Crypto exchange KuCoin delegated all 48 billion Terra Classic (LUNC) tokens on December 30. This led to the Terra Classic validator KuCoin dropping in voting power to 0.21% and ranking 44th on the validator list.
KuCoin revealed on Thursday that it will continue pledging LUNC tokens after the 14-day lockdown period. The reason to de-delegate LUNC tokens was part of a normal node switch.
KuCoin to Re-Delegate Terra Classic (LUNC) Tokens
Terra Classic influencer and YouTuber ClassCrypto in one tweet on January 5 revealed that validator KuCoin will continue to pledge their 48 billion Terra Classic (LUNC) delegation. Meanwhile, KuCoin is now ranked 46th on the validator list and has a voting power of 0.19%.
A Twitter user asked KuCoin if the crypto exchange is going out of business or stepping back from running validators. He noted that KuCoin started delegating all their belongings on their validators related to LUNC, LUNA, and ATOM.
In response KuCoin said the KuCoin Validator Non Delegated 48 Billion Terra Classic (LUNC) if the internal financial account collateral node is switched. However, users’ crypto assets are marked as safe. In addition, the validator will continue to pledge LUNC tokens after the 14-day lock-in period.
Recently, the community noticed that several validators have discontinued support for LUNC staking and asked users to re-delegate their LUNC tokens to another validator.
FUD emerged in the Terra Classic community after KuCoin uncoiled all 48 billion LUNC tokens last week. Some have even removed their LUNC tokens and transferred them to Binance.
Meanwhile, proposal 11168 from Terra Classic core developers Edward Kim and Tobias “Zaradar” was adopted by the community. It formed a “Joint L1 Task Force” team, which is now exploring maintenance upgrades and L1 layer developments on the classic blockchain.
Also Read: Shiba Inu Ecosystem Tokens SHIB and BONE Chase BONK Hype
LUNC price rising again?
The price of Terra Classic (LUNC) is up nearly 50% in recent days following a breakout above the 3-month descending channel. However, a market-wide sell-off and Binance temporarily suspending the LUNC burn caused the LUNC price to drop below $0.00015.
The LUNC price is currently trading at $0.00015. The 24-hour low and high are $0.0001516 and $0.0001598, respectively.
Also Read: Key Highlights From FOMC Minutes, Bitcoin And Ethereum Bull Run Coming?
Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by disruptive technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for quite some time and is currently covering all the latest updates and developments in the crypto industry.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
This post Here’s Why KuCoin Undelegated 48 Billion Terra Classic ($LUNC) Tokens
was published first on https://coingape.com/kucoin-undelgated-48-billion-terra-classic-lunc-tokens/
