Coingape - 11/24/2022 5:28:16 PM - GMT (+0 )
Terra Classic price to witness massive rally in December. The community has already started to prepare for the upcoming changes and price rallies, with developers, validators, and projects submitting various proposals. The LUNC price dived lower to $0.00015 following the collapse of crypto exchange FTX. Nevertheless, the price now shows signs of recovery as LUNC staked and burned grows rapidly.Terra Classic Community Prepares for Big LUNC Price Boost
After successfully deploying the Terra Classic v22 upgrade that enabled governance changes, staking, and burn, Terra Rebels have introduced the v23 upgrade. The upgrade aims to re-enable inter-blockchain communication (IBC) between Cosmos blockchain and the Terra Classic ecosystem. The IBC channels were closed during the UST depeg to prevent loss of funds.
Terra Rebels core developer Edward Kim noted that community members could expect a significant boost in the number of projects building on the network after the v23 upgrade containing the CosmWasm upgrade. In fact, Edward Kim’s Proposal 10950 to re-enable three IBC channels for Cosmos-based chains Osmosis, Crescent, and Juno has already hit the “pass threshold” within 9 hours of being submitted, with 100% support.
The developers will reopen the IBC channels at block 10,542,500, estimated on December 5. Thus, allowing trapped assets to flow through the channels, with most assets trapped on Osmosis. However, it will not take effect until the v23 network upgrade rollout.
In addition, Edward Kim, program director of Terra Grants Foundation (TGF), has submitted the first initiative with Proposal 10946. It aims to set aside 750 million LUNC tokens for developers, projects, validators, and community members for contributing to the Terra Classic revival from May-October.
The upgrades on validator and network levels will help bring back utility and boost the LUNC price. 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. Until now, Binance has burned 13.712 billion LUNC tokens.Terra Classic Staked and Burned
The Terra Classic community has staked over 13% LUNC supply, making a total of 896.06 billion LUNC tokens. Moreover, the total burned has reached 28.434 billion LUNC tokens, with the daily burn rate being over 402 million tokens per day.
Terra Classic (LUNC) price trades at $0.0001626, up nearly 2% in the last 24 hours. As per CoinMarketCap, the 24-hour low and high are $0.0001594 and $0.0001664, respectively.