Terra Classic community members are collaborating on the rescue of LUNC, the altcoin that suffered a major crash. The developers have put together several proposals that are expected to increase the price in the long run and could increase the utility of the network.
The price of Terra Classic (LUNC) fell below the $0.00015 zone following the collapse of crypto exchange FTX. However, the price is starting to show signs of recovery as the Terra Classic community has seen an increase in the number of LUNC staked and burned.
After the team behind the project implemented the Terra Classic v22 update, they introduced the Terra Rebels v23 update. The update aims to re-enable cross-chain communication (IBC) between Cosmos Blockchain and the Terra Classic ecosystem.
Terra Classic v23 Will Increase Number of Networked Projects
Terra Rebels core developer Edward Kim stated that after the v23 update with CosmWasm, a significant increase in the number of projects built on the network can be expected.
It is worth noting that Edward Kim’s Proposal 10950 for the Cosmos-based chains Osmosis, Crescent, and Juno to re-enable the three IBC channels, reached the “pass threshold” within a short time of its release.
Developers will reopen IBC channels at an estimated block number 10,542,500 on December 5. Thus, while most entities are trapped in Osmosis, trapped entities will be allowed to flow through the channels. However, this will not be available until the v23 network update becomes available.
Additionally, Edward Kim, program director of the Terra Grants Foundation (TGF), presented the first initiative with Proposal 10946. According to this proposal, 750 million LUNC tokens are set aside for developers, projects, validators and community members to contribute to the revival of Terra Classic between May and October.
The updates will help bring the utility back and increase the altcoin price. Besides, the community expects Binance to burn at least 20-25 billion LUNC tokens on Dec 2, which is expected to keep hopes of reducing the circulating supply of LUNC alive. Binance has removed 13.712 billion LUNCs from circulation so far.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.