Successful Reopening of IBC Channel to Osmosis by Terra Classic Developers

According to a tweet from the Terra Rebels, an independent development team for the network, the Inter Blockchain Communication (IBC) channel connecting the Terra Classic network to Osmosis, the popular Cosmos decentralised exchange, is now open.

#IBC channel between #LUNC and #Osmosis is now open.https://t.co/Cuq53dsowZ
— Terra Rebels (@TerraRebels) December 12, 2022

Read: Attempting To Claim AllNodes Work Credit: Terra Classic Development Group

A prominent member of TerraCVita, a rival independent developers organisation, Rex Harrison, aka Rexzy (@RexYellerBelly), also confirmed the information by posting a screenshot of a completed transaction.

Osmosis IBC operational #LUNC 🚀🌕 pic.twitter.com/yf4AUzKp7w
— Rexyz (@RexYellerBelly) December 13, 2022

It is important to note that Edward Kim, a Terra Classic core developer, suggested a quicker schedule for the IBC reopening for Osmosis, Juno, and Crescent, which led to the Osmosis IBC reopening. The v23 upgrade was supposed to reopen these channels at some point this month, but developers decided to do it early to stay up with the developments in the Cosmos ecosystem.

Particularly, the restoration of the IBC channels allows users to access the trapped Terra Luna Classic (LUNC) and Terra USD Classic (USTC) liquidity, the majority of which is located on Osmosis. In order to lessen the severity of transitory losses, the channels connecting the Terra Classic network to other Cosmos chains were shut during the ecological collapse in May. Kim said that by December 5, developers should have restored the IBC channels.

Predictably, the news that developers have successfully reopened the channel to Osmosis was hailed enthusiastically by the community. However, a few individuals have had trouble trying to complete transactions. Cosmos Human (@EU FDA) pointed out, for instance, that he was unable to move LUNC from Osmosis to another wallet. Kayak King (@moorlandthicket) also noted that he is yet to receive USTC transferred from Osmosis to his Terra Station wallet.

It is important to note that a few ideas to increase LUNC burns were inspired by the campaign to reopen the IBC channels to Osmosis. The first proposed raising the on-chain burn tax parameter, while the second pushed for Osmosis, which had been the main off-chain DEX for the LUNC community before the crash, to integrate burns off-chain.

Olasunkanmi Abudu

Olasunkanmi Abudu is a Web3 content writer with over five years of experience covering blockchain, decentralized finance, and digital assets. He specializes in producing well-researched and accessible content that explains complex technologies and market trends to both general readers and industry professionals.

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