Terra Classic (LUNC) is a cryptocurrency that seeks to create a decentralized platform for the development of financial and e-commerce applications. LUNC is based on the Terra network, which uses consensus algorithms and smart contracts to maintain the stability of its stablecoins, such as TerraClassicUSD (USTC) and Anchor Protocol (ANC).
LUNC Was One of the Winners of the Day
Recently, LUNC has experienced a significant increase in its price, rising almost 5% in the last 24 hours and more than 17% in the last week. This rally is partly due to the announcement by Binance, the world’s largest cryptocurrency exchange, that it will support the upgrade of the Terra Classic network, scheduled for July 18, 2023.
According to Binance’s statement, the update will take place at block height 5,994,365 of the Terra Classic network, which is expected to occur at approximately 13:00 (UTC) on July 18. Binance will suspend LUNC, USTC, and ANC deposits and withdrawals through the Terra Classic network until it deems the updated network stable.
The Terra Classic network upgrade aims to improve the performance, security, and scalability of the platform, as well as introduce new features and functionality. These include reducing the circulating supply of LUNC and USTC by restoring the validator-led burn process, which could boost the token price due to lower supply.
Furthermore, Binance CEO Changpeng Zhao recently stated that the exchange invested $3 million in Terra in 2018 and has not touched its LUNC reserves since. This statement generated optimism among Terra Luna Classic enthusiasts, encouraging the community to give cryptocurrency a new lease of life.
LUNC is currently in the top five cryptocurrencies in terms of gains over the past day, with a price of $0.000096 per token. It rose by more than 17%, which translates to an addition of almost $50 million to its market capitalization in that span.
However, LUNC is still facing a major loss since the beginning of the year. It has dropped by nearly 35% in its value compared to the start of the year.
