A few days ago, @luncdao, a leading Terra Classic community member, proposed plans to get the Terra Classic staking rolling again.
$LUNC staking opens in 3 days
The $LUNC DAO validator will be ready. It will be the greatest $LUNC validator to stake with in the entire world. We’ll post threads and host spaces to give you full info and answer any/all questions in the upcoming days. Super excited pic.twitter.com/Jg92YQQDDa
— 🔥🙏 𝕃𝕌ℕℂ 𝔻𝔸𝕆 🙏🔥 (@LUNCDAO) August 22, 2022
The proposal came after the community continued calling for massive token burn fueled by the unapologetic support from the community to make $LUNC great again. The leading Terra Classic community, LUNCDAO, is at the forefront of this as they define themselves as a group of long-term builders and community OGs who have been involved with LUNC since 2020.
They have shown solid commitment right after the crash, which saw many investors lose their money and stablecoin UST holdings.
The idea of the proposal is to initiate the $LUNC burn, thereby starting the revival movement which the community has always wanted before the fork. The community confirms that they have nothing personal to gain from the plan as there will be no financial incentive for it. They consider it a genuine donation to help $LUNC become great again, seeing they have put in their life work in the project.
Notably, this set of individuals was responsible for building many of the original dapps in the LUNC ecosystem, for example, prism protocol with a $150M Total Value Locked.
Binance Suspends LUNC Deposits and Withdrawals, Supports Network Upgrade
In a recent announcement from Binance, the biggest cryptocurrency exchange will support the network upgrade by halting deposits and withdrawals until the upgrade is completed.
The Terra Classic (LUNC) network upgrade will occur at the Terra Classic block height of 9,109,990, or approximately at 2022-08-26 22:00 (UTC). Binance has announced it will suspend deposits and withdrawals for LUNC at approximately 2022-08-26 at 21:00 (UTC).
Binance confirms in the announcement that the trading of LUNC will not be affected during the network upgrade.
Additionally, Deposits and withdrawals for LUNC will open once the exchange confirms the network is stable. The exchange also notes that there will be an announcement notification once the upgrade is complete.
Binance supporting the LUNC community brings good sentiment to the project as the community continues showing great determination.
In other news, Orion Money Terra Classic Validator has confirmed via a Twitter post that they have fully upgraded, indicating the platform will be ready for staking once the $LUNC staking program goes live.
Orion Money Terra Classic validator has been upgraded! 👊
Terra Classic network change will happen on block height of 9,109,990 or approximately at 2022-08-26 22:00 ⚙️
— Orion Money 🏦🔗💚 (@orion_money) August 25, 2022
LUNC Price Action
The news is affecting the asset’s market value as it currently trades at $0.000122, recording a 20% increase in the last 24 hours. It has a 24-hour trading volume of over $380,839,641. The trading volume has recorded over a 542% increase, according to data from CoinMarketCap.
It has a current market capitalization of $805,136,576, indicating a 20% increase in the last 24 hours. $LUNC price did over 60% increase from $0.00008511 on 19th August to $0.00013700 yesterday. #LUNC is currently trending on Twitter with over 24k tweets. It’s safe to say that the community is super pumped about the new development around the project.
This has always been what the community wanted for the project. The sentiment is generally high, as reflected in the price and increase in trading volume. Let’s hope the network upgrade goes well, and then we will see where this leads us.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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