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$BTC 62406.705 USD (-2.33%) 🔴$LUNC 0.00010269 USD (-5.02%) 🔴$LUNA 0.59157349 USD (-5.16%) 🔴Terra Luna Classic Votes to Increase Validator Commission: LUNC Price Recovery Ahead?
Tera Luna Classic (LUNC) takes a drastic approach to revolutionize its ecosystem with a series of approved proposals subject to voting. Over the years, developers have pointed out possible risks to the likes of Cosmos, Solana, and the Polkadot ecosystem, proposing proactive measures to mitigate any future spam attack.
To prevent such occurrence on the chain and to raise the minimum validators’ commission from 0% to 2.5%, Proposal 12097 has currently been subjected to voting with quorum and pass threshold reached. At press time, the proposal had received 35 “YES” votes in addition to 32% “NO”, 0.5% “NO WITH VETO”, and 32.50% “ABSTAIN” votes. From the vote, it is obvious most of the validators voted in favor of the proposal.
Commenting on this, one of the top validators Allnodes has observed that the VP of the top 15 validators has reduced drastically, and would be significantly less with the 2.5% commission implementation. As a result of this, he and six other validators voted “NO” compared to 33 validators who voted “YES”.
Tera Luna Classic (LUNC) takes a drastic approach to revolutionize its ecosystem with a series of approved proposals subject to voting. Over the years, developers have pointed out possible risks to the likes of Cosmos, Solana, and the Polkadot ecosystem, proposing proactive measures to mitigate any future spam attack.
To prevent such occurrence on the chain and to raise the minimum validators’ commission from 0% to 2.5%, Proposal 12097 has currently been subjected to voting with quorum and pass threshold reached. At press time, the proposal had received 35 “YES” votes in addition to 32% “NO”, 0.5% “NO WITH VETO”, and 32.50% “ABSTAIN” votes. From the vote, it is obvious most of the validators voted in favor of the proposal.
Commenting on this, one of the top validators Allnodes has observed that the VP of the top 15 validators has reduced drastically, and would be significantly less with the 2.5% commission implementation. As a result of this, he and six other validators voted “NO” compared to 33 validators who voted “YES”.
Interestingly, the same can be said of Proposal 12094 “Proposal to decrease MaxBlockSize”. This has been approved officially by the Terra Luna Classic community after surpassing the threshold. The developer team Genuine Labs was the chief architect of this proposal and is meant to decrease the MaxBlockSize from 5 MB to 2 MB to mitigate peer-to-peer spam.
With all of these approved to serve the best interest of the ecosystem, Proposal 12095 – 10x Gas Fees which Crypto News Flash extensively covered was voted against because it could severely damage DApps and threaten the existence of an auto-compound module.
In addition to these developments, the Terra Luna Classic community pool balance has also reached a new milestone at an all-time high of 5 billion LUNC. As of April 21, the community pool held 5,005,468,596 LUNC and 11,803,526 USTC. This implies that developers and contributors have access to more funds. However, it has not been utilized to the maximum capacity.
Contrary to the ongoing activities within the community, LUNC has failed to hold its ground as it breaks major support levels to fall by 9% in the last 24 hours, extending its 30-day decline to 39%. At press time, the asset was trading at $0.0001018 with a 5% decline in its 24-hour trading volume.
However, analyst Javon Marks believes that the asset could stage a bullish reversal to surge by 270% amid the bull market. His prediction was based on the formation of a massive bull pennant pattern in the long timeline.
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$BTC 63148.998 USD (+1.19%) 🟢$LUNC 0.00010448 USD (+1.75%) 🟢$LUNA 0.58931907 USD (-0.38%) 🔴The Terra Luna Classic (LUNC) is seen to be undergoing notable changes following an approval to revise the cryptocurrency’s burn tax. The changes include a favorable vote for an oracle pool distribution from the Terra Luna Classic community.
Terra Luna Classic Burn Tax Proposal Approved
Recent reports reveal the Terra Luna Classic community successfully passed Proposal 12098 titled “Changing the Reward Share Distribution of the Burn Tax.” The proposal aims to alter the burn tax distribution to the community and Oracle pool. However, it is important to note that the proposal does not alter the burn tax rate, nor the amount sent to burn.
At the moment, the proposal has gained 70% favorable votes, with 37 validators in support of the proposal. The essence of the proposal lies in its redistribution mechanism, which diverts a portion of the burn tax revenue away from immediate rewards and into the long-term staking incentives facilitated by the Oracle pool.
According to recent information, Terra Classic operates with a burn tax set at 0.5%. Under the distribution model, 80% of this tax is directed towards burn, with the remaining 20% shared evenly between the Community Pool and block rewards.
However, with the approval of Proposal 12098, this distribution structure changes. Now, the 20% share designated for rewards will be divided equally between the Community Pool and the Oracle Pool.
This adjustment demonstrates the resilience of the Terra Luna Classic ecosystem. The community aims to strengthen long-term staking incentives and increase network participation and stability.
One notable consequence of the revised distribution model is its potential impact on the Annual Percentage Rate (APR) for staking participants. With changes in the allocation of rewards towards the Oracle pool, the APR may experience a marginal decrease of approximately 0.5%. This decrease is, however, dependent upon on-chain volumes.
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The Terra LUNA Classic (LUNC) price has failed to push to the north of its 21DMA and is reversing lower, despite the community revising the token’s burn tax.
LUNC was last trading just below $0.0001050, having spent failed four a fourth successive day to break above its 21DMA.
The revision to LUNC’s burn tax failed to lift sentiment, probably because the burn rate itself remains unchanged at 0.5%.
The just-passed proposal changed around slightly what happens to those burned tokens.
LUNC’s Oracle Pool will now receive 10% of burned tokens. Beforehand, this 10% had gone to “rewards”.
The macro backdrop has been a headwind for crypto prices this month. Recent data, including the latest Core PCE report released on Friday, points to sticky high inflation in the US.
That has forced investors to pare back on Fed rate cut bets. A subsequent rise US bond yields and the US dollar has hammered altcoins, LUNC included.
The Terra LUNA Classic price is down 34% so far this month, and down over 60% from March’s $0.00002550 highs.
And bearish technicals suggest that the sell-off could be far from over.
As the broader crypto market struggles, the Terra LUNC Classic price remains at risk of experiencing further.
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Recent market trends indicate a bullish sentiment, with LUNC gaining momentum for further recovery amidst prevailing selling pressure across the crypto market.
At the time of writing, LUNC is trading at $0.0001074, representing an increase of 4.7% in the past 24 hours. The market capitalization also increased by 4.7% to $623 million, while trading volume demonstrated a remarkable 58% increase to 54 million.
In a similar move, its associated stablcoin, TerraClassicUSD (USTC) is also showing signs of recovery, trading at $0.01884. The market capitalization and trading volumes have increased by 2.8 and 8.6% to $168 million and $24 million respectively.
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$BTC 57405.632 USD (-9.09%) 🔴$LUNC 0.00009467 USD (-9.39%) 🔴$LUNA 0.52402945 USD (-11.08%) 🔴Chat analysis suggests the Terra LUNA Classic bears are very much in control of the market right now.
The 21DMA has acted as strong resistance going all the way back to late March. And the Terra LUNA Classic price has subsequently formed a clear downtrend.
The March low, which LUNC broke below in mid-April, also acted as strong resistance earlier this week.
These are all strong signs that lower prices are coming for LUNC. A retest of April lows just above $0.00007 is likely in the coming weeks, a 30% drop from current levels.
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Can LUNC Reach $100?
If the LUNC community was able to burn enough tokens, then technically yes, LUNC could reach $100.
Assuming LUNC maintains its current $600 million market cap, LUNC at $100 would imply a 6 million token supply.
But LUNC’s current token supply is over 5.8 trillion. To get to a 6 million token supply, 99.99999% of the supply needs to be burnt.
Market cap expansion could help reduce how many token burns would be required to get LUNC to $100.
But LUNC lost all its utility when the Terra ecosystem collapsed back in May 2022.
LUNC is basically just a speculative shitcoin at this point. Sure, it could see random 2-3x pumps as risk appetite surges.
But it’s unlikely to become a multi-billion dollar crypto in the long run.
Whilst its possible, it remains highly unlikely LUNC will ever reach $100.
If the LUNC community was able to burn enough tokens, then technically yes, LUNC could reach $100.
Assuming LUNC maintains its current $600 million market cap, LUNC at $100 would imply a 6 million token supply.
But LUNC’s current token supply is over 5.8 trillion. To get to a 6 million token supply, 99.99999% of the supply needs to be burnt.
Market cap expansion could help reduce how many token burns would be required to get LUNC to $100.
But LUNC lost all its utility when the Terra ecosystem collapsed back in May 2022.
LUNC is basically just a speculative shitcoin at this point. Sure, it could see random 2-3x pumps as risk appetite surges.
But it’s unlikely to become a multi-billion dollar crypto in the long run.
Whilst its possible, it remains highly unlikely LUNC will ever reach $100.
Coin exchange rate
$BTC 57628.632 USD (+0.39%) 🟢$LUNC 0.00009878 USD (+4.34%) 🟢$LUNA 0.55470238 USD (+5.85%) 🟢LUNC Alternative to Consider – Mega Dice Casino (DICE)
For those looking for a better probability of near-term gains, an alternative high-risk, high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of upstart web3 projects to help fund their development.
These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a one-of-a-kind crypto application/platform.
The team at Cryptonews.com spends a lot of time searching through presale projects to help out investors.
One such project that analysts at Cryptonews are a big fan of is Mega Dice Casino.
This already well-established crypto casino has launched a presale of its utility token DICE.
DICE holders get big cashback benefits on their wagers and can also generate passive income via DICE staking.
The crypto casino is also running a series of exciting airdrops to reward early presale investors.
The project is already close to having raised $550,000. And potential investors better move quickly, as when the $1 million milestone is hit, the DICE price will rise.
For those looking for a better probability of near-term gains, an alternative high-risk, high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of upstart web3 projects to help fund their development.
These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a one-of-a-kind crypto application/platform.
The team at Cryptonews.com spends a lot of time searching through presale projects to help out investors.
One such project that analysts at Cryptonews are a big fan of is Mega Dice Casino.
This already well-established crypto casino has launched a presale of its utility token DICE.
DICE holders get big cashback benefits on their wagers and can also generate passive income via DICE staking.
The crypto casino is also running a series of exciting airdrops to reward early presale investors.
The project is already close to having raised $550,000. And potential investors better move quickly, as when the $1 million milestone is hit, the DICE price will rise.
🔥 Binance Burns 1.4 Billion Terra Luna Classic (LUNC) Tokens
The world’s largest crypto exchange Binance on Wednesday burned 1.4 billion Terra Luna Classic (LUNC) tokens in its 21st batch of the LUNC burn mechanism. After the latest burn by Binance, the total LUNC burned by the crypto exchange to date has now surpassed over 57 billion. The burn numbers came in line with CoinGape estimates of LUNC burn between 1 billion to 1.5 billion.
Moreover, the total LUNC tokens burned by the Terra Luna Classic community has reached over 112 billion. Binance has continued supporting the community for Terra Luna Classic revival since 2022 via its monthly LUNC burn mechanism.
The world’s largest crypto exchange Binance on Wednesday burned 1.4 billion Terra Luna Classic (LUNC) tokens in its 21st batch of the LUNC burn mechanism. After the latest burn by Binance, the total LUNC burned by the crypto exchange to date has now surpassed over 57 billion. The burn numbers came in line with CoinGape estimates of LUNC burn between 1 billion to 1.5 billion.
Moreover, the total LUNC tokens burned by the Terra Luna Classic community has reached over 112 billion. Binance has continued supporting the community for Terra Luna Classic revival since 2022 via its monthly LUNC burn mechanism.
Coin exchange rate
$BTC 59179.002 USD (+2.69%) 🟢$LUNC 0.00010245 USD (+3.71%) 🟢$LUNA 0.57264084 USD (+3.23%) 🟢Binance’s Terra Luna Classic (LUNC) Burn Declines to 1.4 Billion
Crypto exchange Binance sent 4.17 billion Terra Luna Classic (LUNC) tokens to the burn address, as per the LUNC burn transaction on May 1. The crypto exchange is the top contributor to LUNC burn, accounting for 52% of the total LUNC burned by the community.
Notably, the 21st batch of the LUNC burn mechanism Binance burned a significant amount of trading fees for the period between March 31 to April 29. Binance has now burned nearly 57.66 billion Terra Luna Classic (LUNC) tokens from trading fees on LUNC spot and margin trading pairs.
The decline in trading volumes is due to fall in daily LUNC trading volume in April amid the market-wide drop in crypto prices and trading volumes. In March, LUNC saw massive trading volumes of over $100 million daily, with prices rallying past the $0.0002 level. In April, the average daily trading volumes were $30 million and prices have dropped to $0.0001. The market cap has also dropped from over $1 billion to under $600 million in a month.
In the 20th LUNC burn mechanism, Binance burned 4.17 billion Terra Luna Classic (LUNC) tokens. The exchange burned 4.17 billion in trading fees on LUNC spot and margin trading pairs worth $722,630 as trading volumes increased significantly in March.
Crypto exchange Binance sent 4.17 billion Terra Luna Classic (LUNC) tokens to the burn address, as per the LUNC burn transaction on May 1. The crypto exchange is the top contributor to LUNC burn, accounting for 52% of the total LUNC burned by the community.
Notably, the 21st batch of the LUNC burn mechanism Binance burned a significant amount of trading fees for the period between March 31 to April 29. Binance has now burned nearly 57.66 billion Terra Luna Classic (LUNC) tokens from trading fees on LUNC spot and margin trading pairs.
The decline in trading volumes is due to fall in daily LUNC trading volume in April amid the market-wide drop in crypto prices and trading volumes. In March, LUNC saw massive trading volumes of over $100 million daily, with prices rallying past the $0.0002 level. In April, the average daily trading volumes were $30 million and prices have dropped to $0.0001. The market cap has also dropped from over $1 billion to under $600 million in a month.
In the 20th LUNC burn mechanism, Binance burned 4.17 billion Terra Luna Classic (LUNC) tokens. The exchange burned 4.17 billion in trading fees on LUNC spot and margin trading pairs worth $722,630 as trading volumes increased significantly in March.
LUNC and USTC Prices Tumble on Market-Wide Selloff
Traders reacted immediately to the LUNC burn by Binance, bringing a welcome rebound in the Terra Luna Classic ecosystem prices.
LUNC price fell 5% in a day as Bitcoin price corrected over 10%. The price is currently trading at $0.00009531. The 24-hour high and low are $0.0001001 and $0.00009272, respectively. Moreover, trading volume has increased slightly in the last 24 hours.
Moreover, LUNC and 1000LUNC futures open interest showed buying activity in derivatives traders, likely due to Binance LUNC burn. Open interests has increased over 1-3% on Binance and Bybit in the last few hours, as per Coinglass.
Meanwhile, USTC price fell 2% in the last 24 hours, with the price currently trading at $0.01724. The 24-hour low and high are $0.01638 and $0.01789, respectively. Trading volume has jumped by 37% in the past 24 hours.
Traders reacted immediately to the LUNC burn by Binance, bringing a welcome rebound in the Terra Luna Classic ecosystem prices.
LUNC price fell 5% in a day as Bitcoin price corrected over 10%. The price is currently trading at $0.00009531. The 24-hour high and low are $0.0001001 and $0.00009272, respectively. Moreover, trading volume has increased slightly in the last 24 hours.
Moreover, LUNC and 1000LUNC futures open interest showed buying activity in derivatives traders, likely due to Binance LUNC burn. Open interests has increased over 1-3% on Binance and Bybit in the last few hours, as per Coinglass.
Meanwhile, USTC price fell 2% in the last 24 hours, with the price currently trading at $0.01724. The 24-hour low and high are $0.01638 and $0.01789, respectively. Trading volume has jumped by 37% in the past 24 hours.
Coin exchange rate
$BTC 62985.27 USD (+6.43%) 🟢$LUNC 0.00010740 USD (+4.83%) 🟢$LUNA 0.59510381 USD (+3.92%) 🟢The Terra Luna Classic network has completed another upgrade, which has further improved the efficiency and robustness of the system. The rebel-2 update runs on terrad-v3.0.1-rc.1 currently. This upgrade consists of several key elements: SDK v0.47, wasmd v0.45, ibc-go v7, and a p2p storm fix are all mostly aimed at enhancing the operation and performance of networks.
This upgrade is seamless, according to developer Fragwuerdig of Terra Luna Classic, with minor fixes in the Oracle feeder handled by key developers such as ColeStrathclyde. After the successful upgrade, developers anticipate that RAM will be in higher demand due to the approaching mainnet upgrade. This strategic enhancement is expected to facilitate the growth of the network’s throughput, making it more scalable.
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After the upgrade was executed successfully, Terra Luna Classic (LUNC) bullish momentum was reignited. At press time, LUNC price was trading at $0.0001029 with a 24-hour trading volume of $25,407,803. The cryptocurrency has, as a result, appreciated by 7% over the last 24 hours and now has a market capitalization of $582,245,216.
The positive trend is LUNC’s market value implies the trust that investors and community participants have in the ongoing LUNCL growth and Terra Luna Classic network development. The updates do not only bring technical improvements but also add to the image and attractiveness of LUNC as a secure investment opportunity in the fluctuating cryptocurrency market.
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$BTC 63762.277 USD (+1.23%) 🟢$LUNC 0.00010742 USD (+0.02%) 🟢$LUNA 0.59382755 USD (-0.21%) 🔴In addition to the recent upgrades, Terra Luna Classic is tailoring itself for future developments that may continue to affect its ecosystem. One of the worthy endeavors is the scheduled 800 million USTC burn that will cut the stablecoin’s circulating volume. This initiative suggests the migration of the contract and will need community consent before it is put into action.
Furthermore, the Terra Luna Classic community is still an active participant in the testing purposes and further development of the system. The new Mantlemint test is simply another milestone in trying to verify the network’s capability to support broader applications and enhanced transaction traffic. Such endeavors stress on the community’s dedication to ensuring a strong and effective blockchain infrastructure.
Concurrently, the Terra Luna Classic project continues to enjoy strong support from major industry players, including Binance, which has played a role in the LUNC burn mechanisms. As earlier reported by Coingape, Binance revealed a burn of 1.4 billion LUNC tokens, which significantly contributes to the exchange’s total of over 57.66 billion LUNC tokens burned.
Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.
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