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DeFi

Terra Luna Classic Upgrade Proposal Sparks Price Speculation

by Ouess
written by Ouess

The Terra Luna Classic (LUNC) community is voting on a pivotal proposal to upgrade the chain to version 3.3.0. This update, set to simplify tax handling and improve developer support, could ignite a price rally for LUNC, with many speculating a breakout similar to XRP.

What’s in the v3.3.0 Proposal?

The proposal, titled “Upgrade to v3.3.0”, was introduced by developer StrathCole. Voting is underway via the Station wallet, and the upgrade will take effect on December 17, 2024, at block height 21163600, pending approval.

The update includes:

  • Simplified Tax Handling: Aimed at reducing barriers for developers and dApps.
  • Improved Utility: Attracts broader Cosmos ecosystem projects to build on the Terra Classic network.

Validator support is overwhelming, with all 39 validators who participated, including Burrito Node, Vegas Node, and TerraCVita, voting “Yes.”

LUNC Price Action Mirrors XRP Patterns

LUNC’s price chart is forming a symmetrical triangle breakout pattern, reminiscent of XRP’s rally to $1 earlier this year. XRP surged due to ETF filings, SEC developments, and stablecoin hype, drawing parallels to the current LUNC scenario.

  • Current Price: $0.0001613 (down 6% in 24 hours after a 40% weekly rally).
  • Recent Surge: A monthly uptrend of over 90%, fueled by events like Binance burning 1.7 billion tokens.
  • Key Levels: Closing above $0.00018 could push LUNC to $0.0005. Further gains depend on sustained high trading volumes.

Broader Ecosystem Boost

The Terra Luna Classic upgrade isn’t the only factor driving market excitement:

  • USTC Price Surge: Up 20% this week to $0.030.
  • Terra (LUNA) Momentum: Increased Binance leverage drove a 52% weekly rally, pushing prices to $0.79.

The LUNC community is optimistic that the upgrade and recent developments will sustain the upward momentum, possibly propelling prices toward the 1 Fibonacci retracement mark.

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DeFi

Terraform Labs to Liquidate and Burn LUNC by October 30

by Ouess
written by Ouess

Terraform Labs (TFL) and its CEO, Chris Amani, confirmed plans to shut down operations and liquidate assets on October 30, 2024. This follows a bankruptcy court order after the company’s settlement with the SEC.

TFL Plans Shutdown if Negotiations Fail

On September 25, TFL announced ongoing discussions with third-party companies interested in taking over some of its products and services. However, if negotiations fail, TFL will shut down by October 30. The sale includes four key businesses: Enterprise Protocol, Warp Protocol, Station Wallet, and Alliance Hub. Additionally, services like Finder Block Explorer, Foundation, IBC Relayers, and others are up for takeover, though infrastructure challenges may deter potential buyers.

Community to Take Over Chain Maintenance

As TFL wraps up its final update, the company will no longer support future chain upgrades. Maintenance of the Terra Luna Classic blockchain will now be handled by the community. Coincidentally, the shutdown date aligns with the closure of Shuttle Bridge, which will be used to burn tokens like wLUNC in contracts.

LUNA and LUNC Prices Respond to Burn News

As news of TFL’s shutdown spread, the Terra Luna Classic (LUNC) community focused on Binance’s LUNC burn mechanism. Binance recently sent more tokens to the burn address, boosting market sentiment. LUNC’s price rose 2% in the past 24 hours and 10% over the week, now trading at $0.00008775. Trading volume increased by 30%, reflecting growing interest among traders.

Similarly, LUNA’s price saw a 1% increase in the past day, trading at $0.39, with trading volume up 41%. The positive sentiment surrounding Terra’s bankruptcy plan has contributed to this surge, as LUNA’s price rose over 8% in the past week.

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Altcoin

Terra Luna Classic Burns Billions of Tokens: Will Prices Surge?

by Ouess
written by Ouess

The Terra Luna Classic (LUNC) community recently took a significant step in its recovery plan by burning a massive 1 billion USTC and 275 billion LUNC tokens. This burn followed the approval of proposal 12135, which resulted in 726 million USTC tokens being burned from Anchor Protocol.

This move came after a U.S. bankruptcy court granted Terraform Labs (TFL) approval to wind down its operations. With legal backing, the Terra Luna Classic community now plans to burn billions more LUNC and USTC tokens across various related projects.

Token Burn: Will It Revive LUNC and USTC Prices?

The Terra Luna Classic community hopes that these large-scale burns will help revive token prices. According to a recent CNF update, increasing the burn tax from 0.4% to 1.5% would effectively triple the contribution to both the community pool and the oracle pool. This adjustment could accelerate the pace of token burns while boosting funds for long-term staking rewards.

Following the burn, Terra Classic (LUNC) experienced a modest price uptick, trading at $0.00008524, marking a 0.64% increase over the past day and a 3.74% rise for the week. However, trading volume remained low, partly due to broader market pressures.

A Closer Look at the Proposal

The recent burn was carried out through a contract migration in Anchor Protocol. The proposal passed narrowly, with 27.23% of votes in favor. Interestingly, only 25% of validators supported it, but 92% of delegators voted “Yes,” recognizing that these tokens are community assets.

While the migration of Anchor Protocol’s contract was successful, an attempt to burn 46 million USTC from Mirror Protocol failed, prompting further investigation into the issue.

What’s Next for Terra Luna Classic?

The Terra Luna Classic ecosystem is moving forward with its ambitious burning strategy, but market pressures and mixed responses to proposals mean the path forward could be bumpy. Despite these challenges, the community remains optimistic that these efforts will lead to a price rally, especially if further burns and tax adjustments are implemented successfully.

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Altcoin

Terra Luna Classic: Key Developments and Future Outlook

by Ouess
written by Ouess

The Terra Luna Classic (LUNC) network has made significant progress despite its 2022 collapse, where the ecosystem’s value plummeted from $41 billion to just $485 million.

The team of developers, who took over from the Terra Luna Foundation, remains dedicated to rebuilding the network and establishing a thriving Web3 ecosystem.

Terra Luna Classic’s Resilience

Despite its early struggles, the Terra Luna Classic community has shown unwavering commitment. Over the years, the network has attracted several decentralized finance (DeFi) projects, including Astroport Classic, TerraSwap, Loop Finance, and Eris Protocol. As of now, the Terra Classic network has a total value of $2.23 million, with a stablecoin market cap of $524,000.

Binance’s Role in Terra Classic’s Recovery

Binance, the world’s leading cryptocurrency exchange, has played a crucial role in the recovery of the Terra Classic network. Apart from supporting LUNC burning to reduce the token’s circulating supply, Binance has also backed multiple network upgrades. One notable upgrade is scheduled for September 18, 2024, when Binance will support a Terra Classic upgrade to improve security and functionality. This includes applying the wasmd security patch, developed by Genuine Labs, and updating the network to version 0.46 and wave to 1.5.4.

LUNC Price Action: Bullish Signs Ahead?

Technically, LUNC is showing signs of recovery. The price has formed a macro reversal pattern with a potential double bottom and bullish divergence on the weekly chart. Having maintained support above $0.000054, LUNC is poised for a short-term rally toward $0.00020, aligning with the 0.618 Fibonacci Retracement level.

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Altcoin

Terra Classic Tokens Rally: Surging Over 10,000% in Dramatic Reversal

by Ouess
written by Ouess

Multiple tokens linked to the Terra ecosystems, Terra 2.0 and Terra Classic, surged dramatically within the last week, showcasing staggering year-to-date increases surpassing 10,000%. Tokens like Luna Classic (LUNC), terra 2.0 (LUNA), and terraUSD classic USTC soared by nearly 70% in the last 24 hours, contributing to a weekly upswing of over 300%. CoinGecko’s data confirms trading volumes have collectively surpassed $2 billion.

Terra Classic, originally developed by Terraform Labs, has retained independence while Terra 2.0 emerged as a fork following Terra’s crisis. Both networks boast actively traded tokens – LUNA for Terra 2.0 and LUNC and USTC for Terra Classic.

This surge follows various developments. Terraform Labs allocated $15 million to bolster liquidity in specific trading pools within the Terra ecosystem, attracting on-chain traders. Mint Cash, a Bitcoin-centric payment initiative, revealed plans to restructure USTC, intending to link it to Bitcoin for dollar-pegged stability, alongside an airdrop scheme for LUNC and USTC holders.

Binance continued its token burning practice, removing LUNC from circulation using transactional fees from LUNC trading pairs. Additionally, a group of engineers, the “Six Samurai,” proposed a revitalization plan for Terra Classic in June, outlining initiatives like a terraUSD testnet for financial service trials and rewarding developers for app-generated user activity.

The Terra network, overseen by Do Kwon, suffered a collapse in May 2022 due to challenges with the algorithmic stablecoin terraUSD (UST), resulting in a drastic 99% decline in Terra’s LUNA and UST tokens shortly thereafter.

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Gainers

Terra Luna Classic Unanimously Passes v2.3.2 Upgrade Proposal: LUNC Price Surges 25%

by Ouess
written by Ouess

The Terra Luna Classic community unanimously approved a proposal to address the sequence mismatch problem that was affecting certain validators and restricting interactions with the chain. Initially proposed as a resolution for the sequence mismatch issue, this proposal evolved into an upgrade proposal, simplifying implementation for validators and node operators by enabling automatic halts during changes.

Terra Luna Classic successfully passed Proposal 11890, “Upgrade to v2.3.2 (Sequence Mismatch Issue Resolution),” gaining complete community support for the deployment of the terrad client v2.3.1 on-chain. The binary version has been updated to v2.3.2 (v6_1) as required by the upgrade proposal, scheduling a chain halt at block 15751600 around 1:18 pm on December 8, according to countdown data.

This proposal marked a significant milestone, securing unanimous community support with a 100% “Yes” vote, a rare occurrence in recent months. All 46 participating validators, including top ones like Allnodes, Interstellar Lounge, Interstake One, StakeBin, JESUSisLORD, and others, voted in favor of the proposal.

Terra Luna Classic experienced a remarkable rally of over 115% in a month and 88% in a week. This surge was propelled by TerraClassicUSD’s (USTC) impressive 400% surge in a month, following Mint Cash’s news and the launch of USTC perpetual contracts on Binance, along with new USTC trading pairs.

LUNC USDT 15min chart Source : TradingView

In the last 24 hours, LUNC price surged by 25%, currently trading at $0.000140, with a low and high of $0.000114 and $0.000144, respectively. Moreover, trading volume surged by 250% in the same period, indicating increased trader interest.

Meanwhile, USTC is trading at $0.053, up over 4% after a substantial weekly rally. The 24-hour range for USTC is between $0.0448 and $0.0549, but trading volume dipped by 10% in the past day.

The recent uptrend in LUNC and USTC prices was triggered by Binance’s burning of 4 billion LUNC tokens.

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Altcoin

Stablecoin TerraClassicUSD (USTC) Surges Over 200% in 24 Hours, Bringing Hope for Terra Classic (LUNC) Recovery

by Ouess
written by Ouess

In an unexpected turn of events, the value of stablecoin TerraClassicUSD (USTC) skyrocketed by over 200% within a 24-hour period, reviving wish for the recuperation of Terra Classic (LUNC).

This advancement begins the heels of a critical financial investment made by Terra Standard Labs (TCL). According to Coinmarketcap, USTC’s price has gotten to an outstanding $0.0544, a substantial increase from its previous worth.

TCL’s acquisition of 25.6 million USTC, worth $500,000, with an average purchase rate of $0.021 per USTC, has breathed new life into the USTC environment. This rise in value has actually had a causal sequence, causing LUNC to experience a noteworthy boost of $0.00009957. USTC’s de-pegging from $1 in May 2022 has been a considerable challenge, but the recent favorable advancements have increased wish for the recovery of the entire Terra Standard ecosystem.

USTC USD Hourly chart Source : Trading view

The current cost boost highlights the Terra Standard neighborhood’s unwavering commitment to USTC and LUNC, demonstrating the substantial effect that collective initiatives can have on the direction of digital properties.

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