Edward Kim, a top developer and contributor in the Terra Classic community, has published a new Inter Blockchain Communication (IBC) proposal, which is aimed at expanding the LUNC ecosystem. The proposal introduces a code that will allow trapped assets on Osmosis and other chains to flow into the Terra Classic chain.
Following the USTC de-peg incident experienced in May, several Cosmos chains were disconnected from the Terra Classic blockchain. Hence, the Terra Classic network could no longer communicate with these blockchains, causing some LUNC assets to be trapped outside of its chain.
This has made the re-opening of the IBC channels on the Terra Classic blockchain become a top priority for the community, considering its function in the revitalization of the embattled Terra Classic project.
On Monday, Edward Kim shared a proposal to reopen IBCs between Terra Classic and these three disabled channels including Osmosis, Juno, and Crescent.
Please share your comments on the following proposal discussion, https://t.co/WjZtZIWXKG
— Edward Kim (@edk208) November 21, 2022
Part of the proposal read, “the YES vote indicates that the chain should adopt this patch now and proceed with the opening of the channels and clients between the three channels, Osmosis, Crescent, and Juno. A NO vote indicates that the community does not want to proceed with reopening IBCs at this time. The reopening of IBCs will then be revisited at a later time with a broader L1/L2 chain upgrade.”
According to Kim, the target block to re-open these three IBC channels is 10,542,500. This block height will be reached on the Terra Classic network on December 5th, 2022, per the proposal.
Edward Kim mentioned that validators will be asked to upgrade to v1.0.4 before the designated block height, 10,524,500 if the proposal passes. “The upgrade does not require a chain halt and preliminary testing has been successful,” he added.
The opening of these three channels would allow the trapped assets on both sides of the channel to flow via the opened IBC channel. Edward Kim added that the Osmosis chain has the most trapped LUNC assets. Additionally, the passing of the proposal would result in the reenabling of the LUNC market swap mechanism on Osmosis, Juno, and Crescent.
Although the proposal is yet to be officially passed, it has gained massive support from members of the Terra Classic community including a popular LUNC network validator, Classy Crypto.
In response to Edward Kim tweet, Classy wrote, “LUNC Validator Classy’s Crypto Sphere will be voting “YES” on this one. Thanks Edward Kim & the rest of Terra Rebels for making big strides on LUNC.”
$LUNC Validator Classy’s Crypto Sphere will be voting “YES” on this one.
Thanks Ed & the rest of TR for making big strides on #LUNC.
— Classy 👾 (@ClassyCrypto_) November 21, 2022