What's Hot

    Circle Launches EURC on Stellar Network

    September 28, 2023

    Gemini Allocates $24 Million for Indian Expansion

    September 28, 2023

    Kraken Secures EMI License from Ireland and Spain

    September 28, 2023
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    The Bull's GazetteThe Bull's Gazette
    Members Area
    • News
      1. Markets
      2. Policy & Economy
      3. Business
      4. Tech
      Featured

      Circle Launches EURC on Stellar Network

      News September 28, 2023
      Recent

      Circle Launches EURC on Stellar Network

      September 28, 2023

      Gemini Allocates $24 Million for Indian Expansion

      September 28, 2023

      Kraken Secures EMI License from Ireland and Spain

      September 28, 2023
    • Features
      • Opinion
    • Research
      • Publications
      • Market Analysis
      • Contribute
    • Finance & Crypto Guides
    • Consultation
    • Membership
    • Store
    The Bull's GazetteThe Bull's Gazette
    Home»News»Markets»Community Led Terra Luna Classic Rises by Over 55%
    Markets

    Community Led Terra Luna Classic Rises by Over 55%

    Anietie DavidBy Anietie DavidSeptember 8, 2022Updated:September 8, 2022No Comments3 Mins Read
    Community Led Terra Luna Classic Rises by Over 55%
    Share
    Facebook Twitter LinkedIn Pinterest Email

    The former Terra network’s native token, Terra Luna Classic, is seeking to make a powerful comeback from the dead. Despite the significant sell-off of Terra ecosystem tokens, LUNC has managed to recover along with the cryptocurrency market.

    While the strategy continues to revitalize the chain and entice investors, the most recent spike has been more than 100% in the last week following the tax burn confirmation. LUNC was trading at $0.00056 at the time of writing, representing a daily gain of about 55%.

    According to the new 1.2% Tax Parameter Change proposal, taxes will be paid and burnt for on-chain actions such as LUNC and USTC transfers between wallets and smart contracts. The idea basically proposes to levy a 1.2% token burn tax on all transactions in order to turn LUNC into a deflationary asset. If Terraform Labs (TFL) approves, the 1.2% tax burn will go into effect on September 20.

    If the plan is rejected, the ecosystem’s new development team, Terra Rebels, will create an unauthorized website, desktop software, and mobile app to assist tax burning. KuCoin noted in its most recent announcement that if the community does not approve the plan, its services relating to LUNC and USTC will be impacted.

    To avoid rising deposit fees, the Seychelles-based crypto exchange has advised customers to deposit all Terra Classic tokens. Other cryptocurrency exchanges, like Gatei.io, MEXC Global, and CoinInn, have all expressed support for the forthcoming network update.

    What Happened to Terra Luna 

    When the UST stablecoin lost its dollar peg in May, the Terra ecosystem imploded. In combination with the LUNA token, UST used an algorithmic pegging method to limit supply and demand, and therefore its price.

    Users are encouraged to mint LUNA and burn UST when the price falls below $1. Massive amounts of LUNA were minted when the price went considerably below the peg price, boosting supply and sinking the token price.

    As a result, large amounts of money left the Terra ecosystem, resulting in a liquidity crunch that impacted the rest of the market. Numerous fraud charges have already been lodged against Terra founder Do Kwon and his top staff. This includes money laundering via shell businesses as well as the siphoning of users’ monies.

    Do Kwon’s suggestion to fork the chain and establish Terra LUNA was accepted by the community. The initial chain was renamed Terra Classic (LUNC) and handed over to the community for further development and administration. Many expected LUNC to go away, but recent initiatives have seen its token price skyrocket, propelling it to the top of the market cap rankings.

    Blockchain Cryptocurrency Luna Terra Luna Classic
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleNereus Finance Loses $371k in Avalanche Flash Loan Attack
    Next Article Bitcoin Vs. Pirate Chain: The Ultimate Fight for Financial Freedom
    Anietie David

    Anietie has worked in the blockchain industry for three years, gaining experience in blockchain technology, cryptocurrencies, DeFi, and NFTs. As a seasoned content writer, he is passionate about creating effective content strategies for blockchain brands. In addition to content writing, he also has a strong interest in front-end development. When he's not working, he spends his time reading horror novels or playing CODM.

    Related Posts

    Report Shows that 99% of Nigerians are Crypto Aware

    September 4, 2023

    London Stock Exchange Group Plans Blockchain-Based Platform for Traditional Assets

    September 4, 2023

    UK Government Rejects Proposal to Regulate Crypto Retail Trading Under Gambling Rules

    July 20, 2023
    Add A Comment

    Leave A Reply Cancel Reply

    Top Posts

    Hong Kong Monetary Authority (HKMA) Issues Warning on Misleading Crypto Banking Claims

    September 18, 2023

    Report Shows that 99% of Nigerians are Crypto Aware

    September 4, 2023

    Hong Kong Report Reveals Positive Impact of Bond Tokenization on Market

    August 26, 2023

    Our best content, straight to your inbox.

    Disclaimer

    Capital at risk. Content on this website does not constitute financial advice. Please do your due diligence before making any investment.

    Company
    Company

    At the forefront of news and analysis for emerging markets, business, crypto and tech - TBG is redefining financial information through resources for next-generation economics.

    Facebook Twitter Instagram LinkedIn TikTok Discord
    Links
    • About
    • Contribute
    • Advertise
    • Careers
    • Membership
    • Investor Relations
    • Frequently Asked Questions

    TBG Newsletter

    © 2023 The Bull's Gazette.
    • Terms and Privacy
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.