As the availability for Terra Luna Classic (LUNC) shrinks across centralized exchanges (CEXs), many holders choose to hold the digital asset on a self-custodial wallet or stake it on-chain. Clearly, the all-time records in LUNC staking, now approaching 16% of all supply, stands as proof that the embattled Layer-1 altcoin still has a loyal community behind it.
What’s Stopping Luna Classic’s Rebound Efforts?
Notably, the drastically plummeting trading volumes on Spot markets have started to raise questions about the long-term sustainability of LUNC. To illustrate, today Terra Luna Classic saw under $10 million in trading volume, while the current crypto ranks suggest the vet altcoin is on the verge of exiting the TOP 200 by global market capitalization, according to CoinGecko.
As if that wasn’t enough, crypto traders have reported difficulties in trading Terra Luna Classic (LUNC) & the associated ex-stablecoin Terra Classic USD (USTC) on Binance. Known for continuous support of LUNC through burns and development initiatives, Binance hasn’t made any announcement about delisting neither Luna Classic nor USTC.
How MiCA Regulations Come Into Play For LUNC
This month, several parts of the MiCA regulation package have kicked in for crypto enthusiasts across the European Economic Area (EEA). While the new regulations skipped Terra Classic USD (USTC) due to the malfunctioning $1 peg no longer considered a stablecoin, LUNC trading has significantly slumped since the implementation.
As Tether USD (USDT) was single-handedly covering both LUNC and USTC on Binance’s Spot offerings, there’s no way to trade either of Terra Classic system tokens against a stablecoin. On the other hand, there’s still two alternative ways of trading both Terra Luna Classic (LUNC) & USTC on the globe’s most popular crypto platform.
First of all, traders can choose the Turkish Lira (TRY) as a gateway for LUNC & USTC trades. While Turkish Lira serves as the asset Terra Classic (LUNC) is traded against, traders can use USDC to acquire the national Turkish currency. Additionally, both Terra Classic assets are available for conversion between digital assets on Binance’s Convert service.
On The Flipside
- Despite being workarounds in place, no stablecoin-margined pairs on Binance could induce a further liquidity crunch for both of the battle-scared altcoins.
Why This Matters
Once valued at $41 billion, the chain was put into the community’s hands for restoration efforts after the UST stablecoin downfall back in 2021 crumbled both coins to pieces. The self-governing LUNC community aims to improve the L1 chain’s worth via proposals, burn initiatives and new decentralized applications (dApps).
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