Terra Classic (LUNC), Price To Record Massive Rally
The December rally in Terra Classic prices will be huge. Developers, validators and projects have already submitted proposals to prepare for the changes and price rallies that are coming. Following the collapse of crypto exchange FTX, the LUNC price fell to $0.00015. Nonetheless, the price is showing signs of recovery as LUNC staked grows rapidly.
Terra Rebels have launched the Terra Classic V23 upgrade after successfully deploying the Terra Classic upgrade that allowed governance changes, stake, and burn. The upgrade will re-enable interblockchain communication (IBC), between Cosmos blockchains and Terra Classic ecosystem. To prevent funds loss, the IBC channels were shut down during the UST depeg.
Edward Kim, Terra Rebels core developer, noted that community members could see a significant increase in the number and types of projects built on the network following the v23 upgrade that contained the CosmWasm update. Edward Kim’s proposal 10950 to re-enable three IBC channels of Cosmos-based chains Osmosis and Crescent has been submitted with 100% support.
Block 10,542,500 was estimated by the developers. The developers will reopen IBC channels. The developers will reopen the IBC channels at block 10,542,500, estimated on December 5. It will not be in effect until the rollout of the v23 network upgrades.
Edward Kim, the program director at Terra Grants Foundation (TGF), submitted the first proposal with Proposal No. 10946. It aims at putting aside 750 million LUNC tokens to developers, validators, community members, and project managers to contribute to the Terra Classic revival between May-October.
The network and validator levels will be upgraded to bring back utility and increase the LUNC price. The community expects Binance will burn between 20 and 25 billion LUNC tokens by December 2, when the crypto exchange switches over to a monthly burn mode. Binance has so far burned 13.712 million LUNC tokens.
Terra Classic Staked & Burned
Terra Classic has staked more than 13% of LUNC supply, resulting in a total of 896.06 million LUNC tokens. The total amount of LUNC tokens burned has reached 28.434 trillion, with a daily burn rate of more than 402 million tokens.
Terra Classic (LUNC), up almost 2% in the past 24 hours, trades at $0.0001626. According to CoinMarketCap, the 24-hour low/high is $0.0001594 and $0.0001664, and they are almost equal.
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