Terra Community Proposes Solution to Restore LUNC and USTC Tokens

• Significant updates have been approved by the Terra community aimed at restoring LUNC and USTC tokens.
• These include crucial developments in token management and plans for enhanced market integration.

Following a critical update, the Terra Luna Classic community has approved a pivotal proposal to enhance the Inter-Blockchain Communication (IBC) client between Terra Classic and Kujira. As reported by Binance, this initiative is part of a broader effort to rejuvenate the LUNC and USTC tokens. Additionally, the proposal includes appointing Allnodes as the official organization responsible for accurately reporting the circulating supply of Luna Classic.

Current Market Overview

As of May 14, 2024, the global cryptocurrency market cap has reached $600.56 million, reflecting a decrease of 2.05% over the last 24 hours, according to Bybit. Currently, LUNC trades at $0.00010367 with a 24-hour trading volume of $24.86 million. Despite a recent drop of 1.55%, LUNC maintains a robust presence in the market with a circulating supply of 5.80 trillion coins and ranks 130th by market cap. It recorded a 24-hour high of $0.00010671 and a low of $0.00010279 on May 14, 2024.

Recent Developments in the Terra Community

Crypto News Flash (CNF) has reported three major updates in the Terra community this week:

1. Coinbase Considers Relisting Terra Luna Classic (LUNC): Coinbase is contemplating the relisting of Terra Luna Classic, motivated by an increase in token staking and market activity.
2. Developer Unveils Major LUNC Token Upgrade: A significant upgrade has been announced for the LUNC token, which could potentially trigger a price surge if it overcomes the $0.00012 resistance amid fluctuating market conditions.
3. Overhaul of LUNC Burn Tax: The community has voted to optimize the burn tax by distributing it through the Oracle Pool, aiming to enhance network efficiency and positively impact the token price.

A new proposal has been introduced for calculating LUNC’s circulating supply that differs from previous methodologies by subtracting unvested tokens, community pool holdings, and staked and bonded tokens from the total supply. This revised calculation ensures that any adjustments 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 serve as the official data source for USTC and other native tokens, excluding Luna Classic.

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, indicating a decrease of 3.13% in the past day and 3.32% over the past week.

These developments underscore the proactive steps taken by the Terra community to restore confidence and functionality to its token ecosystem.