DEX Is on Its Way to Terra Classic’s Community

24 Hours Price Analysis: Terra Classic (LUNC) Faces Bearish Pressure Below Key Moving Averages, Declines by 2.49%

RexYellerBelly, a Terra Classic development group TerraCVita member, has hinted at developing a decentralised exchange (DEX) on the Terra Classic network in a tweet yesterday.

“Thank you all for your replies, some great ideas, it seems a Dex would be pretty popular,” the TerraCVita member wrote. “Let’s get IBC’s activated and see where LUNC goes.”

Read: “Is It Over”? Gokhshtein Wonders, As Terra Rebels Begins Work on Something Huge For Terra Classic

He made the statement after asking the community to suggest decentralized apps (DApps) that they would like to see on the chain. The comments indicated that DEXs were extremely popular.

According to RexYellerBelly, the Terra Classic chain is about to reopen its Inter Blockchain Communication (IBC) channels. This will allow the chain to communicate and transfer tokens once again with other sovereign blockchains in the Cosmos ecosystem. However, the process must first go through a community vote.

Notably, as fxcryptonews reported today, popular Cosmos developer Jacob Gadikian revealed that the code to re-open the Terra Classic IBC channels is complete. Validators will deploy the code and reopen the IBC channels once developers finish testing and the community approves.

The re-enablement of IBC is an important milestone in bringing utility to the chain and a significant milestone toward attaining technological parity with Terra 2.0, which will drive an influx of DApps development. As a result, there will be an increase in on-chain volume, resulting in higher burns from on-chain taxes. This will help the community revitalise the chain and reduce excess Terra Luna Classic (LUNC) supply.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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