The Terra Luna Classic (LUNC) community is grappling with several hurdles in its recovery efforts as the broader cryptocurrency market faces a downturn. Traders are also rethinking their market strategies ahead of Donald Trump’s inauguration on January 20, leading to a wave of uncertainty across crypto markets. Despite these challenges, key developments within the Terra Luna Classic ecosystem continue to generate buzz.
Terra Luna Classic Forks Removal Software Upgrade
Blockchain developer Orbit Labs recently completed the first phase of a crucial upgrade aimed at removing fork modules from the Terra Luna Classic network. The upgrade proposal will be put up for governance voting next week, with the mainnet upgrade scheduled for February. This upgrade is expected to align Terra Luna Classic with the mainstream Cosmos ecosystem, bringing necessary security improvements and easing future maintenance. Notably, the update will also resolve issues with multi-send handling related to “reverse charge” implementation.
Billions of LUNC and USTC Tokens Burned
In the wake of Terraform Labs’ bankruptcy, the Terra Luna Classic community has ramped up efforts to reduce the circulating supply of LUNC and USTC tokens through strategic burn campaigns. With backing from Binance’s LUNC burn mechanism, the community has already burned nearly 400 billion LUNC tokens. The next phase involves burning 1.8 billion USTC tokens from Luna Foundation Guard-linked wallets, as well as additional LUNC and USTC tokens in inaccessible wallets, as proposed by Lunanauts validator. These burn efforts are seen as a way to potentially repeg USTC to its original value.
I don't think we can burn LFG without setting the bad precedent we were all afraid of when tried burning the 800m #UST? @frag_dude
— 🚀LUNC-Rocket🚀 (@RocketLunc) January 12, 2025
Building Utility on Terra Luna Classic Network
Recent upgrades, including the successful deployment of v3.3.0, have bolstered the utility of the Terra Luna Classic network. These improvements are designed to remove barriers for developers and decentralized applications (dapps), enhancing the ecosystem’s growth. New projects such as Terraport, LBUN, Selenium, Garuda DEX, and TerraCasino are steadily growing the network’s use case.
In other news, Terraform Labs co-founder Do Kwon has been extradited to the U.S. but pled not guilty to charges of securities fraud, wire fraud, and money laundering. His trial is expected to start in January 2026 as authorities continue to investigate the case.
LUNC has seen a 15% decline in price amid the overall market slump, currently trading at $0.0001022. Despite this, technical analysis indicates that the price is approaching a key support level. USTC, on the other hand, has seen a slight recovery, climbing by nearly 1%, though it remains down 15% over the past week.
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.
Also Read: Terra Luna Classic (LUNC) Set for Potential 1,100% Rally: Breakout Analysis and Market Insights
About The Author
