Great News for Terra Luna Classic / Lunc Coin Last Minute / Crypto Analysis
1 year ago
Terra Classic
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New announcements and projects create excitement as the Terra Luna Classic community takes dramatic steps to achieve the impossible.
Terra Rebels core developer Edward Kim has submitted a new proposal to reactivate Terra Classic's Inter Blockchain channels. IBC is a system that provides dialogue between different blockchain networks. The Terra Classic community aims to increase uses and functionality by bringing back projects on the chain.
Also, this app will increase the LUNC burn rate and help the LUNC price recover from the selling pressure that followed the FTX crisis.
IBC channels will leave the overall v23 software upgrade. Edward Kim believes this is necessary because of the constant changes in the Cosmos ecosystem and the tests required to reach parity with the Cosmos ecosystem. If the proposal is accepted by the community, the developers will reopen their IBC channels at an estimated 10 MILLION 542 THOUSAND 500 blocks on December 5. However, it will not be available until the v23 network upgrade becomes available. The proposal has received the approval of the majority of Terra Classic community members. After the voting, channels are expected to open. According to experts, this will indeed increase functionality in the ecosystem and help increase incineration rates. The result will be a significant increase in on-chain volume, leading to larger incinerations due to the on-chain tax/incineration. As a result, the LUNC price will gain momentum.
Terra Classic's price also dropped due to the collapse of FTX. The cryptocurrency market continues to bleed as Bitcoin and Ethereum prices drop to two-year lows. The LUNC price is currently trading at $0.000149, down about 3% in the last 24 hours and 14% in the last week. Meanwhile, the community is hopeful that there will be a massive spike in LUNC prices in December.
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