LUNC News: Terra Luna Classic community’s recovery efforts hit roadblocks as the broader crypto market took a downturn, with traders reconsidering market activity ahead of Donald Trump’s inauguration on January 20. Here are key developments making buzz in the Terra Luna Classic community.
Terra Luna Classic Forks Removal Software Upgrade
Blockchain developer Orbit Labs announced the completion of the first phase of the removal of the fork modules. The upgrade proposal will be put up for governance voting next week and the mainnet upgrade is planned to happen in February.
“We have successfully transitioned all relevant logic and code that were previously part of the forked repository. The changes include the following repositories and associated modules.”
According to the developer group, the upgrade will bring Terra Luna Classic into alignment with the mainstream Cosmos ecosystem. It makes security updates and maintenance easy. This includes the fix of multi-send handling for the “reverse charge” implementation.
Billions of LUNC and USTC Tokens Burn
The Terra Luna Classic community is planning major LUNC and USTC burn campaigns after Terraform Labs bankruptcy. With support from Binance LUNC burn mechanism, the community has burned nearly 400 billion LUNC tokens in total.
Currently, the community plans to burn 1.8 billion USTC in Luna Foundation Guard-linked wallets, burning all USTC in the Oracle rewards pool, and burn LUNC and USTC in wallets no one has access to. The plans were proposed by Lunanauts validator, hoping for potential repeg.
Burn it. TFL case is over. LFG doesn’t exist. Just burn it.
— fragwuerdig | Juris Protocol 🧑⚖️ (@frag_dude) January 12, 2025
Building for Utility on Terra Classic Network
Recently, the network was successfully boosted with “Upgrade to v3.3.0” to increase utility on the Terra Luna Classic, removing barriers for developers and dapps wanting to build on the chain.
The Terra Luna Classic ecosystem is growing with Terraport, LBUN, Selenium, Garuda DEX, and TerraCasino. Selenium Protocol was created in line with Mirror Protocol, the most important protocol of the Terra chain.
Terra Co-Founder Do Kwon’s Criminal Trial
Terraform Labs co-founder Do Kwon was finally extradited to the U.S. authorities, but he pled not guilty to a nine-count indictment charging him with securities fraud, wire fraud, commodities fraud and money laundering conspiracy.
Do Kwon’s criminal fraud trial will likely not begin until January 2026 as prosecutors work on unlocking encrypted devices and translating communications from Korean into English.
LUNC and USTC Prices to Recover
LUNC price is down 15% in a week amid the broader crypto market crash, with the price currently trading at $0.0001022. The 24-hour low and high are $0.0001012 and $0.0001046, respectively.
As per an analysis, LUNC price is following the altcoin market trend exactly. The price is at the key Fibonacci 0.618 level. Additionally, trading volume remains at the lowest level. These sections do not last long, cause extreme volatility, and usually have a set direction.
“In the end, LUNC has no choice but to depend on the movement of Ethereum along with the decline in Bitcoin dominance, and it is very important to support it without major deviations from the current section.”
Meanwhile, USTC price climbed nearly 1%, with the price now trading at $0.0185. However, the trading volume saw a 15% decline in the last 24 hours. The price is still down more than 15% in a week.
Varinder Singh
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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