- Terra Classic blockchain restores a part of pre-depeg functionality.
- Terra chain’s USTC stablecoin was shredded to pieces in May 2022.
- LUNC reclaims confluent resistance floor unseen since July 2023.
The embattled Terra Luna Classic community continues to make huge strides toward Terra Classic revitalization. Terra Classic community members are rejoicing over a restored fundamental blockchain function, resulting in the hugest daily rally for $LUNC this year.
Gaining 50% in the last 24 hours, $LUNC has successfully picked up on Bitcoin’s $38,000 retest. Besides, the high price correlation with the leading digital asset coincides with restoring the market swap function, which was disabled right after the Terra Luna fiasco in May 2022.
Terra Classic Finally Restores Market Swap
Terra Classic community’s long-awaited market swap function on TFL Terra Station is available again. Initially, the market swap option to swap between Terra Classic USD (USTC) and Terra Luna Classic on-chain was used to provide liquidity while enabling builders and traders to have an interoperable environment within Terra’s chain.
Naturally, the depegging of USTC has burned down the market swap functionality. Since then, gradual progress has been made by several volunteer developers on-chain, while both Layer-1 Joint Task Force (L1JTF) and the USTC Quant Team have been searching for ways to onboard major crypto exchanges Terra’s revitalization plan and the restoration of USTC’s $1 peg.
On the Flipside
- The conversion of crypto to fiat is still not functional on TFL Terra Station, as the conversion rates show wrong values.
Why This Matters
The Terra Classic community is collectively striving towards restoring a once-thriving blockchain.
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