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The team of developers that took over from the Terra Luna Foundation to build a robust web3 ecosystem has made significant strides in the Terra Luna Classic (LUNC) network. Despite the major blow in early 2022, which saw the initial Terra Luna ecosystem collapse from over $41 billion to about $485 million, the core developers and community have remained committed to long-term success.
Furthermore, dozens of decentralized financial (DeFi) projects have already been deployed on the Terra Classic network. Some of the top Web3 projects on the Terra Classic network include Astroport Classic, TerraSwap (DEX), Loop Finance, and Eris Protocol.
As of this writing, the Terra Classic network had a total value of about $2.23 million and a stablecoins market cap of around $524k.
Binance Support Terra Classic
Binance Holdings Ltd, the leading cryptocurrency exchange by daily traded volume and globally registered users, has played a crucial role in the significant recovery of the Terra Classic network in the past two years.
In addition to enabling the burning of LUNC to reduce the overall circulating supply, Binance has supported several Terra Classic network upgrades.
For instance, Binance has announced that it will support the Terra Classic network upgrade that will take place at the block height of 19,850,000, or approximately on at 2024-09-18 11:15 (UTC).
This latest Terra Classic upgrade applies the wasmd security patch from Genuine Labs’ PR 512 on v3.1.4.
The network update bumps were to 0.46 and wave to 1.5.4. Furthermore, the previous version, v3.1.4, containing a fix for gas estimation of taxable transactions, was only released to endpoint providers.
Impact on LUNC Price Action
From a technical standpoint, LUNC price against the US dollar has formed a macro reversal pattern, characterized by a potential double bottom coupled with a bullish divergence in the weekly time frame.
Having established a solid support level above $0.000054 year-to-date, LUNC’s price is well positioned to rally towards $0.00020 in the short term, which coincides with the 0.618 Fibonacci Retracement.