Terra Classic price to witness a massive rally in December. The community has already started preparing for the upcoming changes and price increases, with developers, validators, and projects submitting various proposals. The LUNC price fell to $0.00015 after the collapse of crypto exchange FTX. Nevertheless, the price is now showing signs of recovery as LUNC staked and burnt grows rapidly.
Terra Classic Community prepares for major LUNC price increase
After successfully implementing the Terra Classic v22 upgrade that enabled board changes, staking, and burn, Terra Rebels has introduced the v23 upgrade. The upgrade is intended to re-enable inter-blockchain communication (IBC) between Cosmos blockchain and the Terra Classic ecosystem. The IBC channels were closed during the UST depeg to avoid loss of funds.
Terra Rebels core developer Edward Kim noted that community members could expect a significant increase in the number of projects building on the network following the v23 upgrade with the CosmWasm upgrade. Edward Kim’s proposal 10950 to re-enable three IBC channels for Cosmos-based chains Osmosis, Crescent and Juno has already reached the “pass threshold” within 9 hours of submission, with 100% support.
The developers will reopen the IBC channels at block 10,542,500, estimated on December 5. This allows trapped assets to flow through the channels, with most assets trapped on osmosis. However, it won’t take effect until the v23 network upgrade rolls out.
In addition, Edward Kim, program director of the Terra Grants Foundation (TGF), has submitted the first initiative with proposal 10946. The goal is to set aside 750 million LUNC tokens for developers, projects, validators and community members to contribute to the May-October Terra Classic revival.
The validator and network level upgrades will help bring the utility back and increase the LUNC price. Meanwhile, the community expects Binance to burn at least 20-25 billion LUNC tokens on December 2 after the crypto exchange switched to a monthly burning mechanism. So far, Binance has burned 13.712 billion LUNC tokens.
Terra Classic spawned and burned
The Terra Classic community has staked over 13% LUNC supply, bringing a total of 896.06 billion LUNC tokens. In addition, the total number of LUNC tokens burned has reached 28.434 billion LUNC tokens, with a daily burning rate of more than 402 million tokens per day.
The price of Terra Classic (LUNC) is trading at $0.0001626, up nearly 2% in the last 24 hours. According to CoinMarketCap, the 24-hour low and high are $0.0001594 and $0.0001664, respectively.
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