Terra Luna Classic staking reaches ATH amidst community’s focus on challenges and opportunities, while LUNC price remains volatile.
The Terra Luna Classic community is actively engaged in revitalizing the ecosystem, aiming to uplift both the Terra Luna Classic token (LUNC) and the USTC token to a value of $1.
However, challenges arise due to conflicts of interest among developers and groups, a low balance in the community pool, as well as the delisting and lack of support from crypto exchanges. These challenges are impacting the blockchain and influencing the prices of LUNC and USTC.
Terra Luna Classic Considers Binance CEO CZ as Leader:
The Terra Luna Classic community is presently conducting a vote on Proposal 11614, which suggests appointing Binance CEO “CZ” as the leader of the blockchain. The voting results so far indicate 38% in favor (“Yes”), 41% against (“No”), 20% rejecting with veto power (“No with veto”), and some members abstaining.
While CZ supports the chain through monthly LUNC burn mechanisms, it is important to note that he cannot assume a leadership position within the LUNC community. Criticism has been voiced regarding the submission of impractical and futile proposals for voting on the Station platform.
The proposal states that Terra Luna Classic requires a leader due to conflicting interests among validators and developer groups. Currently, the management of the Terra blockchain is divided into factions, such as Terra Rebels overseeing infrastructure and TerraCVita managing Terra Station. The proposal argues that the influence of prominent validators is leading to increased centralization within the chain.
In recent developments, crypto exchange Bitfinex has delisted Terra Luna Classic (LUNC), citing a thorough evaluation of listed projects and their qualifications. However, prominent developer Vegas revealed that he contacted Bitfinex, and the exchange confirmed its willingness to relist LUNC if there is sufficient demand for the token.
Hi #LUNCcommunity ,I spokes with @bitfinex ,and they can consider re-list if the demand is there for it. .. #Lunc let's do some noise !
— Vegas (@VegasMorph) July 5, 2023
LUNC Staking and Burns on the Rise:
Despite the challenges encountered by the community, Terra Luna Classic is making significant progress in LUNC staking and token burns. Following the milestone achievement of 1 trillion last month, the LUNC staking rate has been rapidly increasing. Currently, the amount of LUNC staked on the blockchain has reached 1.022 trillion, marking a new all-time high.
Furthermore, the Terra Luna Classic community has witnessed an acceleration in the total LUNC burn. The cumulative LUNC burn has now reached 68.5 billion, with an impressive 3.5 billion LUNC burned in the past seven days alone. Notably, Binance contributed significantly to this figure by burning 2.65 billion LUNC through its 11th LUNC burn mechanism.
Following a decline to the support level of $0.000082, the price of LUNC experienced a 1% increase in the last 24 hours. The 24-hour trading range for LUNC fluctuated between a low of $0.0000814 and a high of $0.0000849.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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