Breaking its downward trend, Terra Luna Classic (LUNC) attracted major bids at about $0.000226. The last several weeks’ coin performance has been dismal prior to the new governance proposal for re-enabling IBC.
The coin’s unexpected rally could be attributed to the ongoing Governance Proposal 10880. It’s about unfreezing & updating the IBC Tendermint client 07-tendermint-71, which references the Cosmoshub.
But What Is IBC & Why Is It Important?
It’s important to note that the IBC protocol facilitates communication and value transfer between separate Cosmos chains. When the ecosystem collapsed in May, the Terra Classic network, which was initially a Cosmos chain, had the channels permanently stopped to prevent temporary losses.
Re-enabling IBC has become vital to access stalled liquidity and increase the chain’s utility as the network now maps a course for recovery. As revealed by core developer Edward Kim in September, the Terra Rebels, a separate group of volunteer
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