- Terra Classic Proposal #11515 gets support from Binance.
- The tax burn proposal ups the barrier for burning tax to 0.5%.
- Short price rally sets Terra Classic’s 24-hour high at $0.00009058.
The leading crypto exchange Binance announced full support for Terra Classic’s upgrade on 2023-05-23 at 22:00 (UTC). This Terra Luna Classic (LUNC) network upgrade marks the 150% increase in $LUNC tax burn to 0.5%, previously 0.2%.
According to the official statement, proposal #11515 will kick in at a Terra Classic block height of 12,902,400. The estimated time before deposits and withdrawals are temporarily suspended regarding LUNC and USTC via the LUNC network is half an hour before the upgrade.
Vigorous Comeback Efforts by LUNC Community
This comes just four days after KuCoin, the third largest crypto platform, also expressed support for the upcoming upgrade, which intends to decrease the supply of the embattled $LUNC dramatically.
Passed with 59.59%, this proposal comes at a time when the community is putting collective efforts into revitalizing the network that’s home to the scandalously malfunctioned stablecoin Terra Classic USD (USTC), taking the sister token $LUNC along down the drain a year ago.
In May 2022, LUNC, then known as LUNA, fell from a $118 all-time high to pieces in days, right before TerraForm Labs founder Do Kwon disappeared. The always-on-the-go crypto entrepreneur Do Kwon is facing document forgery charges in Montenegro for a counterfeit Costa Rican passport.
Sky’s the Limit for Terra Luna Classic?
Nevertheless, the controversial altcoin is still fortified by a vast community. This is evident in other lately introduced proposals, including a game with auto-burn functionality, an AI chain app for $LUNC, and a staking vault to repeg the crumbled USTC.
Following the news, $LUNC spiked to $0.00009058 on the daily charts, but the momentous rally quickly reversed in oblique price movement hours later. At press time, LUNC trades at $0.00008871, according to CoinGecko.
The slight daily gains of 0.8% are overshadowed by the cold bearish breeze in the monthly charts – dropping by 22.3%. $LUNC also has $151 million of its market capitalization vanished since last month.
On the Flipside
- Traders on Crypto Twitter speculate that even more LUNC whales would be leaving the Terra Classic network in case of increased burn taxes.
Why This Matters
The two most popular global crypto exchanges supporting the proposal suggest that key crypto figures are interested in solving Terra Classic’s issues.
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