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One of the early Terra Classic (LUNC) developers, Tobias Andersen, made a bold claim that might explain why the protocol is seeing a limited growth pace.
The Alleged LUNC Sabotage
According to Tobias, LUNC’s potential to grow back to a price of $1 is unlikely compared to the likelihood of the token touching 0. He made this claim based on his belief that a single actor is sabotaging the protocol. He also alleged that this actor has support from some industry juggernauts including Binance and KuCoin.
Maybe the question LUNC should be asking itself, is not wen 1, but rather wen 0 😂
Please stop asking me when the price will do X. The market is clearly rigged by a single actor and I do not deem it feasible that this actor is operating without the help of KuCoin and Binance 🤷♂️ pic.twitter.com/cNn9JaQLka
— Tobias Andersen (@ZaradarBH) July 24, 2023
Tobias’ sentiment is hinged on the fact that LUNC has a limited tendency to grow irrespective of the efforts being put in. While he is no longer an active contributor to the protocol, he believes at this point, creating an entirely new chain is a better bet for the community.
Terra Classic, prior to its rebranding, was one of the most solid projects in the broader Web3.0 ecosystem and was under the administration of Terraform Labs, despite its claims of being a Decentralized Autonomous Organization (DAO).
The implosion of TerraUSD Classic (USTC) last year led to Terra losing more than 99% of its value, a huge crash that impacted almost every aspect of the digital currency ecosystem. In a bid to return value to stakeholders, a new chain was forked while independent developers in the community chose to maintain the old chain which is now Terra Classic.
Many community members believed that Tobias’ stance is because he is an aggrieved developer after leaving the project as many still keep faith that LUNC can be restored.
Ambitious LUNC Restoration Plans
Over the course of the past year, the Terra Classic ecosystem has recorded a number of innovative campaigns targeted at boosting its overall outlook. Two of the most profound approaches employed are a consistent burn program to remove the excess LUNC tokens in circulation as well as a defined push for utility.
The Binance platform Tobias accused of helping to sabotage LUNC has been a very big partner in the burning campaign owing to the fact that it holds a large reserve of the token. As a part of the quest for a utility boost, a series of LUNC products and services are being envisaged per earlier reports.
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