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CDS Crypto News Proposal 271 Receives Overwhelming Support for Re-Enabling Inter-Blockchain Communication (IBC) between Crescent and Terra Luna Classic

Crypto News

Proposal 271 Receives Overwhelming Support for Re-Enabling Inter-Blockchain Communication (IBC) between Crescent and Terra Luna Classic

The community has overwhelmingly supported Proposal 271, which advocates for the reinstatement of inter-blockchain communication (IBC) transfers between Crescent and Terra Luna Classic

Ecem ALKAN05/08/20231 Mins read737

Proposal 271 Receives Overwhelming Support for Re-Enabling Inter-Blockchain Communication (IBC) between Crescent and Terra Luna Classic

The community has overwhelmingly supported Proposal 271, which advocates for the reinstatement of inter-blockchain communication (IBC) transfers between Crescent and Terra Luna Classic. This move comes after Professor Edward Kim’s announcement to reopen IBCs for Osmosis, Crescent, and Juno, which were disabled during the Terra-LUNA crisis in May 2022.

With an impressive 99.98% approval from the community, Proposal 271 successfully surpassed the required pass threshold, demonstrating the widespread backing it received. The primary objective of the proposal is to re-establish IBC transfers between Crescent Network, a Cosmos appchain that facilitates multi-chain asset exchange and efficient liquidity incentivization, and Terra Luna Classic.

Proposal 271 Receives Overwhelming Support For Re-Enabling Inter-Blockchain Communication (Ibc) Between Crescent And Terra Luna Classic

Edward Kim emphasized the necessity of this action due to the dynamic nature of the Cosmos ecosystem, necessitating continuous changes and rigorous testing to achieve alignment with the broader ecosystem. The restoration of IBC functionality will also enable trapped assets to flow freely through the channels, further enhancing the overall efficiency of the interconnected networks.

In summary, the passage of Proposal 271 marks a significant step towards revitalizing the communication between Crescent and Terra Luna Classic, benefiting the Cosmos community as a whole and fostering a more seamless and interconnected blockchain ecosystem.