BitMos has announced its intention to integrate Bitcoin BRC-20 support into Terra Luna Classic. This project aims to bridge the gap between Bitcoin and the Cosmos ecosystem, unlocking new possibilities for DeFi applications and smart contracts, starting with Terra Luna Classic. This development is expected to be a significant boost for the LUNC community, as it seeks to bring new utility to the blockchain.
#LUNCcommunity, seems that is a team looking to bridge over brc-20 from bitcoin to lunc ,this could be a game changer for #Lunc #Ustc !!! By @_BitMos_ NFA pic.twitter.com/ghtHV7frBv
— Vegas (@VegasMorph) August 14, 2023
Bitcoin Bridge Lands in Terra Luna Classic
On August 14, Vegas, a well-known member of the Terra Luna Classic community, announced that a project is in the works to bridge BRC-20 tokens from Bitcoin to LUNC. Vegas believes that this will be a game-changer for both LUNC and USTC. BitMos, the company behind the project, reposted Vegas’s post, confirming its plans to build on Terra Classic.
BitMos aims to bridge the gap between Bitcoin and the Cosmos ecosystem, functioning as a layer 2 solution for Bitcoin that addresses scalability and interoperability challenges. The project will initially bring Bitcoin liquidity to Terra Luna Classic, as it is the Cosmos ecosystem’s most liquid chain.
Additionally, LUNC has undergone a transition without any influence from venture capital, which the project’s team believes is a fundamental feature of the decentralization that Bitcoin envisioned.
LUNC has also reopened inter-blockchain communication (IBC) with other Cosmos chains, and a recent parity upgrade has increased security and transaction flow. The introduction of BRC-20 tokens into Terra Luna Classic is a major advantage for the community, which seeks to bring utility back to the chain.
The prices of LUNC and USTC have been mostly trading sideways for almost a week, in line with the sluggish broader crypto market. LUNC is currently trading at $0.000078, up 0.65% in the past 24 hours, with a 24-hour low and high of $0.0000773 and $0.0000784, respectively.
However, trading volume has decreased slightly in the past 24 hours. On the other hand, the price of USTC has fallen 0.5% in the past 24 hours and is currently trading at $0.014. The narrative of a USTC repeg is slowly fading amid uncertainty in the market.
