Binance Joins LUNC Revival
Apart from that, the Terra Luna Classic community recently voted on a proposal to create an independent community website modeled after Bitcoin.org. This initiative demonstrates the community’s commitment to rebuilding trust and fostering long-term growth.
Adding to the positive sentiment are a series of recent developments that are driving investor optimism. These include a recent significant token burn with strong community support, along with Binance’s support of burning 62 billion LUNC tokens.
Furthermore, Terraform Labs, the company behind the Terra blockchain, set August 9th as the deadline for submitting claims in its bankruptcy proceedings. Overall, the Terra ecosystem is buzzing with activities that might potentially turn around LUNC, despite its controversial past.
Apart from that, the Terra Luna Classic community recently voted on a proposal to create an independent community website modeled after Bitcoin.org. This initiative demonstrates the community’s commitment to rebuilding trust and fostering long-term growth.
Adding to the positive sentiment are a series of recent developments that are driving investor optimism. These include a recent significant token burn with strong community support, along with Binance’s support of burning 62 billion LUNC tokens.
Furthermore, Terraform Labs, the company behind the Terra blockchain, set August 9th as the deadline for submitting claims in its bankruptcy proceedings. Overall, the Terra ecosystem is buzzing with activities that might potentially turn around LUNC, despite its controversial past.
Terra Luna Classic community unanimously passed a major upgrade proposal to revise burn tax distribution. The upgrade will implement Oracle Split logic to divert community pool rewards from burn tax to the Oracle Pool (OP) and terrad client will reroute short-term rewards to long-term rewards. The upgrade will bring a major boost to staking and LUNC price.
Terra Luna Classic Upgrade v3.1.3 Proposal Officially Passed
The v3.1.3 upgrade proposal by Terra Classic popular developer Fragwuerdig has surpassed the pass threshold, as per voting details on the Station wallet. As per the GitHub, fixing parameters keys table, adjusting oracle split logic, and using wasmvm v1.5.2 to prevent memory leaks were primary tasks undertaken by the developers.
As reported earlier by CoinGape, the chain will halt at block height 19108180, anticipated on July 29 at 13:00 UTC. The community anticipates key LUNC news regarding token burns by TFL before the update.
The proposal received 99.99 “Yes” votes, which indicates major support from validators and delegators. Among 35 validators who participated in the governance voting, all validators including Allnodes, Interstellar Lounge, Stakely, JESUSisLORD, HappyCattyCrypto have voted in support of the proposal.
Terra Classic has a burn tax set to 0.5%. Out of this, 80% is for burn and 20% is distributed as — 10% to Community Pool and 10% to rewards. With the upgrade, the 20% will be distributed as 10% to Community Pool and 10% to Oracle pool. This will benefit validators as staking to increase after the upgrade. The staking ratio has increased to 15.36%.
Validators need to update with the v3.1.3 release after the chain halt and infrastructure providers with mantlemint accelerated LCDs need to install the updated mantlemint version.
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Coin exchange rate
$BTC 64149.033 USD (-2.81%) 🔴$LUNC 0.00008107 USD (-6.73%) 🔴$LUNA 0.39223304 USD (-7.73%) 🔴LUNC and USTC To Further Rally?
Terra Luna Classic ecosystem tokens remain under selling pressure amid the broader crypto market selloff. Despite LUNC 42% rally and USTC 52% recovery from the dip, the tokens are still trading below the year-to-date (YTD) high. The burn tax distribution and most-awaited Tax2Gas upgrade are likely to bring rally in prices.
LUNC price fell 5% in the last 24 hours, with the price currently trading at $0.00008468. The 24-hour low and high are $0.00008632 and $0.00009206, respectively. However, trading volume has increased by 20% in the last 24 hours.
Meanwhile, USTC price also dropped 3%, with the price now trading at $0.01935. The 24-hour low and high are $0.01916 and $0.02138, respectively. The trading volume saw an 81% jump over the last day.
Terra Luna Classic ecosystem tokens remain under selling pressure amid the broader crypto market selloff. Despite LUNC 42% rally and USTC 52% recovery from the dip, the tokens are still trading below the year-to-date (YTD) high. The burn tax distribution and most-awaited Tax2Gas upgrade are likely to bring rally in prices.
LUNC price fell 5% in the last 24 hours, with the price currently trading at $0.00008468. The 24-hour low and high are $0.00008632 and $0.00009206, respectively. However, trading volume has increased by 20% in the last 24 hours.
Meanwhile, USTC price also dropped 3%, with the price now trading at $0.01935. The 24-hour low and high are $0.01916 and $0.02138, respectively. The trading volume saw an 81% jump over the last day.
Terra Sets LUNC, USTC Recovery Timeline to Make Creditors Whole
The crash of Terra Luna has been a plague hanging over the cryptosphere for over two years. Terra Luna’s ecosystem implosion in May 2022 set off a tsunami of liquidations across the crypto sphere, coming from small-time and professional traders, crypto hedge funds, and partnering cryptocurrencies.
The nightmare seems to be over, as investors have been given a timeline for when Terra’s bankruptcy proceeds will be distributed at least partly to the ill-treated investors.
The Aftermath of Terra Luna’s System Crash
Terra USD (UST) fell to pieces in a few days. Over two years later, the Layer-1 chain’s founder, Do Kwon, is still in Montenegro, completing a four-month jail bid for document forgery.
While Do Kwon’s fate remains heavily in the hands of the U.S. Securities and Exchange Commission (SEC), the devastated investors exposed to Terra Luna are offered a helping hand from TerraForm Labs.
This is great news for the victims of the Terra Luna downfall, as it offers a pathway to restitution via the Crypto Loss Bar Date. This is related to the Chapter 11 bankruptcy of Terraform Labs Pte Ltd (TFL) and Terraform Labs Limited (TLL). However, strict deadlines are imposed for applicants who want to be considered when voting on the debtor’s upcoming reorganization.
The crash of Terra Luna has been a plague hanging over the cryptosphere for over two years. Terra Luna’s ecosystem implosion in May 2022 set off a tsunami of liquidations across the crypto sphere, coming from small-time and professional traders, crypto hedge funds, and partnering cryptocurrencies.
The nightmare seems to be over, as investors have been given a timeline for when Terra’s bankruptcy proceeds will be distributed at least partly to the ill-treated investors.
The Aftermath of Terra Luna’s System Crash
Terra USD (UST) fell to pieces in a few days. Over two years later, the Layer-1 chain’s founder, Do Kwon, is still in Montenegro, completing a four-month jail bid for document forgery.
While Do Kwon’s fate remains heavily in the hands of the U.S. Securities and Exchange Commission (SEC), the devastated investors exposed to Terra Luna are offered a helping hand from TerraForm Labs.
This is great news for the victims of the Terra Luna downfall, as it offers a pathway to restitution via the Crypto Loss Bar Date. This is related to the Chapter 11 bankruptcy of Terraform Labs Pte Ltd (TFL) and Terraform Labs Limited (TLL). However, strict deadlines are imposed for applicants who want to be considered when voting on the debtor’s upcoming reorganization.
Coin exchange rate
$BTC 66913.277 USD (+4.31%) 🟢$LUNC 0.00008289 USD (+2.26%) 🟢$LUNA 0.40425192 USD (+3.06%) 🟢How to Get Your Money Back from Terra
Any person or a business entity that believes the debtors own them crypto during their operational period can file claims for the Chapter 11 bankruptcy case. For your claim to be included in the upcoming Chapter 11 bankruptcy voting process, the application must be submitted by August 21, 2024, at 5:00 PM ET.
The Crypto Loss Claim is relevant to investors who had an issue with TerraForm Labs before January 21, 2024, or with TLL before July 1, 2024. TerraForm Labs’ official message on X emphasized the importance of filing promptly; otherwise, the creditor won’t be included in the voting process on the debtor’s plan.
Any person or a business entity that believes the debtors own them crypto during their operational period can file claims for the Chapter 11 bankruptcy case. For your claim to be included in the upcoming Chapter 11 bankruptcy voting process, the application must be submitted by August 21, 2024, at 5:00 PM ET.
The Crypto Loss Claim is relevant to investors who had an issue with TerraForm Labs before January 21, 2024, or with TLL before July 1, 2024. TerraForm Labs’ official message on X emphasized the importance of filing promptly; otherwise, the creditor won’t be included in the voting process on the debtor’s plan.
LUNC News: Terra Luna Classic Makes Final Key Changes To Upgrade
LUNC News: Terra Luna Classic developers have made final changes to the tax distribution upgrade. After completing development for Oracle Split logic to divert community pool rewards from tax burn to the Oracle Pool (OP), a release of the terrad client is created that will reroute short-term rewards to long-term rewards. The changes and block speed have delayed the upgrade by a few days.
Terra Luna Classic Tax Burn Distribution Upgrade Preparedness
The new Release v3.1.3 was announced by Terra Classic popular developer Till Z, known as Fragwuerdig in the LUNC community. The latest update was done in collaboration with a few other developers including StrathCole as per proposals 12098 and 12114 passed by the community.
A proposal will be submitted to get validator and community approval to update terrad client to v3.1.3. The chain will halt at block height 19108180, anticipated on July 29 at 13:00 UTC. The community anticipates key LUNC news regarding token burns by TFL before the update.
As per the GitHub, fixing parameters keys table, adjusting oracle split logic, and using wasmvm v1.5.2 to prevent memory leaks were primary tasks undertaken by the developers.
The logic will divert Block rewards to the Oracle Pool (OP), slowing down its depletion rate. This effectively makes the requirement change from short-term rewards to long-term rewards as per the proposals. The Genuine Labs made a second key change regarding the security and memory leak issues in wasmvm, which was fixed by bumping wasmvm version to v1.5.2.
Validators need to update with v3.1.3 release after the chain halt and infrastructure providers with mantlemint accelerated LCDs need to install the updated mantlemint version.
LUNC News: Terra Luna Classic developers have made final changes to the tax distribution upgrade. After completing development for Oracle Split logic to divert community pool rewards from tax burn to the Oracle Pool (OP), a release of the terrad client is created that will reroute short-term rewards to long-term rewards. The changes and block speed have delayed the upgrade by a few days.
Terra Luna Classic Tax Burn Distribution Upgrade Preparedness
The new Release v3.1.3 was announced by Terra Classic popular developer Till Z, known as Fragwuerdig in the LUNC community. The latest update was done in collaboration with a few other developers including StrathCole as per proposals 12098 and 12114 passed by the community.
A proposal will be submitted to get validator and community approval to update terrad client to v3.1.3. The chain will halt at block height 19108180, anticipated on July 29 at 13:00 UTC. The community anticipates key LUNC news regarding token burns by TFL before the update.
As per the GitHub, fixing parameters keys table, adjusting oracle split logic, and using wasmvm v1.5.2 to prevent memory leaks were primary tasks undertaken by the developers.
The logic will divert Block rewards to the Oracle Pool (OP), slowing down its depletion rate. This effectively makes the requirement change from short-term rewards to long-term rewards as per the proposals. The Genuine Labs made a second key change regarding the security and memory leak issues in wasmvm, which was fixed by bumping wasmvm version to v1.5.2.
Validators need to update with v3.1.3 release after the chain halt and infrastructure providers with mantlemint accelerated LCDs need to install the updated mantlemint version.
Coin exchange rate
$BTC 68058.584 USD (+1.73%) 🟢$LUNC 0.00008574 USD (+3.42%) 🟢$LUNA 0.41538204 USD (+2.75%) 🟢LUNC and USTC Jump Amid Market-Wide Recovery
In a major LUNC news for the community, Terra Luna Classic rallied more than 27% this week to recover from last month’s correction. LUNC price soared over 1% in the last 24 hours, with the price currently trading at $0.00009066. The 24-hour low and high are $0.00008865 and $0.00009411, respectively. Moreover, trading volume decreased slightly in the last 24 hours.
As per LUNC price analysis by CoinGape Markets, the price can easily surpass $0.0001 resistance. The leading indicators are showing signs of bullishness.
Meanwhile, USTC price also jumped 2%, with the price now trading at $0.02069. The 24-hour low and high are $0.02011 and $0.02161, respectively. The price skyrocketed over 28% this week.
In a major LUNC news for the community, Terra Luna Classic rallied more than 27% this week to recover from last month’s correction. LUNC price soared over 1% in the last 24 hours, with the price currently trading at $0.00009066. The 24-hour low and high are $0.00008865 and $0.00009411, respectively. Moreover, trading volume decreased slightly in the last 24 hours.
As per LUNC price analysis by CoinGape Markets, the price can easily surpass $0.0001 resistance. The leading indicators are showing signs of bullishness.
Meanwhile, USTC price also jumped 2%, with the price now trading at $0.02069. The 24-hour low and high are $0.02011 and $0.02161, respectively. The price skyrocketed over 28% this week.
LUNC, the native cryptocurrency of the Terra Classic ecosystem, has been in the limelight with 30% gains over the past week. However, after facing rejection at $0.000095 earlier on Wednesday, the LUNC price has been showing sideways movement. As of press time, LUNC is trading 3.7% down at $0.00008713 with a market cap of $474 million.
Santiment’s data showed that the LUNC bull rally positively impacted its social metrics, with a sharp increase in Social Volume indicating growing popularity. Furthermore, as CNF reported, Binance has been contributing to LUNC burns earlier this month. However, it was notable that its Weighted Sentiment remained in negative territory, suggesting prevailing bearish sentiment in the market.
The derivatives market appeared optimistic. According to Coinglass’ data, LUNC’s Long/Short Ratio improved, indicating more long positions than short at press time. This suggested that investors were anticipating a price increase for the token in the coming days.
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Coin exchange rate
$BTC 67544.78 USD (-0.75%) 🔴$LUNC 0.00008371 USD (-2.36%) 🔴$LUNA 0.40622188 USD (-2.21%) 🔴❤1
How Long Will Terra Classic (LUNC) Rally Last?
Terra Classic’s daily chart shows that LUNC was testing a crucial resistance level at press time. For Terra Classic to sustain its bull rally, it must surpass this mark. The MACD technical indicator showed a clear bullish advantage in the market. However, the Relative Strength Index (RSI) registered a slight downtick, which could pose potential challenges.
Furthermore, the liquidation heatmap also shows that a large number of LUNC got liquidated when its price touched $0.000086. This suggested a potential price correction in the coming days. If this occurs, LUNC may enter a consolidation phase.
Last week, CNF reported that Terra Classic is preparing for a split login update. This might bring hope to investors going ahead.
Terra Classic’s daily chart shows that LUNC was testing a crucial resistance level at press time. For Terra Classic to sustain its bull rally, it must surpass this mark. The MACD technical indicator showed a clear bullish advantage in the market. However, the Relative Strength Index (RSI) registered a slight downtick, which could pose potential challenges.
Furthermore, the liquidation heatmap also shows that a large number of LUNC got liquidated when its price touched $0.000086. This suggested a potential price correction in the coming days. If this occurs, LUNC may enter a consolidation phase.
Last week, CNF reported that Terra Classic is preparing for a split login update. This might bring hope to investors going ahead.
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Over the last week, LUNC’s sister token Terra LUNA has also shown bullish movement gaining more than 18%. As of press time, Terra LUNA is trading at $0.4389 with a market cap of $350 million and daily trading volumes skyrocketing by 100%.
In a major development for Terra Luna, the bankruptcy court has issued a new order authorizing several key actions for Terraform Lab (TFL). These include reopening the Shuttle Bridge for wrapped asset redemptions and implementing a plan to transfer and burn a significant amount of LUNA tokens.
The court’s order allows TFL to reopen the Shuttle Bridge, a platform used for redeeming wrapped assets on Terra Classic. This will enable users to access their assets through a new, more secure interface. However, in the latest development, Terral Classic had denied any merger plans with LUNA, per the CNF update.
The Shuttle Bridge will remain operational for up to 30 days after TFL’s Chapter 11 plan becomes effective. After this period, the bridge will be permanently shut down, and any remaining assets will be burned. The Chapter 11 plan has not yet been approved and is expected to take effect no earlier than late September 2024.
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Coin exchange rate
$BTC 69508.288 USD (+2.91%) 🟢$LUNC 0.00008533 USD (+1.93%) 🟢$LUNA 0.41524966 USD (+2.22%) 🟢❤1
eToro Delists Terra Luna Classic, Infuriating LUNC Community
The community behind the Terra Luna Classic (LUNC) blockchain has voiced its disregard for eToro’s action following TerraForm Labs’ bankruptcy procedure. Terra Luna Classic’s parent company, TerraForm Labs, recently issued a timeline for loss claims relevant to the ecosystem’s crisis in May 2022. eToro decided to delist both associated tokens, Terra (LUNA) and LUNC.
Why eToro’s Delisting Move Enraged LUNC Holders
eToro’s move to disable LUNC buying on its platform was not spontaneous. An update on eToro regarding the LUNA tokens warned about the looming close-only status that’s been in effect since July 17, 2024, at 9 AM GMT.
However, the common misconception about this update remains unsettled. The action to remove LUNC and LUNA tokens stems from the high-profile Terra vs. SEC case developments, which settled for $4.5B.
While this has provided a way for LUNA investors to potentially get a reimbursement, it remains unclear how realistic this refund plan is, given that TerraForm Labs’ public wallets contain less than $100 million in disposable digital assets.
However, a major discrepancy exists in eToro’s action to remove LUNC. TerraForm Labs, the chain’s deployer, forked the original product to launch Terra 2.0, which is now known as Terra (LUNA).
The community behind the Terra Luna Classic (LUNC) blockchain has voiced its disregard for eToro’s action following TerraForm Labs’ bankruptcy procedure. Terra Luna Classic’s parent company, TerraForm Labs, recently issued a timeline for loss claims relevant to the ecosystem’s crisis in May 2022. eToro decided to delist both associated tokens, Terra (LUNA) and LUNC.
Why eToro’s Delisting Move Enraged LUNC Holders
eToro’s move to disable LUNC buying on its platform was not spontaneous. An update on eToro regarding the LUNA tokens warned about the looming close-only status that’s been in effect since July 17, 2024, at 9 AM GMT.
However, the common misconception about this update remains unsettled. The action to remove LUNC and LUNA tokens stems from the high-profile Terra vs. SEC case developments, which settled for $4.5B.
While this has provided a way for LUNA investors to potentially get a reimbursement, it remains unclear how realistic this refund plan is, given that TerraForm Labs’ public wallets contain less than $100 million in disposable digital assets.
However, a major discrepancy exists in eToro’s action to remove LUNC. TerraForm Labs, the chain’s deployer, forked the original product to launch Terra 2.0, which is now known as Terra (LUNA).
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Terra Luna Classic Members Call Out Terra CEO
Since mid-2022, LUNC has been powered by a loyal community, which has deemed eToro’s action unfair. As a result, prominent LUNC validators and developers have united to demand answers from Chris Amani, the current TerraForm Labs CEO.
According to people familiar with the matter, TerraForm Labs staff told eToro’s officials that Terra still owns LUNC, so trading on the U.S.-regulated stock and crypto exchange has been discontinued like with LUNA.
Seasoned LUNC validator Vegas Morph has tagged this dispute’s relevant parties, directly approaching Chris Amani: “Can you please tell eToro that you do not own the chain?” The message abruptly spread across Terra Luna Classic’s social media channels as the community demanded both parties’ answers.
Naturally, these developments didn’t bode well for the price of LUNC. The altcoin plunged by 6.2% to trade at $0.00008188 as of press time. Moreover, despite a substantial relief rally last week to tackle the weekly heights of $0.00009299, LUNC failed to restore a $500 million global market cap for the fifth consecutive day.
Since mid-2022, LUNC has been powered by a loyal community, which has deemed eToro’s action unfair. As a result, prominent LUNC validators and developers have united to demand answers from Chris Amani, the current TerraForm Labs CEO.
According to people familiar with the matter, TerraForm Labs staff told eToro’s officials that Terra still owns LUNC, so trading on the U.S.-regulated stock and crypto exchange has been discontinued like with LUNA.
Seasoned LUNC validator Vegas Morph has tagged this dispute’s relevant parties, directly approaching Chris Amani: “Can you please tell eToro that you do not own the chain?” The message abruptly spread across Terra Luna Classic’s social media channels as the community demanded both parties’ answers.
Naturally, these developments didn’t bode well for the price of LUNC. The altcoin plunged by 6.2% to trade at $0.00008188 as of press time. Moreover, despite a substantial relief rally last week to tackle the weekly heights of $0.00009299, LUNC failed to restore a $500 million global market cap for the fifth consecutive day.
Coin exchange rate
$BTC 66935.426 USD (-3.68%) 🔴$LUNC 0.00008362 USD (-2.0%) 🔴$LUNA 0.40932841 USD (-1.45%) 🔴LUNC Delisting: Terra Classic Seeks Clarification From TFL CEO And eToro
Terra Classic community has asked Terraform Labs CEO Chris Amani and eToro for clarification on LUNC delisting on the platform. The move comes after eToro users faced difficulty in trading LUNC due to recent developments in Terraform Labs (TFL) bankruptcy proceedings. The community claims Do Kwon and TFL had cut ties with the Terra Classic after the 2022 Terra-Luna Crisis, eventually dropping support for the decentralized chain.
Terra Classic community has asked Terraform Labs CEO Chris Amani and eToro for clarification on LUNC delisting on the platform. The move comes after eToro users faced difficulty in trading LUNC due to recent developments in Terraform Labs (TFL) bankruptcy proceedings. The community claims Do Kwon and TFL had cut ties with the Terra Classic after the 2022 Terra-Luna Crisis, eventually dropping support for the decentralized chain.
Terra Classic Community’s LUNC Delisting Concerns
Social investment network eToro has set tokens issued by Terraform Labs as close-only status, with 78 thousand LUNC holders reportedly unable to buy LUNC from eToro. It follows the recent Terraform Labs chapter 11 bankruptcy case developments. The platform has stopped trading all tokens issued by TFL as the beleaguered company reportedly told eToro that they also own LUNC.
This has raised concerns in the community as it also risks LUNC delisting by other crypto exchanges. The community needs clarification from Terra CEO Chris Amani and eToro on why LUNC is being delisted due to Terraform Labs Chapter 11 bankruptcy.
Validators and popular community members such as VegasMorph and Mr. Diamondhandz said the Terra Classic chain is managed by the community. It is the only decentralized chain after TFL deferred ties with the chain, as earlier confirmed by Do Kwon and TFL. Infrastructure, updates, maintenance, and others are managed by the community through governance voting.
Social investment network eToro has set tokens issued by Terraform Labs as close-only status, with 78 thousand LUNC holders reportedly unable to buy LUNC from eToro. It follows the recent Terraform Labs chapter 11 bankruptcy case developments. The platform has stopped trading all tokens issued by TFL as the beleaguered company reportedly told eToro that they also own LUNC.
This has raised concerns in the community as it also risks LUNC delisting by other crypto exchanges. The community needs clarification from Terra CEO Chris Amani and eToro on why LUNC is being delisted due to Terraform Labs Chapter 11 bankruptcy.
Validators and popular community members such as VegasMorph and Mr. Diamondhandz said the Terra Classic chain is managed by the community. It is the only decentralized chain after TFL deferred ties with the chain, as earlier confirmed by Do Kwon and TFL. Infrastructure, updates, maintenance, and others are managed by the community through governance voting.