Will Terra Rebel’s New Involvement Affect The Terra Classic (LUNC) Project?

Will Terra Rebel’s New Involvement Affect The Terra Classic (LUNC) Project?

Terra Classic (LUNC), the project that spun out of the collapsed Terra ecosystem, is set to undergo a number of important upgrades as governance proposals get approved by an overwhelming community vote. With the most recent one slated to go live on January 14, major crypto exchanges have also partaken in the upgrade. And to support the developing activities on the chain, Terra Rebels, the offshoot developer community has shown interest in re-building the network’s infrastructure; which the LUNC community isn’t too sure about.

What’s The New Terra Classic Upgrade?

The highly-anticipated update will take place at epoch 15,029, which is roughly equivalent to 04:50 UTC on Saturday. It is the result of the Terra Classic community voting to pass governance proposal 11242, which aims to abolish the re-minting of a portion of the burnt LUNC tokens. Upon implementation, this upgrade will effectively eliminate the crypto tokens from its circulating supply, which in theory, might have a beneficial impact on the price movement of LUNC. At the time of writing, the total amount of LUNC tokens that are currently in circulation is quite close to 6 trillion.

advertisement

Will Terra Rebel’s New Involvement Affect The Terra Classic (LUNC) Project? PlatoAiStream Data Intelligence. Vertical Search. Ai.

Will Terra Rebel’s New Involvement Affect The Terra Classic (LUNC) Project? PlatoAiStream Data Intelligence. Vertical Search. Ai.

Following a significant slowdown in the on-chain burn rate of LUNC tokens over the course of the previous four weeks, proposal 11242 was published at the beginning of January with the intention of putting a stop to the re-minting of LUNC tokens as a result of burns by effectively reducing the seigniorage reward policy to virtually zero.

Terra Rebel’s Rekindling Interest

The Terra Rebels are a grassroots movement with the stated goal of resurrecting the Terra Classic biome. An examination of Terra Rebel’s roadmap showed a number of interesting endeavors scheduled for 2023. The LUNC blockchain upgrade is only one example of something that needs to be tested, validated, and have its security audited. And, with their latest announcement, it seems like they would be actively participating in the upcoming updates on the chain.

Trending Stories

However, with the latest reports of internal conflicts, decreasing activity and even accusations of siphoning off Terra’s community funds — the Terra Rebels is facing criticism for the reduced trust from the community. The decline in support, may even adversely affect the timeliness of these plans.

Will Terra Rebel’s New Involvement Affect The Terra Classic (LUNC) Project? PlatoAiStream Data Intelligence. Vertical Search. Ai.

Will Terra Rebel’s New Involvement Affect The Terra Classic (LUNC) Project? PlatoAiStream Data Intelligence. Vertical Search. Ai.

Read More: Top 10 DeFi Lending Platforms In 2023

advertisement

On the other hand, the TFL (Terraform Labs) team member Jared, who has shown keen interest in helping grow the ecosystem, recently announced the introduction of a “DCA” feature being built into the network’s new wallet app. With the help of DCA (Dollar Cost Averaging), users can purchase the LUNC tokens in a progressive and systematic way every day, week or month.

As things stand, the Terra Classic (LUNC) price is currently being traded at $0.0001712. This represents an increase of 2% on the day, in contrast to the massive gain of 11% during the last week, as per CoinGape’s crypto market tracker.

Also Read: Is Bitcoin (BTC) Price Flashing A Warning Sign?

Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now – he has seen it all.
Will Terra Rebel’s New Involvement Affect The Terra Classic (LUNC) Project? PlatoAiStream Data Intelligence. Vertical Search. Ai.
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.

Time Stamp:

More from Coingape