Terra Luna Classic validators have submitted a new offer that raises the LUNC price by over 3% in a short time. The proposal aims to launch a wallet that will be managed by the community.
LUNC price takes action with new proposal
Terra Luna Classic (LUNC) developers aim to create a community-owned wallet that will be managed by L1TF. LUNC validator Happy Catty Crypto won the support of the community by focusing on wallet infrastructure and limiting customization. The proposal proposes that Professor Edward Kim take the lead and L1TF bear some of the costs.
This step aims to ensure that the Terra Luna Classic community has a more secure and user-friendly wallet. Voting results will be announced on 14 July. Meanwhile, the LUNC price has gained around 3.5% today after its suggestion. Most members of the market, including BTC and ETH, were moving sideways during this time.
LUNC faces sloppy price action despite recent rally
LUNC’s weakening support levels have seen prices continue to drop to all-time lows. Luna Classic was trading below the $0.00008115 support level until the last bullish break as the bulls failed to block the downtrend.
Technically speaking, it recorded a series of lows throughout June. After the price briefly rallied on June 4, it was rejected at around $0.0001152. This caused LUNC to drop again to its lows in early May.
Terraport restarts
Recent positive news about LUNC included Terraport, which successfully restarted three months later. Terraport, the Terra Classic-based DeFi platform, caused the loss of billions of LUNCs in April.
Terra Classic (LUNC) development group TerraCVita has re-released the DeFi platform Terraport. The new launch comes three months after the attack, which resulted in the loss of billions of LUNC in user funds. The Terraport team officially announced yesterday that the platform will restart. According to the announcement, the relaunch of the protocol will come with staking and vetting functions.
A look at the official platform shows that users can now qualify and stake TERRA, the native token of the Terraport protocol. In a message within the TerraCVita Telegram group, the team urged users to take advantage of the opportunity to claim and stake TERRA cryptos. In addition, data from the staking section shows up to six staking plans for users with annual percentage rates (APRs) ranging from 16% to 100%.
The relaunch comes five days after the Terraport team released its new post-hack roadmap. The roadmap begins with the recent reopening of staking and ownership in July. cryptocoin.com As we reported, Binance’s token burn events also support these efforts.
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