Binance Backs LUNC Network Parity Upgrade, Price Surges 3.5%

  • The Layer-1 Task Force recently received $124,000 in funding for the L1 upgrade.
  • The community recently voted on a proposal to repeg the malfunctioning $USTC.
  • Terra Luna Classic (LUNC) inked 1.2% following the support announcement.

The globally leading crypto exchange Binance announced the support for Terra Luna Classic’s network upgrade. This comes just a day after proposal #11511 was officially passed. Submitted by the volunteers of the Layer-2 Task Force, the proposal aims to bring Terra Luna Classic (LUNC) up to parity with the forked version of the network Terra 2.0 and all other Cosmos-based crypto projects.

According to the proposal, this means that Terra Luna Classic blockchain will support the same dApps as Luna 2.0. The crucial network upgrade will occur at the block height of 12,812,900 today. It’s worth noting that the leading crypto exchange Binance will halt $LUNC deposits and withdrawals until the network upgrade is deemed successful.

Multiple Proposals Passed to Help Struggling LUNC

Besides proposal #11511, the vast LUNC community has a couple of other important developments that can lead to a brighter future for the downtrodden altcoin. Firstly, the 0.5% proposal for a burning tax was passed. The tax burn proposal #11515 focuses on reducing circulating LUNC coins.

Secondly, LUNC recently passed the Terra Classic USD (USTC) re-peg proposal, which revolves around creating a staking vault to re-peg the malfunctional stablecoin. At press time, the defective stablecoin USTC trades at less than two cents on a dollar.

On the other hand, LUNC spiked by 3.5% in the daily charts, while most competing altcoins are in the red. At press time, the #83 ranked $LUNC trades at $0.00009212, according to CoinGecko

On the Flipside

  • Binance received a lot of criticism in the Twitter thread for this move. Some crypto traders argue that Binance supports “old scams”, while ignoring the fresh projects with just as much utility.

Why You Should Care

Binance’s  support for Terra network can help a lot of displeased investors gain clarity.

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Written by on 2023-05-17 16:45:00.

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