- As the Terra Classic network is set to reopen a vital part of its ecosystem on December 6, the community anticipates another price surge for LUNC.
- According to data from the TerraFinder, the largest transaction on the Terra network occurred on December 4, following the burning of 5.4 million LUNC tokens in a single transaction.
All is set for the reopening of the Inter Blockchain Communication (IBC) by the Terra Classic network, as confirmed by the Terra Classic development group on Twitter. Accordingly, the group @reXxTerraRebels announced in a Twitter post that the IBC will be available on December 6. Per a statement from one of the network’s developers, the Terra community still needs to forward more governance proposals for the upgrade to take shape.
A reminder that tomorrow IBC channel is being reopened. It will require additional governance proposals for client updates. pic.twitter.com/MWcV7YNr3r
— reXx™ (@reXxTerraRebels) December 5, 2022
By this, the community must pass the governance proposals to facilitate further processing for client updates. Furthermore, the proposal excerpt also revealed that the code has already been tested, with developers taking on more tests to generate additional reviews from the community. Due to the upgrade, the developer stressed that it is unlikely there would be any downtime this time.
The initial plan from the developers was to pair the IBC reopening with the launch of the v23 upgrade. However, the network’s core developer, Edward Kim, disclosed last month that the team decided to move the schedule to keep up with the changes in events in the Cosmos protocol. As a result, the proposal to get the IBC channels to reopen to users was initiated on December 5.
This signifies another significant achievement for the platform because it can introduce utility for the LUNC token. Thus, developers can spread more value to another part of the Cosmos ecosystem by building and upgrading projects to integrate LUNC and appeal to the strong Terra Classic community. Aside from the v23 upgrade, the network will be entirely Cosmos interoperable by doing projects developed on the LUNAv2 to host on the Terra Classic ecosystem.
According to Kim, the development team is working on opening the lines of communication after Terra Labs cut it off at the peak of the ecosystem crash.
Single Wallet Burned 5.4 million LUNC
The largest transaction on the Terra network occurred on December 4, after the ecosystem witnessed the burning of a whopping 5.4 million LUNC tokens at once. According to data from the TerraFinder, the transaction comes with a message that suggests a link with the independent Terra validator, the LUNCDAO.
Furthermore, LUNCDAO has emerged as the most active LUNC-burning platform, as it consistently burns as many LUNC as possible to support a revival drive of the Terra Classic ecosystem. LUNCDAO occupies the fifth spot with the highest burn rate, recording a net total of over 4 million.
In November, LUNCDAO burned close to 22 million tokens in a single transaction, making it one of its largest activities. As the broader campaign to revive the Terra ecosystem continues, the community has become a critical part of the drive. Terra Rebels, the independent group, is fully committed to this cause as the community eyes a possible surge of the token’s price to $0.10 in the coming weeks.