🌖 Terra Luna Classic Moves to Repeg USTC: What does this mean?

The Terra Luna Classic community has kicked off discussions on developing a robust system to re-establish the USTC algorithmic stablecoin's $1 peg. With a growing sense of urgency, the community is doubling down on efforts to revive LUNC and restore USTC's value. An initial bounty of $250,000 has been proposed to reward the development of an ideal re-pegging mechanism, with the potential to increase the prize to over $1 million.

To achieve the goal of stabilizing USTC at its intended value, the community is offering a $250,000 reward to the developer or team that can create a reliable solution. A detailed proposal has been outlined, covering the necessary steps, requirements, and expectations for this critical initiative.

As community member NB_Crypto stated, "The main objective is to design, develop, and implement a system that ensures USTC holds its peg to the USD without repeating the mistakes that led to the previous de-pegging."

The proposed system must meet essential criteria, including stability, security, transparency, decentralization, economic incentives, scalability, and interoperability. The aim is to build a secure, stable, open-source decentralized system that not only sustains the USTC peg but also provides strong monetary incentives, high throughput, and interoperability features.

🌖 Will LUNC Price Explode?

While Terra Luna Classic (LUNC) has seen a 23% price increase over the past year, its overall performance remains mixed. Despite this gain, LUNC has been outpaced by 63% of the top 100 crypto assets and continues to underperform compared to giants like Bitcoin and Ethereum. Additionally, LUNC is currently trading below its 200-day simple moving average, which often signals bearish sentiment in the market.

The fact that LUNC is down 100% from its all-time high, coupled with only 11 green trading days in the last 30 days (just 37%), suggests that the momentum for a significant price surge might not be strong.

Moreover, while the negative yearly inflation rate of -0.31% shows that the supply is contracting slightly, this alone may not be enough to drive a massive price increase.

Given its medium liquidity and the broader market context, a price explosion for LUNC seems unlikely in the short term. However, with ongoing community efforts to stabilize and re-peg USTC, there could be a foundation for more substantial price movements in the future if these efforts succeed. For now, the price outlook remains cautious, with the potential for growth tied closely to the success of these strategic initiatives.

If the Terra Luna Classic community successfully develops a system to re-establish USTC's $1 peg, it could significantly boost confidence in the project, potentially increasing the value of both USTC and LUNC. The initiative shows the community's commitment to fixing past issues, which might attract more investors and strengthen the ecosystem.

However, the success of this effort will depend on the system's ability to maintain stability and avoid previous mistakes. If it works as planned, it could lead to a more stable and valuable Terra Luna Classic network.

🌖 Gemini Crypto Exchange Announces Terra Luna Classic (LUNC) Delisting

Leading crypto exchange Gemini has revealed plans to delist Terra Luna Classic, according to emails received by people familiar with the matter. Besides LUNC, the email also suggests that the exchange has named Synthetix (SNX), Qredo (QRDO), and Zebec (ZBC) among cryptocurrencies for delisting.

🌖 Gemini Announces Terra Luna Classic Delisting

According to an email by crypto exchange Gemini, it has decided to delist Terra Luna Classic (LUNC). The move comes in response to a recent review of various digital assets listed on the exchange.

Crypto exchange will also delist Synthetix (SNX), Qredo (QRDO), and Zebec (ZBC). Users will no longer be able to trade these crypto after September 20. The exchange recommends withdrawing these crypto to external wallets.

“We consistently review the markets for the various assets we support. At times, we reassess the value of having certain assets listed on our exchange, and as a result of our most recent review have determined to take the actions outlined above,” said Gemini.

Crypto community debates over the Terra Luna Classic (LUNC) delisting and claims the crypto asset mentioned by the exchange is wLUNA. Gemini mentions wLUNA as LUNC for no specific reason.

Terraform Labs earlier announced the reopening of the Shuttle bridge for the redemption of wrapped assets on Terra Classic. Users are allowed to redeem wrapped assets from the bridge wallets until 30 days.

🌖 LUNC Price To Drop?

LUNC price continued to move range bound for a week, with a 2% jump in the last 24 hours. The 24-hour low and high are $0.0000789 and $0.00008246, respectively. Moreover, trading volume decreased by 25% in the last 24 hours amid a volatile market scenario.

Although the delisting announcement has initially sparked concerns in the market, the recent performance indicates a different picture. It appears that the community is putting their bets on the crypto given the recent developments.

For context, Terraform Labs (TFL) has announced that its Chapter 11 bankruptcy hearing will commence in mid-September. The news comes as a significant development in the company’s bankruptcy proceedings, which have been closely watched by the crypto community.

The announcement appears to have boosted market confidence, suggesting that investors are optimistic about the company’s future prospects. The hearing will mark a crucial milestone in TFL’s efforts to restructure and recover from its recent difficulties.

Notably, Terra Luna Classic delisting may cause sentiment to worsen further, but the continued market recovery and development activity could negate the downside.

Meanwhile, USTC price climbing amid the USTC repeg narrative, with the price currently trading at $0.01663. USTC futures open interest saw a 1% increase in the last 24 hours. Binance, BingX, and Bybit recording massive buying activity.

🌖 Terraform Labs Sparks LUNA and LUNC Price Rally with Key Hearing Date

LUNA and LUNC prices briefly moved upward following a crucial announcement from Terraform Labs. LUNA is trading at $0.3289, reflecting a 0.50% increase, while LUNC climbed 2% to $0.000082. The surge in trading volume suggests growing interest among traders as the company prepares for significant developments.

But what’s causing the surge today? Read on.

Terraform Labs Sets September 19 for Bankruptcy Hearing
Terraform Labs (TFL), the company behind the Terra ecosystem, revealed that the Chapter 11 bankruptcy hearing for Terraform Labs Pte Ltd (TFL) and Terraform Labs Limited (TLL) is scheduled for September 19 at 10:00 AM ET. This hearing marks a pivotal step in the company’s reorganization plan, which has been in progress since the Chapter 11 filing in January. The firm previously reached a $4.47 billion settlement with the U.S. Securities and Exchange Commission (SEC) in June.

🌖 Terra Luna Classic Takes Steps to Repeg USTC: Can This Propel LUNC Price to New Heights?

Terra Luna Classic is going the extra mile in efforts to restore its stablecoin USTC to its original $1 peg. Redemption awaits, as this step would be significant for the Terra Luna Classic ecosystem, which has since faced challenges following the de-pegging incident that led to a massive loss of value.

The Terra Luna Community has initiated talks to develop a comprehensive system to restore the USTC $1 peg. As per our earlier report, the recent bounty announced for developers has proven the growing urgency to revive LUNC and reestablish its stablecoin. To supercharge the development of this system, the community announced a $250,000 bounty, with the latter potentially moving the stake to over $1 million.

Wary of the past, they’re looking for a lasting pact. The LUNC community wants to create a robust, decentralized, and secure system to maintain USTC’s peg to the USD, avoiding the pitfalls that led to the previous de-pegging.

Following the proposed opening, developers will be required to present detailed whitepapers for consideration. Selected proposals will, after that, undergo a community review process followed by a governance vote. Though the idea has faced some negative feedback on social media, NB-Crypto highlighted that the system must ensure, stability, security, transparency, decentralization, and scalability.

Following the announcement, optimism has been ignited. At the time of writing, LUNC is swapping hands with $0.00007848, marking a 1.56% surge in the last 24 hours. This has led to a $14 million trading volume in the last 24 hours, leaving LUNC’s market cap at the $426,809,316 mark.

LUNC’s circulating supply also stands at 5.79 trillion LUNC, with a maximum supply of 6.88 trillion LUNC. Notably, the annual supply inflation rate is -0.31%, meaning that 17.87 billion LUNC have been removed from circulation in the past year.

Reminiscing, Terra Classic reached an all-time high of $119.01 in early April 2022 but plummeted to an all-time low of $0.00001651 just a month later. Since then, LUNC has achieved the highest price of $0.00059, while the lowest was $0.00001651.In addition to the current sentiment surrounding Terra Classic being neutral, the Fear & Greed Index is standing at 31, indicating a state of Fear.

To revitalize LUNC’s potential, the Terra Luna Classic community is contemplating raising the tax burn rate from 0.5% to 1.5%. This proposal was brought forward by Terra Classic validator JesusisLord, who seeks to increase the on-chain tax rate. According to a recent CNF report, the proposed change would keep the burn tax rate current until the total LUNC supply reaches 10 billion tokens, a threshold established during the initial burn tax mechanism integration.

🌖 Terraform Labs’ Upgrade and Token Burn Could Ignite LUNA and LUNC Price Rally—Here’s Why

In line with the most recent CNF post on Terraform Labs’ Final Upgrade Unveiled, it was revealed that Proposal 4818 closes the chapter amid SEC settlement, according to Terraform Labs’ proposal. This major governance upgrade for the Terra blockchain has sparked discussions within the crypto community.

🌖 Terra To Burn Tokens Post This Upgrade, Another LUNA & LUNC Price Rally Ahead?

Terraform Labs reveals a major governance proposal for the Terra blockchain, fueling discussions over its potential impact in the crypto community. The proposal, which will mark the final chain upgrade under TFL’s direct oversight if approved, is expected to boost the LUNA and LUNC tokens’ prices. It involves several upgrades, including a major token burn proposal among others.

It’s worth noting that as of writing, the majority votes were cast in the proposal’s favor, with no votes towards a “No” or “No with Veto”.

🌖 Final Upgrade Proposal Of Terra

The TFL’s governance proposal, known as Proposal 4818, started on August 22 and the voting will end on August 29. It aims to upgrade Terra’s mainnet to version 2.12.4. Notably, this move comes as TFL said that it is winding down its operation following an SEC settlement and implementation of its Chapter 11 plan.

This upgrade, if approved, will mark the final development by TFL. In other words, the TFL will no longer support future chain updates, and the blockchain’s future will be left in the hands of community-driven initiatives like the Phoenix Directive.

Meanwhile, one of the major aspects of this upgrade is the enforcement of a 5% minimum commission rate for validators. This follows a previous governance decision under proposal 4803, which established the global minimum commission rate. Notably, the upgrade will ensure that all the current and new validators follow this rate, which would help in enhancing the network’s integrity.

However, the most notable change, which is already gaining traction, is the burning of TFL’s LUNA holdings. TFL aims to burn LUNA that it had in its possession, complying with the bankruptcy court order. This would include assets locked in a vesting contract, which will be burned directly following the upgrade.

In addition, the TFL plans to address the issue of compromised wallets and illegally minted assets from the IBC exploit. It will help ensure that the assets are permanently removed from circulation, reflecting a step towards users’ safety and transparency.

Meanwhile, the removal of the blacklist functionality is another significant change with the upgrade. It which was initially implemented to prevent further withdrawals by the IBC attackers.

🌖 LUNA And LUNC Prices To Rally?

The decision to burn a substantial amount of LUNA has fueled optimism among investors and the Terra community. Token burns typically reduce the circulating supply, which can create upward pressure on prices if demand remains constant or increases.

Having said that, many are speculating that LUNA and LUNC could experience a significant price rally following TFL’s latest announcement. Notably, 98.55% of the total votes were cast in favor of the proposal, with only 1.45% vote for Abstain.

Meanwhile, as TFL steps back, the Terra blockchain’s future will increasingly rely on community-led initiatives. The Phoenix Directive, set to take over operational responsibilities, will play a crucial role in guiding the network’s evolution.

However, as of writing, LUNC price was down nearly 5% to $0.00008412, with its trading volume declining 52.56% to $17.81 million over the last 24 hours. On the other hand, the LUNA price was down 3.83% to $0.3707, after touching a high of $0.3889 in the last 24 hours.

Simultaneously, the LUNA Open Interest (OI) dropped over 7% to $4.96 million, while the LUNC OI plunged 11% to $7.57 million, CoinGlass data showed. Despite the recent downturn momentum, the community anticipates a rebound in the prices, given the optimism over the major token burn ahead.