance has incarcerated 13.712 billion LUNC.
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