Terra Classic News: Binance Decided to Halt LUNC Trading Due to Its Network Upgrade

Considering tonight’s scheduled network update, Terra Classic (LUNC) has seen a meteoric rise, now sitting at over 19%.

As of August 26 at 21:00 UTC, Binance will no longer permit the buying or selling of Terra Classic (LUNC). As of 5:05 PM EDT on Monday, Terra Luna has gained more than 19.9% during the preceding 24 hours.

Validators of the LUNC protocol, who voted in favor of a resolution to upgrade Terra to version 0.5.22, will soon be able to do so. When the netwoBinance Convert Puzzle Answerrk reaches block height 9,109,990 on August 26 at about 22:00 UTC, all the validators will have upgraded.

https://twitter.com/luncvalidator/status/1563046080291414017?s=20&t=YN7sZoMpPYqdKOSuwrtFfw

According to Rajagopal Menon, vice president of WazirX, “Recently, Terra Luna Classic has gone from 10,000 points per coin to 12,500 points per coin.”

The decline of Terra Luna Classic was the topic of much discussion in May. The topic of discussion gradually changed to the relative merits of Terra Luna Classic and Terra Luna 2.0. Staking was restored on the Terra Luna old blockchain on August 26, and Orion Money has now downloaded version 22 to restore staking and incorporate the burn tax.

 

The Efforts of Terra Investors to Raise the Price of LUNC

You may remember that after the May drop in Terra ecosystem token value, the project’s developers developed a new blockchain and tokens in an effort to compensate token holders.

But not all investors thought it was a great approach to make up for their losses. To get the values of Terra classic tokens soaring again, these disgruntled investors, along with Binance CEO Changpeng Zhao, suggested that the Terra team cut the circulating amount of LUNC using a burn mechanism.

The team did not respond to these requests, therefore the residents of the area took matters into their own hands. An unretrievable address has been set up for investors to submit their extra LUNC.

A proposal to impose a 1.2% tax/burn on all LUNC transactions was also initiated by Terra investors.

While the plan hasn’t been put into action just yet, LUNC Burn has been keeping a close eye on the amount of Luna Classic transactions. The number of tokens that may have been removed from circulation via the 1.2% tax/burn was also disclosed by the Twitter account in question.

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What is the Terra Crash?

Big money was lost when Terra Luna crashed on May 6, 2022. This decline is the result of a chain reaction, with widespread speculation pointing to large investors in Terra UST, an algorithmic stablecoin tied to the Terra Luna crypto, fleeing the market after Bitcoin’s price dropped 8.4 percent on May 6, 2022, in response to news of an interest rate increase by the US Federal Reserve.

On the early morning of May 7th, 2022, a number of cryptocurrency moguls sold $285 million worth of UST stablecoin on the exchanges Curve, Binance, and Anchor, among others. They shorted Terra Luna cryptocurrency at the same time as this sale.

A combination of these factors and the widespread pessimism in the cryptocurrency market at the time caused the Terra UST stablecoin to collapse, with the dollar ratio and Terra Luna value plummeting.

The Terra Luna Foundation spent nearly $1.5 billion trying to stem the freefall of their cryptocurrency, but they were unable.

 

 

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