Breaking the downtrend, Terra Luna Classic (LUNC) attracted investors with a price of about $0.000226. The coin’s performance over the past few weeks has been pretty good. Behind this performance was a new administration proposal to reactivate the IBC. In addition, the rise seems to be due to the ongoing 10880 Governance Proposal. Meanwhile, “Terra Rebels” burned 10.5 million LUNC. Here are the details…
Terra Classic price jumps: Here are the possible reasons for the rise
LUNC, the 38th largest cryptocurrency by market price, has increased by 9.8 percent in the last 24 hours. The coin rose from $0.00022614 to $0.0002748. Activation of the IBC protocol was pointed out as a possible development behind the ascent. It is worth noting that the IBC protocol facilitates the connection and transfer of costs in the middle of different Cosmos chains. When the Terra ecosystem collapsed in May, the Terra Classic network, originally a Cosmos chain, permanently halted the channels to avoid discontinuous losses.
The network is now trying to recover from the collapse process. Therefore, to reactivate the IBC; It has become vital to access standing liquidity and increase the utility of the chain. As announced by core developer Edward Kim in September, Terra Rebels, a different set of bidders working on the Terra Classic chain, contacted Gadikian with this intent.
Gadikian said he would help them with the work to reactivate the IBC after it was deactivated. He offered to clean the chain as well. According to Venus, a Terra Rebel and core group project manager, projects in the Cosmos chains can use LUNC. Projects can choose to use Terra Luna Classic (LUNC) as a payment option to attract Terra Classic’s vibrant community when IBC opens. As a result, LUNC’s utility and on-chain process volume should grow.
The offer numbered 5234 also drew attention.
Alongside the proposal to re-capitalize IBC, the governance proposal 5234 reduced the burning tax from 1.2 percent to 0.2 percent. Koindeks.com As we have also reported, this has made Terra Classic one of the most talked about topics of the episode. Due to this offer, billions of LUNC tokens will be removed from circulation. Thus, it is expected that the demand will increase and the price of the coin will increase.
10.5 million Terra Classic burning took place
Terra Rebels announced that it has burned 10.5 million LUNC. The project launched the lottery game last Friday. It is the first decentralized application (DApp) built on the Terra Classic network. Each type of game lasts seven days. Tickets cost 5000 LUNC, which is about $1.25 at current rates. The winner receives 60 percent of the pool, while the dApp sends 26 percent of the pool to the fuel wallet.
LUNA Classic’s gains were bolstered by news that the project will be listed on Coinbase on Monday. But it should be noted that this is just a rumor. It may have been put forward by a few people to cause a rise in price.