What We Know About the Proposal 12142

According to our investigation, this proposal is meant to remove forked mainline modules from the Terra Luna Classic blockchain to improve sustainability, enhance security, reduce cost and debt, and subject the blockchain to a significant level of maintainability, as we earlier reported.

By removing the forked mainline modules, we aim to position Terra Classic for long-term sustainability and growth within the Cosmos ecosystem. We believe this approach balances the need for improvement with prudent risk management and community involvement. We welcome feedback and discussion from the Terra Classic community on this proposal.

Prior to this technical decision, the team had raised concerns about possible risks of missing important updates and facing an increasing operational cost if no action is taken on the forked versions of the network. This implies that Terra Luna Classic risked facing a security threat, higher expenses, and diminished competitiveness.

By diverging from the mainline Cosmos SDK and related modules, Terra Classic risks falling behind in adopting key enhancements and new features developed by the broader Cosmos community. This can limit Terra Classic’s competitiveness and make it more difficult to integrate future technologies, upgrades, performance improvements, and other innovations.

From the official release, the proposed solution to remove the forked mainline module and replace it with the standard Cosmos modules will be implemented in two phases. In the first phase, CometBFT would be unforked to the mainline version. On top of that, the team would engage in extensive testing to ensure network stability.

In phase two, Wasmd would be migrated to the “mainline Wasmd” coupled with several other processes listed to be executed. Meanwhile, a snapshot test would mark the end of the whole procedure.

Investigating this further, CNF disclosed that the total budget requested for this development amounted to $36,000. According to the team, phase one would require $16,000 in fiat value, and phase two would demand $20,000.

Details of Proposal 12141 Backed by Terra Luna Classic

In addition to the just approved proposal 12142, the majority of the voters in the Terra ecosystem voted “YES” to another proposal dubbed “Dealing with CoinMarketCap and Other Listings,” or Proposal 12141. According to the details provided by CNF, this decision would enable access to the TerraForm Lab’s (TFL) listings on popular aggregators.

As disclosed, the proposal appears necessary since TFL has been the only entity with the “keys” to update this important system despite its bankruptcy. Meanwhile, these platforms are very crucial in displaying price data, trading volume, etc. Amidst the backdrop of these important developments, TFL is preparing to wind down its operation by October 30 after filing for Chapter 11 bankruptcy in Delaware. This implies that important services like Alliance Hub, Mantlemint, FCD, and API services will shut down if no third party takes over.

Regardless, LUNC has effectively held its position against all odds as it currently trades at $0.00009. At press time, the asset was up by 3% in the last 24 hours.

Terra Luna Classic Community Unanimously Approves Key Proposal

This decision is intended to enhance the maintainability of LUNC, reduce technical debt, and align more closely with the Cosmos ecosystem. As the date for the burn of TFL assets approaches, speculation about LUNC reaching the $1 mark has intensified.

Proposal 12142 garnered overwhelming support, with 99.97% of votes in favor, reflecting strong community backing from validators and delegators like Allnodes and Stakely.

Developers at OrbitLabs pointed out that maintaining the existing forked versions not only raises operational costs but also increases the risk of security vulnerabilities due to missed updates.

The proposal outlines a two-phase implementation plan. The first phase focuses on updating the consensus engine and integrating the latest features from the Cosmos SDK to strengthen security. The second phase aims to upgrade the Wasmd contract system, ensuring compatibility with existing smart contracts and minimizing disruptions.

If finalized, the first phase is expected to take around eight weeks, followed by an additional ten weeks for the second phase, marking a crucial advancement for the Terra Luna Classic network.

Binance Burns 1 Billion LUNC Tokens, What’s Next For Terra Luna Classic?

The world’s largest crypto exchange Binance burned 1.048 billion Terra Luna Classic tokens in the 27th batch of its LUNC burn mechanism. With the latest Binance LUNC burn, the total tokens burned by the Terra Classic community reached almost 137 billion.

The burn has sparked bullish speculation in the community. Will LUNC price recover to 0.0001 again this week for further rally amid massive token burn by Terraform Labs?

Binance Sends 1 Bln Terra Luna Classic (LUNC) to Burn Address

The Terra Luna Classic community saw 1.048 billion LUNC tokens burned by crypto exchange Binance, as per the burn transaction on November 1. Also, the burn transaction saw tax costs of 5.2 million LUNC.

In the 27th batch of the LUNC burn mechanism, the crypto exchange burned $95,073.99 in trading fees for the period between September 30 to October 30. The total LUNC burned by one of the top crypto exchanges has now reached nearly 66.66 billion LUNC tokens.

It’s important to note that Binance burned 1.14 billion LUNC in the previous batch of the monthly burn mechanism. The exchange burns 50% of LUNC spot and margin trading fees monthly to support the Terra Luna Classic community’s revival efforts.

The community has burned nearly 137 billion LUNC tokens in 2 years. The community now hopes to see major LUNC and USTC burn as part of the bankruptcy court’s decision to Terraform Labs.

🎉 Winners of the "Сontest for $100" contest:

1) Mekedes @Mekdes1200 (7762929587)
2) ⚽️😃😃😃 @berket000 (7793732823)
3) Belay Getnt @Belay0000 (6506822428)

LUNC and USTC Price Performance

LUNC price dropped 8% in the last 24 hours and pared all last week’s gains amid the crypto market selloff. The price is currently trading at $0.00008936, with a 24-hour low and high of $0.00008868 and $0.00009834, respectively. Moreover, the Terra Luna Classic trading volume has decreased by 50% in the past 24 hours, indicating a rise in interest among traders.

Meanwhile, USTC price tumbled more than 10%, but was up 1% in a week. The price is now trading at $0.0222, with the trading volume also declining by 50% in the last 24 hours.

Terra Luna Classic (LUNC): A Revival Story with a Potential to Soar

The cryptocurrency market has seen its fair share of highs and lows, but few coins have a story as dramatic as Terra Luna Classic (LUNC). Once soaring to an all-time high of $119, the Terra Luna ecosystem faced unprecedented challenges. However, with a committed community and strategic burn initiatives, LUNC is attempting to regain traction and rebuild value. As the Terra Luna Classic community readies itself for another significant burn event on October 31, investors are left to wonder: could this be the turning point for LUNC’s resurgence?

The October 31 Burn Event: A Game Changer?
Scheduled for October 31, the LUNC burn event is the latest in a series of efforts to tackle the massive circulating supply, which currently stands at over 6 trillion tokens. By planning to burn 250 billion tokens, the community aims to reduce the circulating supply and potentially drive up LUNC’s price. However, this burn represents just 4% of the overall supply—a fact that has led to mixed reactions. While some remain optimistic, others are skeptical, questioning if this move alone can significantly impact LUNC’s price.

Historically, token burns have proven effective in boosting scarcity, as fewer tokens in circulation can create upward pressure on price. In the case of LUNC, with its high existing supply, each burn helps to reinforce its long-term growth potential. This October event may not be the ultimate solution, but it is a crucial step in restoring confidence among investors and attracting new interest to the ecosystem.

The Path to $119: Can LUNC Ever Reclaim Its Former Glory?

Reflecting on LUNC’s previous peak price of $119, even recovering a small fraction of that value would yield substantial returns. Imagine if LUNC were to regain just 1% of that historic high—investors could be looking at impressive returns, with prices potentially reaching $1.19. For those who are willing to take calculated risks, this could be a promising opportunity.

The community’s commitment, combined with strategic measures like regular burns, shows a dedicated effort to reduce excess supply and, in turn, stabilize the token's price. If the October 31 burn event triggers renewed buying interest, LUNC might see a significant uptick in value, giving early investors a solid opportunity.

Is This the Time to Take a Chance?
With LUNC’s community actively working to enhance the coin’s stability, this October burn could spark renewed interest and increase the token's market appeal. Although reaching former highs would require sustained efforts and possibly more drastic reductions in supply, each burn event strengthens LUNC’s foundation.

For investors considering LUNC, this burn event marks a pivotal moment. While the 4% reduction may seem modest, the broader goal is to create a path for long-term appreciation. For those willing to be patient and take calculated risks, the journey of LUNC’s potential rebound could be highly rewarding.

Final Thoughts
The Terra Luna Classic community is embarking on a difficult yet potentially rewarding path to reestablish value. As October 31 approaches, all eyes are on LUNC to see if the burn event will be the catalyst it needs to surge. For those with a high-risk tolerance and an eye on long-term gains, this could be a rare opportunity.

Will Terra Luna Classic become one of the most remarkable comeback stories in cryptocurrency history? Only time will tell, but one thing is certain: the LUNC community is ready to fight for a brighter future.

Is Terra Luna Classic (LUNC) Poised for a Comeback?

Now, as its dedicated community prepares for a major burn event on October 31, the potential for a resurgence is in the spotlight. This event aims to reduce the circulating supply of over 6 trillion tokens by 250 billion, which, although just 4%, could enhance scarcity and drive up prices.

Historically, token burns have proven effective in increasing demand, and for LUNC, every reduction in supply reinforces its growth potential. A minor recovery could yield substantial returns; for example, a return to just 1% of its former high could see prices rise to $1.19. Investors are keeping a close eye on this event, as the outcomes could shift market dynamics in favor of LUNC.

This initiative demonstrates a collective commitment to restoring LUNC’s value, which could attract new investors looking for opportunities in the cryptocurrency market.

With the cryptocurrency market’s inherent volatility, the success of this burn will depend on sustained efforts and ongoing community engagement. If the October 31 event successfully generates renewed interest in LUNC, it could pave the way for further initiatives aimed at stabilizing and boosting the token’s market position.

LUNC Community Divided On Burning 250B Tokens

The Terra Luna Classic community is all set for another burn event on October 31st, aiming to reduce the massive 6 trillion LUNC tokens in supply. The community reaction is mixed with some being skeptical of the impact of burning 250 billion tokens, which seemed monumental but could only reduce the supply by a mere 4%.

A section of the community members argues that burning USTC would be a more effective strategy, as it has a smaller market cap and could potentially reduce the LUNC supply significantly once it’s repegged. Others point to the astronomical market cap required for LUNC to reach a price of $1, deeming it highly improbable.

On the price front, the bulls have gained momentum in the Terra Luna Classic market with a hammer candle forming on the daily chart. This technical pattern often signals a potential reversal from a downtrend to an uptrend.

Marked by a long lower wick and a small real body, the hammer candle indicates that buyers stepped in to defend the price at a support level. This suggests there is a bullish sentiment prevailing, and the price may be poised for a significant upward move.

All these have led the LUNC community to bet that this bullish signal will lead to a sustained price rally, potentially bringing significant gains to investors. However, it’s essential to remain cautious and monitor the market closely for any unexpected developments.

LUNC Community Efforts Continue: A Mixed Bag

In July, the LUNC community successfully burned over 726 million USTC through the Anchor Protocol contract migration. This move, approved by 27.23% of the community, is part of the broader effort to rebuild the ecosystem after the Terraform Labs collapse. However, a similar attempt to burn 46 million USTC through Mirror Protocol was unsuccessful.

While the community remains active and engaged, the effectiveness of the burn mechanism and its impact on the token’s price remains uncertain. As the October 31st burn approaches, the crypto community watches closely to see if this latest effort will be successful in boosting LUNC’s value.

Terraform Labs (TFL) Burns 251B LUNC Tokens, Terra Luna Classic To Rally?

Terraform Labs (TFL) has executed a large-scale token burn of 251 billion Terra Luna Classic (LUNC) and 264 million TerraClassicUSD (USTC) tokens from circulation. The burn was part of a settlement with the U.S. Securities and Exchange Commission (SEC) that required TFL to dispose of specific assets held in its Shuttle Bridge wallets.

This move has fueled speculations of a potential rally in the LUNC price, sparking discussions in the crypto community about the possibility of LUNC reaching the $1 mark.

Terra Luna Classic Burns LUNC and USTC Holdings

According to an update on X (formerly Twitter), the recent burn event is linked to TFL’s decision to permanently shut down the Shuttle Bridge, a cross-chain transfer solution for Terra Classic tokens. As a precautionary measure and to avoid any legal complications, TFL closed the bridge on the 31st of October, 2024. In the US SEC settlement, TFL committed to destroying the tokens stored in the Shuttle Bridge wallets with a view to meeting regulatory requirements.

The burn took out around 4% of the LUNC supply, which stands at around 5.45 trillion tokens.

Although this could be seen as significant when looking at the numbers, market experts posit that this could be insufficient to make the prices skyrocket due to lack of enough demand. TerraClassicUSD (USTC) also received a significant reduction with its 264 million tokens burnt while this accounts for a lesser part of its 5.56 billion circulating supply.