Re-enable IBC Transfers

Summary
Terra validators disabled IBC as a stop-gap solution to preventing Impermanent Loss on UST and LUNA pools on Osmosis and other IBC DEXs. Unfortunately, this also prevents UST and LUNA from transferring between chains. Currently, about 154.7M UST is stuck in Osmosis alone.

Motivation
Users are currently stuck with UST and LUNA on chains such as Osmosis, Crescent, and Sifchhain, unable to transfer between chains or back to Terra.

Proposal
This proposal re-enables and unlocks the transfer of UST and LUNA between chains.

Terra Station

1 Like

It’s ridiculous that it was locked to begin with

Locked in from the start? What do you mean? Is it locked after the issuance starts?

They locked IBC to prevent arbitrage and it won’t be re-enabled until luna reaches parity with the price it’s locked at, which, is much lower

Their mechanism has arbitrage. If it is not opened, how can it achieve parity? This team is really a failed team. After the disaster, there are no useful measures. Even closing the issuance is CZ’s suggestion.

Can you know more information? It passed but still didn’t open. I didn’t write the code.