Breaking News: Terra Classic (LUNC) Investors to Receive Refund – Dev. Edward Kim Confirms!
The Terra Luna Classic (LUNC) ecosystem has put in place measures to reimburse community members that were affected by the network failure between September 21 and 28, according to core developer Edward Kim. Notably, the Terra Luna Classic network failure caused tax to be incurred on transactions that did not happen. As such, about 295 million LUNC was levied as a tax on transactions that did not go through.
However, the proposal noted that wallets with 10 LUNC and below in incurred fees will lot be reimbursed due to the underlying cost transactions and tax levied. Consequently, LUNC wallets that lost between 5 million and 10 coins amounting to 2,214 addresses will be reimbursed accordingly.
“We are requesting the total amount of incorrect taxes charged be reimbursed via a community pool spend to the users that lost funds during this time; the total reimbursement is 295M LUNC,” Kim noted in the proposal.
Reportedly, most of the affected wallets were identified as CEX wallets including coinspot, and crypto.com 2, among others. Popular LUNC validator, through the Twitter comments section, commended the proposal but requested the reimbursement to take place before the next quarter.
The rebranded Terra Luna ecosystem takes pride in a market capitalization of approximately 1,084,795,839 and a 24-hour trading volume of about $144,256,324. However, the controversial failure of the original network has prevented the global adoption of the rebranded network. Moreover, investors who lost capital during the UST collapse may never be made whole again.
Nonetheless, the new Terra LUNA Classic ecosystem has received tremendous support from several centralized exchanges like Binance through listings. As a result, LUNC price has gained approximately 18090 percent since hitting rock bottom last year.
The Lawsuit Filed Against Do Kwon and Other Terra Execs Has Been Dismissed
It would seem that Terra and Do Kwon have briefly lost some of the attention that was previously focused on them due to the failure of FTX and the ongoing turmoil surrounding it and its criminal founder. But that won’t last for long since they’re back in the news for reasons we might not have seen coming.
Lawsuit Against Terra and Do Kwon Dismissed
A tweet from the founder of failed crypto company Three Arrows Capital Su Zhu shows that the class action lawsuit Albright v. Terraform Labs, Pte. Ltd. et al., which was filed in the Southern District of New York Court against Terra, Do Kwon, and the other executives of the defunct cryptocurrency company on January 9, was voluntarily dismissed by the court. Zhu shared the following screenshot from the court filing:
It is possible that the latest findings of market manipulation and trading of LUNA tokens by Sam Bankman-FTX Fried’s and Alameda Research are what prompted the motion to dismiss the complaint.
Matthew Albright, the primary plaintiff in this case, has informed the United States District Court for the Southern District of New York that he has submitted a notice. The document indicates that the case has been voluntarily dropped, but there will be no adverse consequences for the defendants.
Terraform Labs, Jump Trading, Delphi Digital Consulting, Luna Foundation Guard (LFG), Do Kwon, Nicholas Platias, Jose Macedo, Kanav Kriya, and Remi Tetot are some of the people who have been named as defendants in this suit.
The defendants were charged in the class action complaint of engaging in the deceptive promotion of the UST algorithmic stablecoin, Terra (LUNA), and other Terra currencies relevant to the case.
Furthermore, boasting about the reliability of the currencies while the defendants were personally benefiting from income that was being siphoned off from Terraform Labs and put into their own accounts.
In a related development, as the year 2022 came to a close, it became public knowledge that the authorities in South Korea are still investigating Terra-related activities and have frozen the assets of those involved with the failed crypto empire.
As for the Terra Luna Classic token LUNC, it has actually been doing pretty well recently. At the time of writing, it is up 3% in the past twenty-four hours and 6.2% in the past seven days, bringing its price to $0.00016938.
Binance Faced With Lawsuit Over Misleading Terra Investors
Binance, one of the largest crypto exchanges, faced a class action lawsuit on July 11, 2022, in the United States District Court for the Northern District of California.
This was the first lawsuit filed by US-based Roche Freedom LLP, claiming that Binance misled Terra network investors by portraying Terra’s dollar-based UST as more stable than it actually was.
Binance Misled Terra Investors
Furthermore, the lawsuit also claims that Binance.US is not an authorized organization and carelessly promoted UST as a safe stablecoin, which it was not. However, the company has denied the allegations and stated that Binance.US adheres to all applicable regulations.
Before Roche Freedom can test its accusations against Binance.US in court, the firm must convince U.S. District Judge Jacqueline Scott Corley that the lawsuit belongs in court, rather than in arbitration proceedings. Arbitration proceedings are a procedure where a dispute is settled by the intervention of a third party, rather than in court.
On January 4, 2023, Roche Freedom filed a brief against Binance’s move to force arbitration proceedings, which were filed by Binance in November 2022. The brief claims that there is no proof provided by Binance that crypto investor Michiel Nuveen, who is one of the arbitrators in the case, saw or accepted the arbitration clause.
Additionally, Roche Freedom claims that arbitration proceedings are fundamentally unfair to users or consumers, as they give rise to complex procedures and allow Binance to hold onto court proceedings.
The further proceedings will depend on what Binance has to say and on what terms both parties can agree.
Were SBF and FTX Involved In The Collapse Of The Terra Ecosystem? Discover The Truth Here.
Ever since the Terra ecosystem collapsed, the entire crypto space fell into a bear market, resulting in numerous fallouts and bankruptcies. Initially, it was believed that the selling pressure was orchestrated by a group of traders who had doubts about the stability of algorithmic stablecoin. Su Zhu, the CEO of 3 Arrow Capital, claims Sam Bankman-Fried and FTX conspired in the attack on LUNA and stETH.
Lookonchain, a popular on-chain analytical platform, has attempted to connect the dots with on-chain evidence, including the de-pegging of stETH in June.
Starting from the beginning, the platform recorded the addresses which withdrew 110,286 stETH from Anchor Protocol. Address ‘0xd5c6a038950b977969e66f4823fd813c67048ba0’ withdrew $216 million worth stETH which crashed the UST & LUNA prices. Interestingly, these tokens were transferred to FTX exchange on June 08, 2022 post to which stETH began to de-peg. However, it cannot be firmly stated that the address belonged to SBF but cannot be ruled out either
Moving ahead, Celsius Network withdrew 224,949 stETH from Anchor Protocol on May 11, 2022, and transferred 50,000 stETH worth $73.8 million to FTX on June 09, 2022. Amber Group withdrew 83,380 stETH from Curve and transferred 74,941 stETH worth $110M to FTX on June 10 & 11, 2022.
https://twitter.com/lookonchain/status/1610178091913195520
During the time of the Terra collapse, FTX’s liquidity was not the highest, but it is still suspicious as to why these addresses transferred stETH to FTX at the same time. With these three addresses, FTX had nearly 235,227 stETH worth more than $347 million at that time.
It is worth noting that these events occurred at identical times, suggesting the involvement of FTX or SBF in the collapse of the Terra ecosystem. While hard evidence is scarce, the possibility remains.
“DCG, A Criminal Fraud” – 3AC Founder Accuses DCG For Terra Collapse
The year 2022 has been one of the most challenging years for the global markets, especially cryptocurrencies. The crypto world had several unfavorable events like bankruptcy where major companies such as FTX, Three Arrows Capital, Genesis, and Voyager saw their downfall after Terra (LUNA) collapsed in May 2022. It’s just not that, Bitcoin which was selling at around $48,000 in early 2022 has now plummeted towards the $16,000 area.
The bankruptcy series of these high-profile companies started with Three Arrows Capital and Genesis Trading, a cryptocurrency market operator and financing company. As per the sources, Genesis’s losses are connected to over-leveraged fund manager Three Arrows Capital and Hong Kong crypto financier Babel Finance.
Genesis Owe $900M To Gemini Users
Now, the latest updates emerge with Gemini co-founder Cameron Winklevoss’s open letter to Genesis’ owner. The letter claims that Genesis and its parent company Digital Currency Group (DCG) owe $900 million to Gemini customers.
As per the reports, after FTX went bankrupt, Genesis ceased all its withdrawals which left nearly 340,000 Gemini users confused. The letter also mentions a deadline of January 8th, 2023 to solve the issue.
DCG To Blame For Terra Collapse
It looks like DCG has attracted some major trouble as even Three Arrows Capital founder Zhu Su has accused DCG along with FTX for the fall of Terra (LUNA) and STETH. According to Zhu Su DCG, instead of restructuring ignored the issue. 3AC founder believes that DCG and FTX misled the crypto community even when they knew Genesis was collapsing.
Zhu Su has formed a strong opinion that Genesis is most likely to face bankruptcy in the coming days. He states that instead of approaching the Department of Justice, creditors are still hoping for help from Barry Silbert, Chief Executive at DCG.
What’s Driving Terra Classic (LUNC) Price Higher? Is It the Right Time To Buy?
The Terra Classic community has approved Proposal 11111, which will reverse Proposal 10983 and support Binance, the crypto exchange that has contributed the most LUNC to burn. The proposal seeks to overturn Proposal 10983, which substituted 10% for on-chain development for additional revenue for the community pool at a rate of 50% of the 0.2% burn tax.
Instead of 50% remint, the plan would contribute 10% remint to the community pool from the 0.2% burn tax. Edward Kim, a core developer for Terra Classic, rejected Proposal 10983 because it would stop Binance’s LUNC burn mechanism. With roughly 82% in favor and 2% in opposition, proposition 11111 has received enough votes to pass the threshold.
The proposal has received support from over 39 validators, while only 3 are opposed. On December 26, All nodes tweeted their support for Proposal 11111. Furthermore, the validator thinks the community should reignite the 1.2% burn tax because the volume has not increased after the burning tax was reduced from 1.2% to 0.2%.
Why is Terra Classic’s price rising?
Ahead of the Christmas season, Terra Classic price got a push last week as the price saw a significant increase. The price of LUNC has increased by about 10% over the past 24 hours, and is currently trading at $0.0001575. The speculation that Coinbase would list LUNC has also helped the market surge. In the past 24 hours, the trade volume has increased by more than 110%.
Furthermore, the recent rise of LUNC might have been influenced by the proposal made public by the new Terra Classic Layer 1 team. The “Joint L1 Task Force” of the Terra Classic team published a proposal describing its work for the following three months. The team announced that it will be hired to complete the necessary changes during this time. The most well-known members of the new squad are Edward Kim and Zaradar.
Crypto Price Analysis: Terra Classic, Filecoin, Axie Infinity Price Fly High
Terra Classic (LUNC)
Terra Classic is approaching the end of the yearly trade, marking the lowest levels ever since it was rebranded and separated from Terra. The price is closer to adding up another zero in its value after facing rejection from interim highs around $0.00014106, in the past few days.
The LUNC price is now approaching the pinnacle of the falling wedge consolidation which is largely believed to be bullish in the long term. Meanwhile, the RSI of the token is also raising after rebounding from the lows, indicating the revival of a possible bullish trend ahead. With a bullish breakout, which may happen in the first few days of 2023, may hit the last point of defence at $0.00001
Further a rebound high to reach levels above $0.000015 initially and later try to test the levels close to $0.00002
Filecoin (FIL)
Filecoin after the gigantic fall in the recent past has been consolidating within a very narrow range and flashes the possibility of pulling a massive leg down very soon. The FIL price has formed a clear bearish flag which appears to have reached the pinnacle of the consolidation. If the price experiences some weakness, then the price may drop heavily, testing the lower support close to $2.
The filecoin witnessed a sudden spike in trading volume but woefully it was largely dominated by the bears. Hence, the price witnessed a drastic decline of more than 28% in just a couple of days. Presently, the volume has again dropped almost to its initial levels, which has forced the price to consolidate within narrow ranges.
However, a hefty compression usually leads to a massive breakout which may be due in the coming days.
Axie Infinity (AXS)
Much similar to other cryptos, Axie Infinity also witnessed a steep descending trend before the beginning of 2022. The price underwent a magnificent rally in during Q4 2021 and marked highs beyond $166. Woefully, the price dropped by more than 96% during the bear market which followed immediately after it marked its highs.
Presently, the AXS price is approaching the pinnacle of the bearish consolidation due to which a fresh descending trend may be ignited very soon.
The bulls and the bears are equally displaying their strength, and hence the volatility remains pretty low. Meanwhile, the bulls fail to accumulate the needed bullish push, depending on which they may nullify the bearish impact of the pattern formed. Therefore, the AXS price may soon drop below the crucial support level of $6 and drop down heavily to test the last line of defense at around $3.
Here the Axie Infinity price may receive a trigger to bounce back and lay down a significant upswing to reclaim the levels back above the interim resistance.
Terra Fails to Attract Investors, Despite Major Ecosystem Updates! What’s Next for LUNA Price?
The giant fall that slashed the Terra (LUNA) price to half during the first few days of November continues to prevail as the prices remain within the bearish influence. At the same time, the volume also has dropped significantly which has also hindered the rally to a larger extent. Meanwhile, the development activity over the platform remains within a decent range regardless of the LUNA price action.
In a fresh update, the new alpha package for TerraDart which is a Dart SDK for writing applications interacting with the Terra blockchain rolled out a new package called alpha. The alpha package is now ready to use and can be used to communicate with the LUNC blockchain within Flutter & Dart environments.
Along with the alpha package, a new on-chain proposal has been rolled out called Knowhere/Soil Grant Proposal where-in the developers seek 187,500 LUNA for the smooth functioning of the network and also launch new features every 6 to 8 months.
Despite a couple of significant upgrades, the price remains largely unaltered. As per the data from Santiment, the development activity over the platform has slightly risen from rock bottom levels.
It has to be noticed that the development activity decreased when a minor rise in the LUNA price was registered previously. This resulted to be extremely harmful to the token as the community shifted its focus as the social volume also dropped miserably. Moreover, the volatility of the asset also dropped by more than 40% which worsen the situation.
However, LUNA’s daily chart continues to remain bearish as most of the indicators point toward the price could deep dive into the bearish sea very soon. The price which is hovering around $1.62 with a slight jump of 4.13% compared to the previous day’s close may fail to reach the pivotal resistance at $2. The following rejection may however drag the Terra price below $1.5 very soon.
Terra Luna, Safemoon, And Tamadoge Are Passed
The entry of Oryen (ORY) in the crypto market has brought a lot of excitement among investors who are now rushing to purchase the ORY token before its ICO sells out. Unlike other crypto pioneers such as Terra Luna, Safemoon, or even Tamadoge, its prices have already surged to the 120% mark during the ongoing Presale.
Terra (LUNA)
Earlier this year, Terra suffered a disastrous collapse, where its stablecoin UST lost the peg, causing LUNA to crash to dust. However, the team staged a return to salvage the Terra blockchain with the aid of a vast community and effective leadership. LUNA might need help to stand out in a crowded L1 ecosystem, but a solid framework shows what this project might accomplish if it recovers fully from the collapse.
Safemoon (SFM)
Safemoon is considered an ‘OG’ for reflection tokens in the Binance Smart Chain community that made reflective tokenomics popular and gave birth to thousands of new DeFi projects with the same principles.
However, the project fired almost the complete team and restructured under CEO John Karony. As a result, many investors left due to a lack of development and delayed innovations.
Tamadoge (TAMA)
Tamadoge is home to the Tamaverse, with the native token TAMA at the center. The project allows investors to create, breed, care for, and battle their Tamadoge pets. Further, the Play-2-Earn platform will enable users to fight against each other to climb the leaderboard and win a monthly prize pool.
Oryen surpasses Rivals at Presale
Having scheduled to launch officially on 30th December 2022, it’s expected that Oryen will surge and surpass previous milestones of other tokens in the industry. Oryen has grown substantially during its ICO and gained 120% for early backers. These profits can be attributed to its unique Oryen Autostaking Technic (OAT) that directly generates reliable and consistent passive income every hour without requiring human interaction.
The tokens have had incredible investors demand throughout the four presale phases, with a 90% APY return on investment translating to 0.0177% daily ROI.
The Bottom Line
Oryen Network has gained tremendous traction among crypto investors and influencers quickly. This indicates that the staking platform will surge in the anticipated 2023 bull run. So, if you still need to join the presale of this crypto gem, proceed to Oryen Network and buy your share today.
Learn More Here
Join Presale: https://presale.oryennetwork.io/register
Website: https://oryennetwork.io/
Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.
Alert ! Terra Rebels Warns LUNC Investors Against Malicious Token
Terra Rebels, a developer group focused on retrieving Terra Classic network has alerted the community that there is suspicious token in the market. This was revealed via Tweet that said a dubbed coin, Interchain DAO Coin (IDC) has illegally acquired its logo. Terra Rebels also said that IDC is misleading investors to believe that Terra Rebels are the one who is leading IDC.
As per Terra Rebels, the token is moving around Cosmos network and other markets and Terra Rebels has denied its involvement in IDC via Tweet. On the other hand, a renowned admin at Terra Rebels, ReXx has claimed the token as rug in making.
Do Kwon Suggests Alliance Between Terra 2.0 And Terra Classic
The Terra Classic (LUNC) price experienced a bull run a few days ago in the midst of an overall crypto market correction. However, the currency is now experiencing a massive pullback and is facing uncertainty due to Terraform Labs founder Do Kwon and his illegal actions.
Recently, Do Kwon expressed his regret about the Terra collapse as he knows it impacted several people severely. Now, the founder appears interested in an alliance.
In a recent Whatsapp chat, LUNC DAO revealed that Terra founder Do Kwon is hinting at a possible alliance between Terra Classic (LUNC) and Terra 2.0.
Though he claimed that the alliance won’t be difficult, his concern was primarily the Terra Classic community actually passing the software update proposal. This was brought to light after he spoke about the interoperability between the old and new Terra blockchains.
Here’s What The Developers Are Saying
In response, LUNC core developers suggested upgrading LUNC. This would create consistency, an interchain alliance between LUNC and LUNA along with rewarding post-crash LUNC holders, and unveiling LUNA apps on the Terra Classic network.
Additionally, LUNC core developers proposed the introduction of incentives for both LUNA and LUNC holders.
Terra Classic (LUNC) To Surge 53%
At the time of reporting, Terra Classic is trading at $0.000234 with a fall of 4.71% over the last 24hrs.
On the other hand, the CoinMarketCap crypto community is of the opinion that Terra Classic (LUNC) will hit a target of $0.0003596 by the end of November 2022. This indicates that LUNC needs to gain nearly 53% from its current value.
Also LUNC’s technical analysis is pointing towards a positive price action where LUNC’s daily time frame is flashing buy at nine and the moving averages is reading seven claiming buy. However, Oscillators are neutral.
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Terra Ecosystem Can be Revived by Just Doing Nothing to the Project-Do Kwon!
Terra developers have been constantly at work, just reviving the ecosystem, which may further impact the value of the native tokens. A few days ago, the developers suggested new ways to recreate the entire ecosystem. As per them, the next plan of action, called the ‘Terra Expedition’ focuses on the developer mining program & developer alignment program. This is an updated version of the initial programs, which were launched during the commencement of the Terra Network.
However, Do-Kwon, who continues to abscond and is wanted by the authorities for arrest on fraud charges, put forth his opinion on the plan. He himself replied to the proposal and urged the community to think of a better alternative. Interestingly, the founder also believes doing nothing may also help in reviving the ecosystem.
The founder replied in a forum that the expedition was ‘poor spend’. He further mentioned multiple reasons for his take and also offered solutions on what could be done other than the plan suggested by the developers.
“This is just to give an idea to explore some better avenues where the resources of the community pool can be spent. Ideas discussed here are early and may not be successful. Of, course, I think a perfectly acceptable option is to do nothing at all,”
The original proposal suggested that 9.5% of the entire LUNA supply would be redistributed based on TVL, which would have impacted a few protocols that would in turn revive the Terra ecosystem at the earliest.
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Terra LUNA To Introduce NFT Minting on its Blockchain
The Terra Luna ecosystem has introduced a new feature geared towards NFT minting on its blockchain. According to a detailed step-by-step YouTube tutorial, digital art enthusiasts can now mint NFTs on the Terra Luna network with minimal technical knowledge.
Following the Luna-UST crash earlier this year, the Terra ecosystem is working hard to regain its lost glory. Moreover, the Terra network had grown to the top ten coins by market capitalization, over $40 billion, before the May crash.
Through its strong online communities, the Terra network has risen from the ashes in the past few months. Notably, the Terra Twitter account boasts over 1 million followers.
The NFT market has shown tremendous potential, particularly in the metaverse and play-to-earn industry. Additionally, the NFT market is largely unregulated, thus a soft spot for speculative trading.
Terra Luna Market Outlook
The Terra Luna ecosystem has attracted significant investment from developers and angel financiers seeking to tap into its vibrant community dubbed the #Lunatics. Furthermore, blockchains have shown a high correlation between online communities and long-term prosperity.
The Terra Luna ecosystem recorded high onchain activity in September, with several protocols launching on the blockchain. The LNS (Luna Name Service) network launched their on-chain profile tool, where users can register a .luna domain last month.
Additionally, Soil Protocol completed phase 2 of its roadmap by launching new Terra NFT tools. The Zodiac Protocol went live last month on Terra’s testnet in preparation for the mainnet release.
Other notable on-chain activities on Terra blockchain during September included the Coinhall release of its DEX aggregator, Hallswap v3. Meanwhile, TerRarity also launched its NFT aggregator in September, whilst Harbor Protocol announced an airdrop to LUNA stakers.
Consequently, Luna’s price has gained approximately 55 per cent in the last two months to trade around $2.39 at reporting time. Nonetheless, the asset has lost approximately 87 per cent from its ATH, around $18.87, which was set on May 27.
According to market data provided by Coingecko, Terra Luna has a market capitalisation of approximately $378,949,521. Additionally, the Terra Luna network reported a daily traded volume of $127,000,112. Notably, the Luna tokens have a circulating supply of 160 Million coins and a total supply of 1.04 Billion.
By tapping into the NFT market, the Terra Luna network anticipates adding more to its on-chain activity. Moreover, decentralised application developers are seeking a relatively reliable and affordable blockchain to build.
As such, the Terra Luna ecosystem is determined to provide the safest smart contract in the layer two industry.
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Will Do Kwon Compensate $57M To Terra USD Investors?
The Terraform Labs founder, Do Kwon has been facing numerous legal charges and investigations since the time Terra network’s LUNA and its stablecoin UST collapsed in May. Recently, the founder has received a Red notice by Interpol to arrest him immediately. This notice was issued after Do Kwon failed to present himself in the court after he failed to appear before the court.
Now, with the fresh update, Do Kwon who has been on the run since May has now been charged with a lawsuit by more than 350 investors who have lost around $57 million after UST was depegged against the US dollar. As per the lawsuit the investors blame that Kwon and other top members of Terra have falsely portrayed UST stablecoin’s price stability. As per the investors Terra USD was a token which was designed in such a way that it would always be pegged against the US dollars.
Do Kwon To Pay $57M As Compensation
These investors are seeking a compensation of nearly $57 million which is worth the UST value at the time of their purchase and was held at the time of the crypto market downturn in May. The complainants also claim that Do Kwon purposely created Anchor Protocol which is high-interest rate DeFi protocol so that he can force customers to purchase more UST.
Moreover, the investors who have filed the lawsuit believe that even though the UST lost its peg against the US dollars in May bringing down the overall crypto market, Do Kwon gave a false assurance that everything is under control.
However, a spokesperson of Terraform Labs the company has not carried out any illegal activities and they will fight until they are proven as not guilty.
On the other hand, Do Kwon appeared on a YouTube channel called Unchained Podcast hosted by Laura Shin where he expressed grief about Terra (LUNA) collapse and UST Stablecoin losing peg against the US dollars. At present it appears that he has decided to go numb on social media as there is no activity reported.
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What is Terra Classic’s new Holacratic governance?
The first draft of the Terra Classic (LUNC) community’s new Holacratic Governance adoption was just made public. Officials said that Terra Classic uses the holacracy method of governance to encourage the wide use of blockchain technology. This will be a significant step in mending the environment and aiding it in eventually regaining its former grandeur after Terra’s crash earlier this year.
A new governance structure will result in the Terra Classic (LUNC) soon having a new chief community officer (CCO). The LUNC community would elect members to fill numerous positions, including the CCO.
The LUNC crypto community will be supervised by new community-backed procedures, according to the first draft of the Terra Luna Classic Holacratic Governance model. The community would vote on candidates for the roles before appointing them.
“Holacracy is the governance structure of Luna Classic through the people for the purpose of driving mass adoption of blockchain technology. This is a radical shift in governance from the typical top-down hierarchy where power is vested to a few.”
The holacratic form of government might be adopted by the community. A holacratic constitution that has already been established would control the system of government. The ability of the community to self-govern utilizing a decentralized authority model lies at the heart of the governance system.
With the implementation of LUNC holocratic governance, the community will have the ability to elect executive ambassadors. The entire community would then be allowed to question the ambassadors.
There would be various ambassador responsibilities under the new organization. The chief community officer, chief financial officer, chief technological officer, and chief operating officer will be the community’s first four positions.
Given that LUNC’s performance over the previous month was quite strong, its price also changed in response to these developments. In fact, during the past 30 days, LUNC has gained nearly 25%.
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200M LUNC Gets Minted On Terra Classic (LUNC) Chain
The Terra network’s new chain Terra Classic (LUNC) has been facing a severe pump and dump pattern for a few days. There was some calmness achieved on the last day but LUNC couldn’t hold onto it for long. Today, the currency has yet again slipped.
At the time of reporting, Terra Classic (LUNC) is trading at $0.000242 after a drop of 2.98% over the last 24hrs. LUNC’s immediate resistance is positioned at $0.000250 while the support is seen at $0.000235.
Meanwhile, LUNC traders were taken on a surprise ride after there was green candle formation on StakeBin website through which the public can track LUNC supply.
0.2% LUNC Tax Burn Mints 200M LUNC
As per the candle, 200 million LUNC has been minted which has awestruck the community.
Later, it was Terra Classic’s independent developers team who had to pop in to confirm that this minting figure was the result of proposal 5234 which was recently approved by the community. Also, Tobias Andersen who is also known as Zaradar, Terra Classic’s core developer shared an article by another core developer Edward Kim. The article mentions that the community should not be surprised if the chart flashes green.
The proposal 5234 is the one which was recently approved by the community to reduce the on-chain tax burn of 1.2% to 0.2%. The proposal also claims to give away 10% of the burn to the community pool in order to fund development activities. This give away will be done approximately every seven days. The same is confirmed in Kim’s blog post.
On the other hand, some members are of the opinion that Binance burn and other independent burns conducted by the community members and its supporters should be moved out.
In reply to the concern raised, one of the members of Terra Rebels, reXx suggests that the community can remove the difference from the community pool and then transfer it to the burn address.
Well, will have to wait for the community to make any further decisions.
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Capital Outflows Surge Massively! Is This The End Of Terra Classic (LUNC)?
Last week, while the crypto market succumbed to bearish momentum, Terra Classic (LUNC), which was created after Terra network’s original chain Terra (LUNA) collapsed along with its stablecoin UST in May 2022, was enjoying a bullish trend.
However, LUNC’s bull run, which started in August, has now lost momentum as the network is witnessing capital outflow due to investors doubting the currency’s stability.
As of October 25, LUNC’s capitalization is positioned at $1.53 billion after it plunged from October 18’s $1.63 billion. However, today, October 26, the market capitalization has surged by 3.78% over the last 24 hrs and is now positioned at 1.59 billion.
The Future Of Terra Classic
While insanely hyped a few weeks ago, it’s clear that the interest in Terra Classic (LUNC) has dropped significantly due to a community short squeeze. LUNC investors withdrew their profits; thus, the currency has lost demand.
On the other hand, the ongoing investigation on Do Kwon by the South Korean authorities has affected the currency’s price action too. A red notice has been issued against the Terra Labs founder by Interpol- which is globally applicable- as the country’s authority has accused him of being on the run since Terra collapsed in May and refusing to cooperate in the ongoing investigations.
Interestingly, after Terra Classic was created, there were many speculations that the currency would not withstand for long and would collapse like Terra (LUNA). However, LUNC continues to perform well and has amassed a large group of supporters.
At the time of publication, Terra Classic (LUNC) is trading at $0.000244 after an upswing of 6.35% over the last 24hrs and a loss of 1.38% over the last seven days.
In conclusion, although the LUNC price has witnessed immense bullish momentum and continues to do so, its future remains bleak.
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Officials Chase Hard to Nab Do-Kwon! While the Founder Aims to Build Terra Ecosystem Again!
The co-founder of Terraform Labs, Do-Kwon is rumored to have fled to Dubai from Singapore a month ago. The South Korean authorities also have not completely rejected the claim and said the report was ‘not false’.
Do-Kwon’s Terraform Labs was shut down after the huge crack-down in May, post to which the South Korean authorities have been chasing him. However, the police soon issued an Interpol notice against the founder as he failed to respond to numerous warrants. However, in an interview with Laura Shin, host of Unchain podcast, Do-Kwon countered all the claims made against him.
In the interview, Do-know answered all the questions about his current whereabouts, the fall of the ecosystem, compensation to the holders, and much more.
Do-Kwon believed that Terra was a ‘massive market failure’ but definitely not a scam or fraud and he still wants to build. When asked about the red notice, he replied by saying that he has made a request to check on the status of it which is still pending. Further replying on not answering the warrant, he said that he has not received any copy of it, but rather accumulated information through the media.
However, in the end, Do-Kwon accepts being very aggressive on Twitter during times of crisis and also apologized for the same. He believes that it may take a few years to stabilize everything that happened and hence still would be happy to contribute to the crypto space.
Meanwhile, Do-Kwon did not reveal his current location due to security measures as a group of UST holders are trying to track down him. The holders have reportedly formed a group called UST Restitution Group with nearly 4400 investors out of which some have landed in Dubai to find him.
Collectively, people are chasing Do-Kwon along with the authorities, but at the same time, he continues to hide, by not disclosing the location.
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Terra Classic On-Chain Volume Surge While Burn Volume Plunge
Terra classic (LUNC) is seeing no signs of bull run as LUNC price was once again rejected recently at a resistance of $0.000251. The current bearish pattern of Terra Classic has been seen since September which has resulted in a massive sell-off. Though there was a slight bull run recently the bulls couldn’t hold on to that for long which created a bearish trend.
Currently, Terra Classic (LUNC) is selling at $0.000231 with a drop of 7.69% over the last 24hrs. The immediate resistance lies at $0.000250 while the support is positioned at $0.000200 level.
On the other hand, on Oct 19 the Terra community approved the proposal 5234 which will reduce 1.2% tax burn to 0.2%. The proposal also claims to dedicate 10% of tax revenue to developing the network.
Surge In Terra Classic’s On-Chain Volume
Now, following the tax burn reduction, Terra Classic’s on-chain volume has spiked which was confirmed by a Terra influencer, Classy Crypto via twitter post.
The main agenda behind reducing 1.2% tax burn to 0.2% was to find some positive events within the Terra network. Earlier, after the 1.2% tax burn went live in September, on-chain volume had declined.
However, the one who proposed the tax reduction, Duncan Day claims that will have to wait for at least seven days to arrive at the final conclusion.
It is also important to note that along with seeing a rise in volume, the tax reduction proposal aimed to see an effective bur. However, there isn’t any notable effect on the burn mechanism because Changpeng Zhao, Binance CEO had claimed that decreased tax will see more burns. For example, on Oct 18, before tax burn reduction there was a burn of 190 million LUNC. However on Oct 19 after implementation of the proposal, there was only 150 million LUNC burnt. This decline pattern was followed on Oct 20 which saw just 49 million LUNC burn as per LUNC Burner data.
Well, as claimed by Duncan Day the final result of Terra Classic volume increase will be confirmed after seven day.
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Terra Classic UST Spike 12% As 0.2% Tax Burn Goes Live
The Terra community has been striving hard to regain the trust of the trading and investing market participants ever since the asset crashed in May earlier this year.
Now, Terra’s new chain Terra Classic (LUNC) and its current stablecoin, TerraClassicUSD (USTC) are facing a pump-and-dump trend. Currently, TerraClassicUSD (USTC) is selling at $0.038 after a massive surge of 12% in the last 24hrs.
While most of the large-cap cryptocurrencies are being hit with a bearish trend, USTC is enjoying its heyday. The stablecoin had even hit an intraday high of $0.042 before seeing a slight pullback. At present, the currency’s trading volume has spiked by 208% in the last 24hrs.
Reasons Behind Terra Classic’s Surge
The exact reason for such a spike still remains unknown. However, there are a few points of speculation which indicate a new tax reduction proposal. Earlier, there was a proposal made for a 1.2% tax burn which is being supported by major crypto exchanges like Binance.
However, now the community has approved proposal 5234 for the reduction of that 1.2% tax burn to 0.2%. The proposal also claims to dedicate 10% of tax revenue to developing the network.
Before making it live on Oct 19, there was a poll, out of which 82% of participants agreed with the proposal.
Even now, Binance is the first crypto exchange to support the new tax burn as it updated its withdrawal and deposit fees for LUNC and USTC. Moreover, the exchange has decreased 1.2% of the consolidation fees to 0.2% for all USTC and LUNC deposits received on Binance.
Binance has been following a rule to update the data of the LUNC burn every monday. As per this week’s data of Oct. 17, the firm has sent $659,300.76 worth of LUNC, or 2,500,382,131.16 LUNC to the burn address.
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Terra Labs Reveals 4-Year Revival Plan For LUNA! Will It Revisit Its Previous Glory?
Terra’s ecosystem crash had wiped nearly $40 billion from the crypto market and brought nightmares for its investors. It is one of the biggest implosions in the cryptocurrency market that took place in May this year.
However, the developers of Terra now seek to make a comeback for LUNA with a 4-year revival plan amid the crypto winter, and co-founder Do Kwon’s violation of South Korea’s Capital Markets Act.
Can LUNA Make A Comeback With Revival Plan?
Terra’s developers have rolled out several revival plans, and the founding team is putting enough effort into pushing LUNA upward despite its co-founder Do Kwon’s arrest warrant for committing fraud. The South Korean government authorities have been looking for Kwon since September; however, Kwon claimed he is not on the run.
Terra Labs has now introduced ‘Terra Expedition,’ which is the enhanced version of Terra’s developer mining and alignment program, which was formed during Terra’s establishment.
Terra Expedition will be funded with 9.5% of LUNA’s total supply, which was decided at the launch of LUNC, which is Terra’s new blockchain after LUNA’s crash. It is to be noted that the introduction of LUNC was also a revival plan to bring back the old reputation of LUNA.
The incentive program of Terra Expedition will be continued for four years, and the evaluation of the proposal will be executed every year by the community elected committee.
The main motive behind forming this revival plan is to attract investors and developers to LUNA’s network, which will gradually bring liquidity.
The proposal states, “The Terra Expedition is a four-year program aimed at growing the Terra ecosystem through a series of initiatives with three main objectives, namely: incentivizing developers to build on Terra, deepening liquidity on Terra and onboarding users to Terra.”
A Second Chance For LUNA!
According to the proposal, 20 million LUNA tokens are assigned for the incentive program. Furthermore, the program will provide exclusive rewards, including prize money of $40K to developers for successfully building a project with smart contracts on the LUNA network.
Some of the network projects that can be developed include decentralized apps, lending protocols, stablecoin issuers, and derivatives protocols. The proposal stated that the LUNA tokens would be circulated quarterly in the network.
Another distribution of 50 million LUNA tokens has been proposed for the mining incentive program, which will be distributed over the next four years. This fund will be used to fulfill the initial liquidity of projects built on the network.
Moreover, Terra developers have also proposed another five million tokens to give users as an incentive for using the projects on the network and minting NFTs on the platform.
However, it seems that such distribution of tokens will only benefit a few protocols, and it may not bring any significant change to LUNA’s ecosystem.
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This is How Terra Plans to Revive the Ecosystem, Will LUNC, LUNA & USTC Price Regain Lost Levels?
Terra Ecosystem has been closely monitored ever since the crypto markets collapsed due to the native tokens of the network. The fall was historical, which created a domino impact on the other platforms as well. More significantly, the impact continues to coil up as the investors still remain aloof and are not willing to go long on the tokens.
However, to gain back the confidence and the strength of the rally, Terra’s Governance Team made up of LUNC & LUNA has proposed a new expansion strategy. This strategy aims to restore the entire ecosystem after the tragic event.
The program is basically a revision of the Developer Mining Program & Developer Alignment Program which were initially defined during the launch of the Terra blockchain. The revision mainly aims to better align the incentives across the ecosystems & attract the developers. Along with this, the plan also focuses on onboarding users & promoting deep liquidity.
The main aspects of the revision are:
- The initial 100 million LUNA allocation will be now slashed to 95 million with 80% of this will be rewarded to the developers as mining rewards
- Secondly, the mining rewards will be dropped from 80 million LUNA to 20 million LUNA
- Additionally, 50 million LUNA will be reallocated as liquidity mining rewards to develop the decentralized exchanges on the Terra ecosystem
- Lastly, another 20 million LUNA would be distributed annually among the developers in form of grants & 5 million to be distributed to the community as an incentive for growth
While the TVL of LUNA has plunged heavily and so as the native tokens LUNA & LUNC. Moreover, the tokens forecast the possibilities of a continued descending trend over some time. Also, the recently launch 1.2% tax burn proposal which was widely implemented, failed to uplift the prices accordingly.
In such a case, it is unclear whether the revival plans will restore the ecosystem to its former glory.
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Do Kwon Reveals If Terra Victims Will Get Any Compensation
Yet again Do Kwon has grabbed attention, but this time it’s not due to any investigation related news. Instead it’s due to his Friday, Oct 14 interview with Unchained Podcast host, Laura Shin.
Before the interview, Laura had asked Do Kwon the reason for his refusal to return to the country even after multiple charges against him via Twitter. For which the Terra labs founder replied to answer all the queries in the upcoming Podcast.
Do Kwon Denies Any Compensation To Depeg UST Holders
Among a series of questions and answers, while expressing his grief for May’s Terra crisis, Do Kwon even chose to answer a long awaited question if depegged UST holders will get their money back. This question comes in reply to Do Kwon agreeing to compensate depeg UST holders (now USTC) with USDT or USDC.
While in an interview at Unchained Podcast channel, Laura Shin asked Do Kwon if UST holders will receive their compensation as promised by him. However, Do Kwon chose to avoid the question and his earlier tweet and asked why Luna Foundation Guard (LFG) is not in a state to compensate users.
“Foundation guard is not at a state where it can make clear disposal of its assets. There is pending civil litigation against LFG. So until those are resolved, we just are not able to distribute tokens.”
Moreover, he was seen claiming that there is no fixed time frame to say when the depeg UST users will receive their money back, but he hopes to see it happen soon.
Furthermore, Do Kwon has denied the speculations of him working on Terra Classic (LUNC) even though Terra network supports LUNC. Even the Terra Rebels, LUNc developer group has claimed to be independent soon with its Terra Classic revival road map.
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Terra Founder Do Kwon Found Guilty, Here Is Why
Everyday there is news that is dedicated to either Terra Classic or its co-founder Do Kwon who is reportedly on the run. Do Kwon left South Africa after Terra network collapsed in May this year and has been moving around.
Since May, the South Korean officials have been striving to know the truth about the collapse of Terra Luna. Recently, as Do Kwon failed to respond to the arrest warrant under the ongoing investigation, the Interpol issued a Red Notice worldwide.
The Terra labs co-founder who always failed to answer any questions, recently agreed to answer all the questions related to Terra fall and his reason for not returning to South Africa in a podcast. Do Kwon appeared over Youtube channel, Unchained Podcast of Laura Shin on Friday, October 14.
Do Kwon Express Grief
In an interview, Do Kwon was seen expressing anguish about how Terra network lost its stability with LUNA and its stablecoin UST losing peg against the US dollar. On a positive note, he asked the developers to pick up lessons from the Terra crisis which will assist them in creation of decentralized currency with more transparency.
Further, Do Kwon expressed his gratitude towards creating Terra UST and seeing it reach heights over the years. He believes that this process will surely give others hope to build decentralized currency in the coming days.
However, one should not forget how the fall of Terra network’s LUNA and UST bought a massive volatility creating havoc in the crypto space affecting every single cryptocurrency and their market cap. In just a few days of the crisis, more than $60 billion was wiped out from crypto market cap.
Currently, Terra LUNA is selling at $2.56 with a drop of 1.88% in the last 24hrs and Terra Classic has surged by 0.56% over the last 24hrs and is trading at $0.000265
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Terra Classic (LUNC) Tax Burn To Be Reduced To 0.2%!
The Terra Classic (LUNC) community has been adopting several strategies to revive the stability within the network.
In the latest attempt, they passed Proposal 5234 after a week-long debate and vote. This was confirmed via Tweet by Akujiro, a community member
Alex Forshaw, a LUNC developer, presented the voting details and disclosed that 83% of the members had participated in the decision.
Proposal 5234 is a draft that indicates that the community should reduce the 1.2% tax burn to 0.2%, and 10% of the tax should be dedicated toward the network’s development activities. Through this, the community plans to increase the on-chain volume while burning LUNC. However, it’s worth noting that since the time the 1.2% tax went live, LUNC’s on-chain volume has dropped by 90%. Meanwhile, till today, Binance has burnt more than 6.5 billion LUNC from 1.2% tax.
Initially, the proposal did face resistance from a few supporters as they felt it was too early for such a move. However, in accordance with the community’s wishes, the new 0.2% tax burn is expected to go live on October 19 around 12:50 pm.
Terra’s Revival Plan
After the Terra network collapsed in May, a revival plan was drafted, which said that around 10% of the LUNA supply will be allocated to the network and 80% of the funds will be used for developer mining rewards.
However, a Terra staff member later claimed that there are not many projects with total locked value, and mining revenue cannot be allocated without competition.
Now, there is a new proposal which claims that the mining rewards will be reduced from 80 million to 20 million LUNA. In addition, nearly 5 million LUNA will be given to the users to increase engagement.
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Binance Burns 2.5B Terra Classic (LUNC) in 3rd Week ! Here’s How LUNC Price Reacts
Binance has burned an extra 2.5B Terra Classic (LUNC) tokens in its third round of weekly off-chain burns despite the low trade volume that Binance had announced to implement a Terra classic (LUNC) burn mechanism to burn all trading fees for Terra Luna Classic (LUNC) tokens.
In keeping with its commitment to the Terra community, Binance has continued to deploy off-chain LUNC burning by forgoing fees from LUNC spot and margin trades. The largest exchange in the world has made another huge burn totaling $659M+ after two weeks of continuous burning.
The trading fees that Binance had accrued from the trading of LUNC between September 21 and October 1 have all been burned.
This amounts to nearly $1.8 million in LUNC, which at the current price of the alternative currency, is comparable to burning 5.8 billion LUNC. The market seems to have interpreted such widespread devastation as a hint that Binance is prepared to assist in restoring the price of LUNC, which infamously crashed in May after Terra released billions of new LUNC (then known as LUNA) in an effort to maintain the price of stablecoin UST.
LUNC Price Analysis
At the time of writing LUNC is currently trading at $0.0002645 which is a 2.52% price increase. In the last 24 hrs, it has traded as low as:$0.0002571 and as high as $0.0002702. The trading volume is $226,891,523 while the market capitalization is $1,827,902,586. The are 6,151.07B LUNC circulating in the market.
The Bollinger bands have formed a narrow pattern as a result of the bullish movement while other indicators like MACD and RSI are also showing bullish momentum. The RSI is currently at 45 and seems to be heading toward the overbought region.
Meanwhile, investors are advised to approach the market with caution since cryptomarket is highly volatile.
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Terra Classic Community Appeals Robinhood To List LUNC
It’s been almost four months since Terra network’s LUNA collapsed along with its stablecoin, USTD, which was dipping against the US dollar. However, it didn’t take too long for the network to bounce back. Within a month, the network introduced a new chain known as Terra Classic (LUNC) and, sometime later, its stablecoin TerraClassicUSTC.
The victims of the Terra collapse are looking for every possible way to retain Terra Classic (LUNC) and TerraClassicUSTC (USTC). One such method is a 1.2% tax burn for all LUNC on-chain transactions, which is being supported by major crypto exchanges, like Binance.
Now, the Terra Classic community has come forward with a proposal of listing LUNC on Robinhood, a no-commission investing platform. This happened after a petition was put forth via Change.org asking Robinhood to list LUNC on its trading platform.
LUNC On Robinhood?
The appeal was submitted by a Terra Classic supporter, known as QDS Land, in the month of September. The petition requires at least 5,000 signatures but as of now, it has just received 3,725 signatures.
He believes that if LUNC is listed on Robinhood it will be beneficial to the trading firms, LUNC holders and the Robinhood platform as well. This is because currently there are nearly 1.5 million LUNC holders who trade billions of dollars volume trading every day.
He has also stated that around 300,000 wallets were created before he submitted the petition; hence, he asserts that with these numbers, even Robinhood would benefit immensely.
However, Robinhood has not yet responded to the petition, nor has the petition garnered enough signatures. Even if it does, the final decision about the listing lies with the platform.
Earlier, the same platform, Change.org, was used by the Shiba Inu community to file a request for listing SHIB on the Robinhood platform. Within a short period of time, the petition gained 559,737 signatures and Shiba Inu was finally listed on the platform.
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Terra Classic USD (USTC) Surged 60% in 7 Days, Is Extended Rally Possible In Coming Week
The crypto market continually provides a glimmer of hope to participants, only to crash it brutally a while later. Just a day ago, the overall cryptocurrency market had turned green, but the bulls couldn’t hold on for long. Today, once again, the market opened on a bearish note. Currently, the global crypto market has dropped by 2.31% in the last 24hrs and is positioned at $916.86 Billion.
Even TerraClassicUSD (USTC), which had been thriving of late, has plunged along with other cryptocurrencies. At the time of writing, TerraClassicUSD is selling at $0.0452 with a drop of 5.97% in the last 24hrs.
On the other hand, when USTC’s weekly trade is considered, the currency has gained more than 50% entering the top gainer list. This is mainly due to the immense social activity which pushed the currency to hit a high of $0.61 before making a downfall.
In September, USTC had attempted to hit $0.06- a target that it was finally able to achieve on the 10th of the month.
Rise In TerraClassicUSD’s Social Activity
Recently, Binance, the lead crypto exchange, announced its plans to include USTC as a borrowable asset on its platform. Other than this, the other factor that has increased USTC’s social activities is a proposal of re-pegging USTC to the US dollar. This has given rise to the debate among the community which has fueled USTC’s social activity.
TerraClassicUSD was introduced after Terra network’s original chain LUNA and its stablecoin TerraUSD (UST) in May. It lost its peg against the US dollar which led to the fall of Terra (LUNA). Now, the community is striving to get back the lost trust with its innovative strategies.
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Terra Classic USD (USTC) Surged 60% in 7 Days, Is Extended Rally Possible In Coming Week
The crypto market continually provides a glimmer of hope to participants, only to crash it brutally a while later. Just a day ago, the overall cryptocurrency market had turned green, but the bulls couldn’t hold on for long. Today, once again, the market opened on a bearish note. Currently, the global crypto market has dropped by 2.31% in the last 24hrs and is positioned at $916.86 Billion.
Even TerraClassicUSD (USTC), which had been thriving of late, has plunged along with other cryptocurrencies. At the time of writing, TerraClassicUSD is selling at $0.0452 with a drop of 5.97% in the last 24hrs.
On the other hand, when USTC’s weekly trade is considered, the currency has gained more than 50% entering the top gainer list. This is mainly due to the immense social activity which pushed the currency to hit a high of $0.61 before making a downfall.
In September, USTC had attempted to hit $0.06- a target that it was finally able to achieve on the 10th of the month.
Rise In TerraClassicUSD’s Social Activity
Recently, Binance, the lead crypto exchange, announced its plans to include USTC as a borrowable asset on its platform. Other than this, the other factor that has increased USTC’s social activities is a proposal of re-pegging USTC to the US dollar. This has given rise to the debate among the community which has fueled USTC’s social activity.
TerraClassicUSD was introduced after Terra network’s original chain LUNA and its stablecoin TerraUSD (UST) in May. It lost its peg against the US dollar which led to the fall of Terra (LUNA). Now, the community is striving to get back the lost trust with its innovative strategies.