Yet another Terra Luna proposal fails to execute after passing a vote

Proposal 1299 to (re)enable IBC passed implicit the play with a 95% “Yes” ballot and 0.01% “No” vote. However, similar a erstwhile connection to pain the community UST pool, this connection “did not successfully execute owed to method issues” arsenic well.

1/ Prop 1299 to (re)enable IBC has passed but did not successfully execute owed to method issues. Namely, the connection attempted to alteration IBC transfers which were already enabled 🧵. pic.twitter.com/mCgZyxu7O2

— Terra 🌍 Powered by LUNA 🌕 (@terra_money) May 23, 2022

Prop 1299 is different nonaccomplishment successful a increasing database of problems for the Terra governance system.

IBC stands for Inter-Blockchain Communication and is “an open‐source protocol for relaying messages betwixt independently distributed ledgers, was created to link autarkic blockchains to 1 another.”

The assemblage projected re-enable IBC connected Terra to merchandise implicit $150 cardinal UST stuck successful circumstantial protocols. According to the proposal:

“Terra validators disabled IBC arsenic a stop-gap solution to preventing Impermanent Loss connected UST and LUNA pools connected Osmosis and different IBC DEXs. Unfortunately, this besides prevents UST and LUNA from transferring betwixt chains. Currently, astir 154.7M UST is stuck successful Osmosis alone.”

Terraform Labs tweeted:

3/ We are alert of the issues associated with this connection & are moving connected getting the IBC channels unfastened for users arsenic soon arsenic possible.

Stay connected the lookout for aboriginal updates!

— Terra 🌍 Powered by LUNA 🌕 (@terra_money) May 23, 2022

Since the tweet, determination person been nary further announcements arsenic we gully person to the May 27th deadline for LUNA’s caller “genesis” chain. Interestingly the Terra.money website present features a full-page announcement promoting Terra 2.0.

The leafage is akin to what would beryllium expected from a task releasing an upgrade to its protocol. The header reads, “Terra 2.0 is Nearly Here.”

Source: Terra.money

Terra is promoting 2.0 successful the hopes of restoring the ecosystem of developers moving connected the blockchain. However, the caller concatenation volition not see UST meaning that LUNA volition service lone 1 relation — governance.

Holders of the LUNA token volition beryllium capable to ballot connected the absorption of the caller concatenation but volition not needfully person immoderate rewards done holding. The gain mechanics for Terra Classic was built into the UST/LUNA arbitrage-backed peg, and if it is removed, past lone on-chain governance remains.

In the past days of Terra Classic, 2 high-profile proposals person passed and past failed to execute owed to “technical issues.” Such bugs cannot instill assurance successful investors oregon builders and frankincense rise superior concerns implicit the viability of the caller chain.