The native coin of the original Terra blockchain, Luna Classic, is planned to re-enable communication and data sharing with Cosmos networks. As it increases the value of LUNC for holders, this is regarded as a significant development for Luna Classic.
Inter Blockchain Communication’s relaunch is being prepared for by Luna Classic.
Inter Blockchain Communication (IBC), a protocol that enables message sharing and asset trade with other blockchains, will once again be available on the Luna Classic (LUNC) blockchain, according to an announcement from the company.
IBC will once again be enabled for LUNC, according to @reXxTerraRebels, a developer from a separate Terra Classic development team. According to reXx, the LUNC community still needs to approve a few more governance proposals before upgrading clients.
The IBC code has undergone basic testing, and developers are currently doing more testing and requesting outside critiques. It’s interesting to note that there won’t be any downtime during the Luna Classic upgrade.
In order to coincide with the modifications to the Cosmos environment, we accelerated the schedule for re-enabling IBC on the Luna Classic network. A decentralized network of autonomous, scalable, and interconnected blockchains is known as the Cosmos Network. The Terra Classic ecosystem depends heavily on Cosmos chains since various programs on the network use IBC to connect to and move assets between LUNC and Cosmos.
Edward Kim, a main developer for Terra Classic, stated in November that the team felt it important to accelerate the schedule and that a proposal to reopen the IBC channels by December 5 had been made.
This significant accomplishment has the potential to encourage Terra Luna Classic’s utility (LUNC). Users will be able to move money across different Cosmos chains, and developers will create and upgrade existing products to support LUNC and draw in the burgeoning Terra Classic community.
Projects built on LUNAv2 will be able to deploy on Terra Classic when Luna Classic becomes completely compatible and interoperable with Cosmos.
Overcoming the fall of Terra and reconstructing
Developers cut off connectivity with other blockchains during the $41 billion collapse of Terra’s sibling tokens LUNA (later to become LUNC) and algorithmic stablecoin UST. This action was done to shield users from the ecosystem’s collapse’s knock-on effects.
The return of IBC and the transfer of assets to other blockchains like Cosmos Network were eagerly anticipated by the LUNC community. In October, senior Cosmos engineer Jacob Gadikian told users that the work to re-enable IBC and support the ecosystem was complete.
The price of Luna Classic is attempting a comeback and aiming for $0.000186.
The cost of Terra’s Luna Classic was mostly unaffected over night, but the community has a newfound enthusiasm as devs aim to activate IBC once again and make LUNC completely compatible with Cosmos chains.
The 200-day Exponential Moving Average (EMA) around $0.000186 is serving as resistance for Luna Classic, as can be seen in the LUNC price chart displayed below. The price of the token may climb back up to retest the $0.000186 mark if LUNC has a surge.
Bollinger Bands, a volatility indicator, show that LUNC’s price has been moving toward the lower band. This suggests that when it approaches the $0.000186 level, LUNC may soon reach the purchase zone, allowing traders to stockpile the token before its breakout. The bullish thesis for Luna Classic could be refuted by a decline below $0.000171.