The Terra Classic community is up in arms after eToro, a popular social investment network, placed tokens issued by Terraform Labs (TFL) on a close-only status. This move has left 78,000 LUNC holders unable to purchase the token on the platform. The community is now demanding clarification from Terraform Labs CEO Chris Amani and eToro regarding the reasons behind this decision, particularly in light of the recent Terraform Labs bankruptcy proceedings.
The Disconnect Between Terra Classic and Terraform Labs
At the heart of the issue is the perceived disconnect between Terra Classic and its parent company, Terraform Labs. The community argues that Terra Classic has operated as a fully decentralized chain since the Terra-Luna crisis, with governance decisions made collectively by the community. This claim is supported by statements from former Terraform Labs CEO Do Kwon, who acknowledged the separation of the two entities.
Despite this, eToro’s decision to halt LUNC trading due to Terraform Labs’ bankruptcy has raised concerns about potential delistings on other exchanges. The community fears that this move could have a detrimental impact on the Terra Classic ecosystem.
LUNC and USTC Price Action Amidst the Chaos
Interestingly, the LUNC and USTC prices have remained relatively stable amidst the ongoing confusion. LUNC has seen a modest 2% increase in the past 24 hours, while USTC has climbed by 5%. However, the trading volume for LUNC has dropped by 12% in the same period, indicating a potential decrease in market activity.
The recent opening of Terraform Labs’ crypto loss claims appears to have contributed to the increase in USTC trading volume, which jumped by 66% in the last 24 hours.
Community Seeks Answers
As the situation unfolds, the Terra Classic community is demanding clear and concise explanations from both Terraform Labs and eToro. The future of LUNC and its accessibility on major exchanges hangs in the balance, and the community is eager to understand the implications of these developments.
The coming days will be crucial in determining the fate of LUNC and the broader Terra Classic ecosystem.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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