Gemini crypto exchange has revealed plans to delist some digital currencies. The list included Terra Luna Classic (LUNC), Synthetix (SNX), Qredo (QRDO), and Zebec (ZBC).
The tokens are to be delisted on the 20th of September, 2024. It is recommended that users transfer these tokens to other wallets before that date.
This comes after Gemini conducted a standard review. They concluded that these assets do not meet the required listing criteria of the exchange.
Gemini Crypto Exchange Delisting LUNC, SNX, QRDO, and ZBC
Gemini’s move to delist these cryptocurrencies arises from evaluating the assets on its market. The exchange regularly assesses the sustainability, market applicability, and future prospective of tokens traded.
Based on this evaluation, Gemini decided that LUNC, SNX, QRDO, and ZBC are no longer relevant. These tokens were not relevant for its business strategy and thus will cease trading these tokens soon.
The delisting has raised controversy among the community, especially regarding the possibility of an exchange misunderstanding between wLUNA and LUNC. However, Gemini has not offered any explanation on this matter until the time of filing this report.
After the delisting announcement, the LUNC price still increased by 2%, showing a general recovery in the cryptocurrency market.
Community Reactions and Important Legal Updates
The news has sparked controversy among the crypto community, with some questioning the reason behind this decision to delist these tokens. There are also questions regarding the possible clash between wLUNA and LUNC, which Gemini has yet to answer.
Meanwhile, the Terra Luna Classic community remains actively engaged in advancing the Terra ecosystem. An important development for the community is the Plan Confirmation Hearing in the Chapter 11 bankruptcy cases of Terraform Labs Pte Ltd (TFL) and Terraform Labs Limited (TLL).
This hearing is set for Tuesday, September 19, 2024 at 10:00 a.m. (ET) which is a day prior to the LUNC delisting from the Gemini exchange. This legal proceeding is significant because its outcome will define the further fate of Terraform Labs and all of its assets
Aside from the delisting, the Terra Luna Classic community is still in the process of attempting to stabilize the USTC algorithmic stablecoin to be associated with the US Dollar. A new proposal has provided $250,000 to design a sound re-pegging strategy. This proposal intends to explain the basic needs of the new system, which are stability, security, transparency, decentralization, and scalability.
Nevertheless, the Terra community is still focused on the further development of the Terra ecosystem in view of the delisting that will occur in the near future. If the development efforts progress and are successful, the bounty may surge to over $5 million from the $1M offer and $250k initially offered.
As the September 20 deadline draws near, Gemini exchange users are urged to withdraw their LUNC, SNX, QRDO, and ZBC tokens. However, the general trend of the cryptocurrency market improving along with other activities within the Terra ecosystem may help to reduce some of the negative effects.
