LUNC News: Proposal To Re-Enable Terra Luna Classic IBC To Cosmos Chain Passed

LUNC News: The community has unanimously voted in favor of a proposal to re-enable inter-blockchain communication (IBC) transfers between Crescent and Terra Luna Classic. Professor Edward Kim earlier announced the reopening IBCs for Osmosis, Crescent, and Juno that were disabled during the May 2022 Terra-LUNA crisis.

Timeline of Cosmos, Terra-luna

Terra Rebels developer group and its spinoff Hexxagon want to clear the air and move forward with strengthening the Terra Luna Classic community and continue building on the chain. Terra Luna Classic core developer Joint L1 Task Force (L1TF) recent partnership with Hexxaon for building and managing a community-owned wallet caused renewed FUD in the

LUNC's community has worked continually towards reviving the ecosystem's native LUNC token. However, recent data from this artificial intelligence (AI) algorithm suggests these efforts might not be enough.

Leading cryptocurrency trading platform Binance has recently burned a substantial 1.4 billion tokens of the Terra Classic ecosystem ($LUNC) during its twelfth burning batch, effectively removing a large number of tokens from circulation.

For over a week, the LUNC coin price has been hovering above the multi-month support of $0.00000792 and $0.00000784. Amid the increasing selling pressure in the crypto market, buyers are struggling to rebound to higher levels indicating a weakness in bullish momentum.

LUNC News: Terra Luna Classic core developer Joint L1 Task Force (L1TF) has received admin access to the Commonwealth forum from professor Edward Kim, a most trusted member of the community. With a proposal to improve governance and decentralization submitted by validator Happy Catty Crypto officially passed, the admin access is transferred to L1TF until

Although the price of Terra Classic (LUNC) briefly skyrocketed after Binance announced its support for the Terra network upgrade, it has been recording declines in recent days, and machine algorithms do not predict things to get any better by the end of August.

The world's largest crypto exchange Binance has burned 1.41 billion Terra Luna Classic (LUNC) tokens in the 12th batch of the LUNC burn mechanism. With the latest burn, the total LUNC burned by the crypto exchange reaches near 37 billion and the total burn by the community surpasses 71.5 billion LUNC tokens.

Terra Classic (LUNC) has encountered a downward trend in the past weeks, defying expectations even in the face of promising advancements. Despite garnering support from industry giant Binance for its latest network upgrade, the token's value has been on a steady decline, losing nearly 10% of its value in a month.

The Terra Luna Classic community favors burning 800 million USTC tokens linked to Ozone Protocol rather than returning them to the community pool. Validators and some members have introduced a counter-proposal to prominent member Vegas' proposal to return the 800 million USTC tokens back to the community pool.

LUNC News: Terra Luna Classic community passed a key proposal enhancing governance and decentralization in the transition to the Commonwealth forum. With the proposal submitted by Terra Luna Classic validator Happy Catty Crypto now passed, current Commonwealth administrators need to revoke their rights and pass access to Joint L1 Task Force developer Vinh Nguyen.