Terra Luna Classic Strives for Revival Amidst Obstacles

The Terra Luna Classic community is swiftly reviving the Terra Luna Classic (LUNC) ecosystem, as well as LUNC and USTC, to $1 on multiple fronts.

However, conflicts of interest between developers and groups, a low community pool balance, delisting, and a lack of support from cryptocurrency exchanges are increasing obstacles for the blockchain and influencing prices.

The community of Terra Luna Classic is currently voting on a proposal to make Binance CEO “CZ” the blockchain leader.

Bid 11614 received 38% “Yes” votes, 41% “No” votes, and 20% “No with veto” votes, with some abstentions.

While CZ supports the chain via its monthly LUNC burn mechanism, he can guide the community but cannot become a LUNC leader.

Some members have criticized the practice of submitting impractical and worthless proposals for a vote on Station.

According to the proposal, as validators and developer groups have their own interests, Terra Luna Classic requires a leader.

The management of the Terra blockchain is delegated to distinct groups, such as Terra Rebels for infrastructure management and TerraCVita for Terra Station management.

It asserts that large validators make the blockchain “centralized.”

In the interim, the cryptocurrency exchange Binfinex delisted Terra Luna Classic. The decision was reached following “continued monitoring of listed projects and review of their listed qualifications.”

Bitfinex has confirmed that it will relist LUNC if there is sufficient demand for the token, according to renowned developer Vegas.

While the community faces challenges, Terra Luna Classic’s LUNC staking and token burns are proceeding rapidly.

The rate of LUNC stakes is increasing quickly after reaching the $1 trillion mark last month. The total amount of LUNC staked on the blockchain has reached 1,022 trillion, setting a new record.

In addition, the community’s total LUNC consumption has accelerated. 68.5 billion LUNC have been consumed, with 3.5 billion consumed in the past week. In its 11th LUNC burn mechanism, Binance burned 2.65 billion LUNC.

The LUNC price increased by 1% over the past twenty-four hours after falling to the $0.000082 support level. The 24-hour low is $0.0000814, and the 24-hour high is $0.0000849.