July 24, 2024
Blockchain News

LUNC Eyes Over $1T Staked Ahead Of Terra Parity Finalization

The embattled LUNC community eagerly awaits the arrival of the much-anticipated Terra Classic parity upgrade mainnet 2.1.0 on June 14th, 2023. Despite recent struggles, Terra Luna Classic (LUNC) has climbed impressively in the global crypto market cap charts, recording a remarkable 10.9% gain in the past 24 hours. However, Terra Stablecoin’s (USTC) price has not seen a corresponding increase.

The upcoming parity upgrade signifies that the original Terra Classic network will become fully compatible with all Cosmos-based blockchains, including Terra 2.0. This development coincides with the LUNC community’s efforts to test solutions for the malfunctioning Terra Classic USD (USTC) stablecoin repeg options. In addition, Edward Kim, an engineer from the LUNC team, is currently conducting tests on an exciting AI app chain designed specifically for LUNC.

One of the key initiatives driving the LUNC community’s campaign is the establishment of a staking vault for USTC through a gradual repeg strategy, utilizing a liquidity pool shared between LUNC and USTC. As part of these efforts, a burn tax increase of 0.5% was proposed and approved by two major crypto exchanges, Binance and KuCoin.

The developer team at Layer-1 Joint Task Force (L1JTF) unveiled a comprehensive roadmap for the $124,000 engineer funding received to develop the Layer-1 chain. These initiatives have ignited tremendous enthusiasm among LUNC community members, further amplified by Terra Luna Classic (LUNC) ‘s staggering achievement, surpassing $1 trillion, an all-time high. The current staking ratio stands at an impressive 14.6%.

The success and longevity of the LUNC project hinge on its blockchain utility and interoperability. By ensuring full compatibility with Cosmos-based blockchains, including the highly anticipated Terra 2.0, the parity upgrade will solidify LUNC’s position in the crypto space. Additionally, the forthcoming launch of the LUNC AI app chain by Edward Kim, a distinguished professor from Drexel University, promises to introduce innovative applications that will further enhance the project’s appeal.

As the LUNC community eagerly counts down to the meaningful parity upgrade, they remain hopeful that these advancements will bolster the project’s resilience and attract greater interest from the broader crypto community. With a renewed sense of purpose, Terra Luna Classic (LUNC) is poised to make significant strides in the evolving landscape of decentralized finance.