• The Terra community has approved significant updates aimed at restoring LUNC and USTC tokens, including enhancing the Inter-Blockchain Communication (IBC) client and appointing Allnodes to accurately report the circulating supply.
  • Major developments such as a potential Coinbase relisting, a significant LUNC token upgrade, and an optimized burn tax reflect proactive steps to stabilize and rejuvenate the Terra ecosystem.

Significant updates have been approved by the Terra community aimed at restoring LUNC and USTC tokens. These initiatives, focused on token management and market integration, signal a pivotal shift in the Terra ecosystem’s strategy.

Key Developments and Market Impact

Following a critical update, the Terra Luna Classic community has sanctioned a proposal to enhance the Inter-Blockchain Communication (IBC) client between Terra Classic and Kujira. According to Binance, this initiative is a vital part of the efforts to rejuvenate the LUNC and USTC tokens. Another key element of this proposal is the appointment of Allnodes as the official entity responsible for reporting the circulating supply of Luna Classic accurately.

As of May 14, 2024, the global cryptocurrency market cap stands at $600.56 million, reflecting a 2.05% decrease over the past 24 hours, as reported by Bybit. Currently, LUNC trades at $0.00010367 with a 24-hour trading volume of $24.86 million. Despite a recent dip of 1.55%, LUNC remains a significant player in the market with a circulating supply of 5.80 trillion coins, ranking 130th by market cap. On the same day, LUNC recorded a 24-hour high of $0.00010671 and a low of $0.00010279.

Major Updates Fueling Optimism

Several major updates have been highlighted by Crypto News Flash (CNF) this week, indicating a wave of positive momentum for Terra:

  1. Coinbase Relisting Consideration: Coinbase is contemplating the relisting of Terra Luna Classic, driven by increased token staking and heightened market activity.
  2. Significant LUNC Token Upgrade: A major upgrade for the LUNC token has been unveiled, with the potential to spark a price surge if it breaks the $0.00012 resistance amid current market fluctuations.
  3. Overhaul of LUNC Burn Tax: The community has voted to optimize the burn tax by redistributing it through the Oracle Pool, aiming to enhance network efficiency and positively influence the token price.

A newly introduced proposal for calculating LUNC’s circulating supply marks another critical step. This proposal recommends a methodology that subtracts unvested tokens, community pool holdings, and staked and bonded tokens from the total supply. This ensures that any changes to the circulating supply within the Foundation for Cryptocurrencies Data (FCD) can only be enacted through a governance vote. Once approved, the Allnodes FCD API will be the official data source for USTC and other native tokens, excluding Luna Classic.

Path to Recovery

These strategic enhancements are crucial for the potential recovery and stability of LUNC and USTC in the volatile cryptocurrency market. As reported by Coin Market Cap, the price of LUNC today is $0.0001031, showing a decrease of 3.13% in the past day and 3.32% over the past week.

The proactive measures taken by the Terra community reflect a concerted effort to restore confidence and functionality to its token ecosystem. These updates are not only vital for the immediate health of LUNC and USTC but also set a foundation for long-term stability and growth in the crypto market.

By vivian

Vivian Njoroge is a seasoned crypto and blockchain news writer with a passion for decoding the complexities of the digital financial world. Armed with a keen eye for emerging trends and a knack for simplifying intricate concepts, Vivian brings a unique blend of expertise and enthusiasm to her writing. Her articles, characterized by clarity and depth, aim to keep readers abreast of the ever-evolving landscape of cryptocurrencies and blockchain technology.