Reshaping the Future of Terra Luna Classic 🌌
The team driving the development of the Terra Luna Classic (LUNC) network has made impressive advancements in building a solid web3 ecosystem. Despite facing a severe setback in early 2022, the original Terra Luna framework plummeting from over $41 billion to around $485 million, the devoted developers and community members have remained focused on achieving lasting success.
This year, the Terra Classic network has welcomed numerous decentralized finance (DeFi) initiatives. Some noteworthy Web3 projects that have been successfully launched on the Terra Classic network are Astroport Classic, TerraSwap (DEX), Loop Finance, and Eris Protocol.
As it stands, the Terra Classic network boasts a total value nearing $2.23 million, with its stablecoin market cap hovering around $524,000.
Significant Support from Binance 🤝
Binance Holdings Ltd, recognized as the foremost cryptocurrency exchange based on daily trading volume and active global users, has been integral to the remarkable recovery of the Terra Classic network over the last two years.
Not only has Binance enabled the burning of LUNC to decrease the circulating supply, but it has also backed several upgrades to the Terra Classic network.
Recently, Binance confirmed its support for an upcoming upgrade on the Terra Classic network, which is slated to occur at block height 19,850,000, approximately on September 18, 2024, at 11:15 (UTC).
This upgrade introduces a security patch from Genuine Labs’ PR 512 on version 3.1.4. Additionally, it raises the network update versions to 0.46 and 1.5.4. The previous version, v3.1.4, included a crucial fix for estimating gas in taxable transactions and was selectively released to endpoint providers.
Trends in LUNC Price Movement 📈
Analyzing LUNC’s performance against the US dollar from a technical perspective reveals the emergence of a macro reversal pattern. This pattern includes a potential double bottom alongside a bullish divergence in the weekly timeframe.
With a robust support level established above $0.000054 year-to-date, the price of LUNC appears poised for a near-term upswing towards $0.00020. This target aligns with the 0.618 Fibonacci Retracement, indicating possible upward momentum in the market.
Hot Take 🔥
The progress made by the Terra Luna Classic ecosystem illustrates not only resilience but also growth potential. The collaboration with prominent platforms like Binance positively influences the operational landscape, while the growing DeFi projects further enhance its credibility. As the community continues to innovate and develop in web3, the prospects for Terra Luna Classic look promising for the foreseeable future.
It’s crucial for you to stay informed about ongoing developments in the Terra Luna ecosystem as the situation evolves and the network adapts to the changing crypto landscape.
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