The price of Terra Classic will witness a massive rally in December. The community has already begun to prepare for the upcoming changes and price increases, and developers, validators and projects are submitting various proposals. The price of LUNC fell to $0.00015 after the collapse of the FTX cryptocurrency exchange. However, the price is now showing signs of recovery as LUNC is rising rapidly.
The Terra Classic community is gearing up for a big price increase for LUNC
Following the successful rollout of the Terra Classic v22 update, which allowed changes to management, staking, and burning, Terra Rebels has now released the v23 update. The update aims to relaunch Inter-Block Communication (IBC) between the Cosmos blockchain and the Terra Classic ecosystem. The MDS channels were closed during the unlinking of the UST to prevent the loss of funds.
Terra Rebels lead developer Edward Kim noted that community members can expect a significant increase in the number of projects being built on the network following the v23 update containing the CosmWasm update. In fact, Edward Kim’s 10950 proposal to reactivate three IBC channels for the Osmosis, Crescent and Juno networks based on Cosmos has already reached the “pass threshold” within 9 hours of submission with 100% support.
Developers will reopen IBC channels on block 10,542,500, estimated on December 5th. Thus, blocked assets will flow through the channels, with most of the assets stuck on osmosis. However, this will not take effect until the v23 network update is deployed.
In addition, Edward Kim, Program Director of the Terra Grants Foundation (TGF), introduced the first initiative with Proposal 10946. It aims to allocate 750 million LUNC tokens for developers, projects, validators, and community members to contribute to Terra Classic. revival from May to October.
Updates at the validator and network level will help bring back utility and increase the price of LUNC. Meanwhile, the community expects Binance to burn at least 20-25 billion LUNC tokens on December 2 after the crypto exchange switches to a monthly burn mechanism. So far, Binance has burned 13.712 billion LUNC tokens.
Terra Classic staked and burned
The Terra Classic community has staked over 13% of the LUNC supply, totaling 896.06 billion LUNC tokens. Moreover, the total number of LUNC tokens burned has reached 28.434 billion, with a daily burning rate of more than 402 million tokens per day.
Terra Classic (LUNC) price is trading at $0.0001626, up almost 2% in the last 24 hours. According to CoinMarketCap, the 24-hour low and high are $0.0001594 and $0.0001664, respectively.
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication does not bear any responsibility for your personal financial losses.