Back to the list

Terra Classic All Set To Re-Open IBC Channels Tomorrow

source-logo  thecryptobasic.com 05 December 2022 08:04, UTC

There are a few things to note as the Terra Classic Network is set to re-open IBC channels tomorrow.

The Terra Classic network is set to re-enable Inter Blockchain Communication tomorrow, as confirmed by @reXxTerraRebels, AKA reXx, a member of the Terra Rebels, an independent Terra Classic development group, in a tweet hours ago.

According to the developer, the community would still have to pass some additional governance proposals to upgrade tendermint clients, as indicated in the proposal excerpt shared.

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

Per the excerpt, the code has successfully gone through preliminary tests, and developers are carrying out additional tests to seek more external reviews. Notably, there will be no downtime as a result of the upgrade.

It bears mentioning that developers initially scheduled the IBC re-opening to launch with the v23 upgrade. However, Terra Classic core developer Edward Kim noted in November that they had deemed it necessary to move up the timeline to keep up with the changes in the Cosmos ecosystem. Consequently, as previously reported, the developer launched a proposal to get the IBC channels re-opened by December 5.

It is a significant milestone for the network with the potential to incentivize utility for Terra Luna Classic (LUNC). Notably, with the ability to once again transfer value across other Cosmos chains, developers could build and update their projects to accept LUNC and attract the budding Terra Classic community. In addition to the v23 upgrade, the Terra Classic network will become fully Cosmos interoperable, allowing projects building on LUNAv2 to deploy on Terra Classic.

Kim first revealed in September that developers were working to re-open the lines of communication that Terraform Labs had cut off during the ecosystem collapse. Then, in October, senior Cosmos developer Jacob Gadikian revealed to the excitement of the community that the code was ready.

Notably, the prospect of re-opening IBC channels has sparked several proposals hoping to maximize burns from the event. For example, while one user has called for an increase in the tax burn parameter, another has suggested that the network signal to Osmosis that it wants the decentralized exchange to carry out LUNC burns off-chain.