Terra Classic Immortalized With the Launch of LUNA V2

Terra Classic core developer Edward Kim revealed that the ecosystem plans to launch LUNA v2 in mid-2023, increasing utility growth.
The LUNC community plans to undergo three major developments which include rebuilding the algorithmic fungible token, rebuilding the project ecosystem, and rebuilding independence.

The month of May will always be marked in the hearts of LUNA investors. It was one of the darkest moments ever recorded in crypto history. The Terra LUNA crash saw investors detached from nearly $45 billion (€44 billion) in value within 72 hours. In the same period of time, LUNA, formerly a top 10 coin by market cap was down by 99%, Meanwhile, top crypto exchanges including Coinbase, Binance, and others were busily delisting the coin.

Events were coming off in layers, After the crash, developers abandoned the Luna classic change and set out on a journey to work on a new project. Learning from the previous disaster but not forgetting, the team came up with a new chain and coin called LUNC.

In pursuit of the once lost glory, the LUNC team had to come up with a strategy to bring the coin up the ranks.

LUNC Introduces the 1.2% Tax Burn

The onset of September saw LUNC enthusiast vote on a proposal made by one of LUNC’s community members. The proposal was to pay a 1.2% tax to burn on each transaction made in the LUNC ecosystem. On 15^th September, 99.88% of the people were in support of the proposal, and 5 days later the 1.2% tax burn parameter was live.

Do Kwon’s Warrant of Arrest Hinders LUNC Being Listed on Top Crypto Exchanges

One of the many reasons major crypto exchanges are not showing signs of listing the coin is the arrest warrant issued on Terra Classic co-founder Do Kwon. Crypto exchanges play a big role in the world of crypto. Despite LUNC observing some of the required criteria, Coinbase is still reluctant to list it. Additionally, the Korean government has sought out help from Interpol to arrest Do Kwon and other five members of the Terra community.

Surpassing the Emergency Phase, the Rebuild Stage to Host LUNA V2

Having surpassed the most critical phase in each cryptocurrencies roadmap, the emergency phase, The LUNC community is boldly walking into the rebuilding stage. The LUNC community plan to undergo three major developments which include rebuilding the algorithmic fungible token, rebuilding the project ecosystem, and rebuilding independence.

Terra Classic core developer Edward Kim took to Twitter in a post revealing that before mid-2023, the Terra LUNC ecosystem would attain technological parity with LUNA v2. This will mean full compatibility with Cosmos v45.8 and Tendermint v0.34.

Burn and Rebuild Luna Classic https://t.co/GElW16sv0F

— Edward Kim (@edk208) September 29, 2022

This comes after Jacob Gadikian prominent cosmos developer offered to help “clean up the chain”. The LUNC community first made contact with the developer to help reopen Inter Blockchain Communication (IBC). The IBC was meant to reduce the risks of crashes that happened back in May 2022.

Additionally, the community made it plain that the Blockchain does not belong to any single entity person, or authority. So the arrest warrant issued to Do Kwon should not hinder any developments happening in the cryptocurrency.

At the time of writing, Terra Classic native token is exchanging hands for $0.0002984, a 7.40% surge in the last 24 hours.