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- The Terra Classic Foundation has been working to rebuild the Terra Classic community following the de-pegging of UST.
- The significant supply of LUNC with low demand has seen the altcoin drop around 40 percent in the past four weeks amid the ongoing crypto correction.
The Terra Classic Foundation (TCF), a non-profit organization based in Estonia that took over from the Terraform Labs to ensure the success of the Terra Luna Classic (LUNC) network, announced the delegation of another 30 million LUNC to the Hexxagon protocol. As a result, the TCF has so far delegated 930 million LUNC on different protocols to ensure the smooth running of the Terra Classic blockchain.
Recently, the TCF delegated more LUNC coins to Delight Labs and Vegas Morphs, among others. According to the organization, all validators can participate in the TCF’s delegation program to enhance the decentralization of the underlying network.
We have delegated another 30M $LUNC to @hexxagon_io for running and maintaining Galaxy Station (https://t.co/uHYIaocfjl) and Galaxy Finder (https://t.co/BeAc8c3iyG)
This takes our total delegation on Terra Classic to 930M $LUNC 🎉
Upwards and onwards 🚀
— Terra Classic Foundation (@TCF_Terra) July 2, 2024
A Soar Past for LUNC
The initial Terra Luna crash in early 2022, which triggered the subsequent dreaded crypto bear market, has significantly weighed down the adoption of the Terra Classic blockchain. Moreover, other layer-one blockchains have sprung up in the past few years and received significant adoption by web3 developers and users.
Despite the recent settlement between the US SEC and the initial Terra team, The Terra Classic blockchain has suffered slowed adoption in the past two years. Nonetheless, the Terra Classic Foundation is keen to jumpstart the adoption of LUNC and its related web3 projects.
Terra Classic Blockchain on the Rise
The Terra Classic blockchain has adopted a long-term plan to ensure a vibrant Web3 ecosystem with secure smart contracts. According to market data provided by Defillama, the Terra Classic network has around $2.09 million in total value locked (TVL) from a handful of Web3 projects led by Astroport Classic, Terraswap, Loop Finance, and the Eris protocol, among others.
As Crypto News Flash recently noted, the Terra Classic ecosystem has received huge support from Binance in periodic burns amid the ongoing LUNC staking program. The Terra Classic developers have been working to ensure seamless adoption of LUNC and its related web3 protocols in a multi-chain ecosystem.
Earlier this week, Binance facilitated the burning of around 1.7 billion LUNC. As a result, more than 12 billion LUNC have already been obliterated in addition to 68 million USTC. Notably, around 400 million USTC were removed from circulation following the settlement between the US SEC and Terraform Labs.
#binance burns ~1.7B $LUNC 🔥🔥🔥@binance thank you for the support 🙏 pic.twitter.com/ukSGaHQfvc
— Terra Classic Foundation (@TCF_Terra) July 1, 2024
LUNC Price Action
The LUNC price against the US dollar has suffered a bearish outlook in the past few weeks amid the ongoing crypto correction triggered by the Bitcoin (BTC) sell-offs. According to the latest market data as of this report, LUNC price had dropped around 15 percent in the past week to trade around $0.00007106 on Thursday, July 4, 2024.
While the small-cap altcoin, with a fully diluted valuation of about $480 million and a daily average traded volume of about $33 million, has a long way to go to retest its all-time high, both technical and fundamentals point to an investable rebound.
LUNC price has formed a bullish reversal pattern in the daily time frame, which could yield a major uproar in the coming months.
