5 Terra Luna Classic Developments, How LUNC Price To Impact?

by

Update from the Terra Luna Classic Community: The recovery plans for Terra Luna Classic have encountered obstacles as the overall cryptocurrency market has experienced a dip, causing traders to pause their activities in anticipation of Donald Trump’s inauguration on January 20th. Here are the recent events generating attention within the Terra Luna Classic community.

Terra Luna Classic Forks Removal Software Upgrade

Orbit Labs, a blockchain development company, has finished the initial stage of eliminating fork modules. Next week, they’ll present their proposed upgrade for community voting. The team plans to implement the mainnet update in February.

We’ve effectively moved all crucial logic and programming code from the previous fork to our main repository. Here are the repositories and related modules that were affected by this transition.

As reported by the development team, the update aims to sync Terra Luna Classic with the primary Cosmos network, simplifying security patches and upkeep. This encompasses resolving the issue related to handling multiple transactions (multi-send) within the “reverse charge” functionality.

Billions of LUNC and USTC Tokens Burn

The Terra Luna Classic group is organizing substantial token-burning initiatives for LUNC and USTC following the bankruptcy of Terraform Labs. With Binance‘s LUNC burn program backing them, they have successfully incinerated approximately 400 billion LUNC tokens in total.

At present, the community is intending to destroy approximately 1.8 billion USTC tokens stored in wallets associated with the Luna Foundation Guard. This action will eliminate all USTC tokens within the Oracle reward pool, as well as incinerate unused LUNC and USTC tokens from wallets that cannot be accessed by anyone. These plans were put forth by the Lunanauts validator in anticipation of a potential repegging event.

Burn it. TFL case is over. LFG doesn’t exist. Just burn it.

— fragwuerdig | Juris Protocol (@frag_dude) January 12, 2025

Building for Utility on Terra Classic Network

More recently, an upgrade to version 3.3.0 was implemented on the network to enhance its functionality on the Terra Luna Classic. This change eliminates obstacles for developers and decentralized applications (dApps) looking to create projects on this blockchain.

The Terra Luna Classic network is expanding through the additions of Terraport, LBUN, Garuda DEX, TerraCasino, and a new protocol called Selenium, which shares similarities with Mirror Protocol, the key protocol within the Terra blockchain system.

Terra Co-Founder Do Kwon’s Criminal Trial

The co-founder of Terraform Labs, Do Kwon, has been handed over to U.S. law enforcement officials after extradition. However, he denied the charges in a nine-count indictment that accuses him of violations such as securities fraud, wire fraud, commodities fraud, and money laundering conspiracy.

The criminal fraud trial for Do Kwon is expected to start around January 2026, as the prosecutors are still in the process of decrypting devices and translating Korean communications into English.

LUNC and USTC Prices to Recover

Over the past week, the value of LUNC has dropped by 15%. At present, it’s being traded at $0.0001022. Over the last day, its lowest point was $0.0001012, while its highest was $0.0001046.

The price of LUNC has decreased by 15% over the past week and is currently being bought and sold for $0.0001022. Its lowest point in the last 24 hours was $0.0001012, while its highest was $0.0001046.

According to an examination, the LUNC price appears to be closely mirroring the broader altcoin market movement. Currently, it’s hovering near the significant Fibonacci 0.618 level. Moreover, trading activity remains at a minimal level. Such periods are typically brief, can lead to high volatility, and usually indicate a clear direction of trend.

Ultimately, LUNC’s fate seems intertwined with Ethereum‘s performance and the diminishing influence of Bitcoin. It’s crucial to stand by it, making adjustments minimally and staying within its current context.

Currently, the USTC price has increased by almost 1%, now standing at approximately $0.0185. Yet, over the past day, trading volume decreased by around 15%. Despite this, the price has dropped over 15% within the last seven days.

Read More

2025-01-12 20:58