The Terra Classic Chain is one step closer to full Cosmos interoperability.
After months of hard work, in a tweet Tuesday, renowned Cosmos developer Jacob Gadikian disclosed that the code to re-open Inter Blockchain on the Terra Classic network is ready.
“So, as it has been for the past few months, the needed code to re-open IBC is here,” Gadikian wrote.
⁉️?LUNC IBC THREAD OF YOUR DREAMS ?⁉️
GM @TerraRebels, was just chatting with @_cat_shark and @sunnya97.
So, as it has been for the past few months, the needed code to re-open IBC is here:https://t.co/GEc1UlTi3V
and herehttps://t.co/X8u1NUj9R1
but first, dragons…
— Jacob Gadikian (@gadikian) October 25, 2022
What IBC Is And Why It Is Important
It bears mentioning that the IBC protocol enables interaction and transfer of value across independent Cosmos chains. For example, as a Cosmos chain, the Terra Classic network originally used IBC but had the channels permanently closed during the ecosystem collapse in May to prevent impermanent losses.
However, as the network now charts a path to recovery, re-enabling IBC has become necessary to access trapped liquidity and improve the chain’s utility. To this end, the Terra Rebels, an independent group of volunteers working on the Terra Classic chain, got in touch with Gadikian, as disclosed by core developer Edward Kim in September. Notably, Gadikian not only offered to help them with the uphill task of re-enabling IBC after it was permanently closed but also offered to clean up the chain.
According to Kim, this support has remarkably sped up the timeline for the Classic chain to achieve technological parity with Terra 2.0, which will drastically boost the number of projects on the chain.
As highlighted by Venus, a member of the Terra Rebels and the core team project manager, in a blog post, if IBC is re-opened, projects on Cosmos chains could decide to integrate Terra Luna Classic (LUNC) as a payment option to attract its active community. Consequently, this increases LUNC’s utility and on-chain transaction volume, which will increase the burn rate and boost the network’s treasury as 10% of the burning tax goes to the community pool.
The Community Response
Unsurprisingly, the news that the code is ready has attracted a flurry of positive responses from the community.
This makes me so happy ? $LUNC !!!! https://t.co/x1aHorLTb4
— Danny_Demi_DeFi (@danny_demi_defi) October 25, 2022
Max Callisto, one of the CEOs of the popular LUNC validator LUNC DAO and the first to author a proposal requesting the re-opening of IBC on the chain, took time to highlight the possible utility it brings.
$LUNC IBC incoming. This unleashes $LUNA dApps to $LUNC community, benefiting both communities immensely.
Opens up possibility:
1. $LUNC IBC to Terra & swap to $TPT via @astroport_fi
2. Use $TPT to play @TP_TerraPokerOr everything on TerraPoker UI. https://t.co/6skcdFwyoG
— Max Callisto (@MaxCallisto) October 25, 2022
While the code is still in testing, Gadikian has requested a signal vote from the community to know that the community supports the re-enabling of IBC. As such, the Terra Rebels will make a governance proposal open for voting in the coming days. Should the proposal pass, validators can implement the new code, effectively opening IBC on the chain once testing is complete.
It bears mentioning that, as previously reported by The Crypto Basic, the chain may only achieve full Cosmos interoperability once it receives a CosWasm upgrade which will come with the v23 Terra Classic upgrade. Notably, this upgrade is scheduled for December.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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