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The Terra Luna Classic community moving swiftly on various fronts to revive the Terra Luna Classic ecosystem as well as LUNC and USTC to $1. However, conflicts of interest between developers and groups, low community pool balance, and delisting and lack of support from crypto exchanges are increasing challenges for the blockchain and impacting prices.
Also Read: Terra Luna Classic Announces Bug Bounty Program, Is LUNC $0.001 Next?
Terra Luna Classic Looking On Binance CEO CZ As Leader
The Terra Luna Classic community currently voting on a proposal to make Binance CEO “CZ” as leader of blockchain. Proposal 11614 has received 38% “Yes”, 41% “No” and 20% “No with veto” votes, while some have voted Abstain. While CZ is currently supporting the chain through its monthly LUNC burn mechanism, he can guide the community but can’t become a leader of LUNC. Some members have even criticized putting impractical and worthless proposals for voting on Station.
According to the proposal, Terra Luna Classic needs a leader as validators and developer groups have their own interests. The management of Terra blockchain is divided into groups such as Terra Rebels managing infrastructure and TerraCVita managing Terra Station. It claims big validators are making the chain “centralized.”
Meanwhile, crypto exchange Binfinex delisted Terra Luna Classic (LUNC). It states the decision was taken after “continued monitoring of listed projects and review of their listed qualifications.” Popular developer Vegas said he reached out to Bitfinex and the exchange confirmed to relist LUNC if there is demand for the token.
Hi #LUNCcommunity ,I spokes with @bitfinex ,and they can consider re-list if the demand is there for it. .. #Lunc let's do some noise !
— Vegas (@VegasMorph) July 5, 2023
Also Read: Binance To Retire Deposit Addresses On BTC, BCH, LTC, XRP, ADA, DOGE Networks
LUNC Staking and Burns Continue to Rise
While the community faces challenges, Terra Luna Classic moving fast on LUNC staking and token burns. LUNC staking rate increasing rapidly after hitting the 1 trillion milestone last month. LUNC staked on the blockchain has reached 1.022 trillion, hitting a new all-time high.
In addition, the total LUNC burn by the community has also picked pace. Total LUNC burn reaches 68.5 billion, with 3.5 billion LUNC burned in the last seven days. Binance burned 2.65 billion LUNC in its 11th LUNC burn mechanism.
LUNC price jumped 1% in the last 24 hours after falling to the $0.000082 support level. The 24-hour low and high are $0.0000814 and $0.0000849, respectively.
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