Re-enable IBCs to Osmosis, Juno, and Crescent

Summary

This proposal introduces core code to re-enable IBCs between Luna Classic and the following three channels.

Channel-1, Osmosis
Channel-49, Crescent
Channel-20, Juno

During the de-peg, the above three channels were disabled (along with the market swap mechanism). In cooperation with Osmosis and Notional labs, we have been working on an L1/L2 chain upgrade that would re-enable IBCs. However, due to the breaking changes and significant test requirements that need to occur for the chain to reach parity with the greater cosmos ecosystem, we have discussed separating the IBC channel from the overall software upgrade.

This proposal separates the re-opening of IBCs from the larger chain upgrade and offers it now, given community approval. The target block to re-open these three IBC channels is 10,542,500, or approximately December 5th, 2022. This would allow the trapped assets on both sides of the channel flow via the opened IBC channel (most of which is trapped on Osmosis).

The v1.0.4 release exists on the “reopen-ibc” branch on the terra-rebels github repository and incorporates the following changes from v1.0.1 (dragonberry patch).

#1 Reopening of the channels

#2 Adjustment of the target block height to 10,542,500

#3 Refactor to keep consensus during resync

Final v1.0.4 release,

Procedure

If the community passes governance to re-enable the three channels, the validators will be asked to upgrade to v1.0.4 before the designated block height, 10,524,500. The upgrade does not require a chain halt and preliminary testing has been successful. The code has been reviewed by members of Terra rebels, Notional, and Osmosis. We are continuing testing as well as seeking more external reviews from the Interchain IBC team.

Upon success of this upgrade, we will continue with unfreezing of the tendermint clients between the blockchains. This will require multiple additional governance proposals.

Voting

The YES vote indicates that the chain should adopt this patch now and proceed with the opening of the channels and clients between the three channels, Osmosis, Crescent, and Juno.

A NO vote indicates that the community does not want to proceed with reopening IBCs at this time. The reopening of IBCs will then be revisited at a later time with a broader L1/L2 chain upgrade.

65 Likes

YES from me

7 Likes

Thank you and YES
:metal:

6 Likes

Yes Please

5 Likes

Let’s do this Ed =) It is a big Yes from me.

7 Likes

Yes a big YES

5 Likes

Yes, Yes and a Big YES from me. Thanks

4 Likes

Let’s do it :+1:

3 Likes

Thank youoooooooooooo! YES YES

3 Likes

100% yes Ed, thank you.

4 Likes

YES! l Thank you Everyone! Does this mean Lunc on Osmosis frontier can be transfer back to terra station? As it is locked as of now.

3 Likes

This is a big YES and thank you for everyone’s effort!

3 Likes

Big Yes from ME​:white_check_mark::rocket:

3 Likes

Thanks @ek826 It’s a YES for me

5 Likes

I be in da votage o’ da yay me mateys. Onwaaard me #LUNCaneers! :fist::sunglasses::skull_and_crossbones::beers::+1:

3 Likes

Big yes

3 Likes

That’s a HELLA YEAH from moi! :star_struck:

1 Like

restore ecosystem functions. it’s an obvious yes, Don´t need vote.

the Ecosystem already existed, we don’t need to invent anything, just recover the ecosystem with which we are all committed.

Everything else is just friction.

The faulty part is identified, and he’s already run away like a coward.

GO GO

6 Likes

Resounding YES

2 Likes

100 percent Yes…

3 Likes