Terra Ecology Officially Activates IBC, which Can Be Linked Across the Chain to Cosmos and Other Projects

Published by BingX Official at 2021-10-22

Today’s Cryptocurrency Headline

Terra, a blockchain developed on the basis of the Cosmos SDK, has officially activated the IBC standard (Inter-Blockchain Communication) by voting on the governance proposal “Enable IBC Transfer”. Terra’s users can connect to other IBC-compliant blockchain networks across the chain, send and receive assets. Blockchain networks that currently support the IBC standard include Cosmos Hub (ATOM), IRISnet (IRIS), Osmosis (OSMO) and Crypto.com (CRO), among others.

According to Do Kwon, co-founder of Terra blockchain developer Terraform Labs, the activation of IBC will enable cross-chain transactions of stablecoins, protocols and native LUNA in Terra’s ecosystem. The Terra blockchain mainnet completed its “Columbus-5” upgrade on September 30. Other core improvements in this upgrade include: burning all seigniorage; Upgrade to “Stargate” Integrate “Ozone” (Terra Ecological Insurance protocol) and “Wormhole” (cross-chain bridge).

Bingbon’s Bitcoin Chart

Source: TradingView& Bingbon

With indicators showing extreme optimism, Bitcoin is showing profit-taking declines. BTC has fallen from a high of $67,000. It is widely expected that this correction may continue, but not for long. The cryptocurrency Fear & Greed index hit a six-month high in the past week. This suggests “extreme greed” among market participants. There are signs of overoptimism in the Bitcoin futures market, although some in the market expect the pullback to be short-lived. If Bitcoin price fails to close below $60,000 this month, it is expected to resume its rally.