The Terra Luna Classic community is moving quickly on several fronts to revive the Terra Luna Classic ecosystem, as well as LUNC and USTC to $1. Conflicts of interest between developers and groups, a low community pool balance, and delisting and lack however, crypto exchange support is increasingly challenging the blockchain and impacting prices.
Also Read: Terra Luna Classic Announces Bug Bounty Program, Is LUNC $0.001 Next?
Terra Luna Classic looks to Binance CEO CZ as a leader
The Terra Luna Classic community is currently voting on a proposal to make Binance CEO “CZ” as the blockchain leader. Proposal 11614 received 38% “Yes”, 41% “No” and 20% “No with veto” votes, with some abstaining. While CZ currently supports the chain through the monthly LUNC burn mechanism, he can lead the community, but he cannot become a leader of LUNC. Some members have even criticized the posting of impractical and worthless proposals to vote for Station.
According to the proposal, Terra Luna Classic needs a leader, as validators and developer groups have their own interests. The administration of the Terra blockchain is divided into groups such as Terra Rebels which manages the infrastructure and TerraCVita which manages Terra Station. It claims that large validators make the chain “centralized”.
Meanwhile, crypto exchange Binfinex has delisted Terra Luna Classic (LUNC). It states that the decision was made after “ongoing monitoring of listed projects and review of their listed qualifications.” Popular developer Vegas said he has contacted Bitfinex and confirmed the exchange to offer LUNC again if there is a demand for the token.
— Vegas (@VegasMorph) July 5, 2023
Also Read: Binance Stops Deposit Addresses on BTC, BCH, LTC, XRP, ADA, DOGE Networks
LUNC Strike and burns continue to rise
While the community faces challenges, Terra Luna Classic moves quickly on LUNC staking and token burns. LUNC stake rate is increasing rapidly after hitting the 1 trillion milestone last month. LUNC staked on the blockchain has reached 1.022 trillion, a new all-time high.
In addition, the community’s total LUNC burn has also accelerated. The total LUNC burn reaches 68.5 billion, with 3.5 billion LUNC burns in the past seven days. Binance burned 2.65 billion LUNC in its 11th LUNC burn mechanism.
The LUNC price is up 1% in the past 24 hours after falling to the $0.000082 support level. The 24-hour low and high are $0.0000814 and $0.0000849, respectively.
Read also: Shiba Inu’s Shytoshi Kusama confirms Shibarium and Worldpaper release date
Varinder has 10 years of experience in the Fintech sector, with more than 5 years dedicated to blockchain, crypto and Web3 developments. A technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles and newspapers. With CoinGape Media, Varinder believes in the enormous potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
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This post Terra Luna Classic Strike at ATH, Binance CEO “CZ” as leader, Bitfinex again on the list
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