Terra Classic: A Phoenix Rising from the Cryptocurrency Ashes

Written by Joy Rice

The market value of Terra’s crypto, Luna Classic (LUNC), made a small jump yesterday due to some positive news that has given room for hope. Terra Classic is the new name given to the Terra ecosystem that failed in May 2022 due to the failure of the UST stablecoin. The stablecoin has also been renamed to USTC and the Luna cryptocurrency has become LUNC.

It should be noted that Terra Classic and its cryptocurrency LUNC should not be confused with Terra 2.0 and its cryptocurrency LUNA, which is a separate project not based on algorithmic stablecoins. The latest news for the Terra Luna crypto ecosystem is that Binance, the world’s largest crypto exchange, officially declared its support for the latest update of the Terra Classic project, which was implemented on January 14th.

This is a positive sign that the development of Terra Classic is continuing, despite the implosion of the previous stablecoin. The approved and implemented governance proposal 11242 eliminates the new minting of a portion of the burned LUNC tokens. This is an important step in resetting the seigniorage reward policy and effectively preventing the re-coinage of burned LUNC.

However, it is still important to note that the market value of LUNC is still significantly lower than it was prior to the implosion in May 2020, and it remains a speculative token. Despite this, the fact that Binance is continuing to support the evolution of Terra Classic is a positive sign for the future of the project. It is worth keeping an eye on the development of Terra Classic and the market value of LUNC as the ecosystem continues to evolve.

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