The team of developers who took over from the Terra Luna Foundation has made impressive progress in rebuilding the Terra Luna Classic (LUNC) network. After the original Terra Luna ecosystem collapsed in early 2022, dropping from over $41 billion to about $485 million, the developers and community have stayed committed to its long-term recovery.
Despite the setbacks, the Terra Classic network now hosts several decentralized financial (DeFi) projects. Some of the top Web3 projects on the network include Astroport Classic, TerraSwap (DEX), Loop Finance, and Eris Protocol, all of which have contributed to the network’s growth.
As of now, the Terra Classic network holds a total value of around $2.23 million, with its stablecoins market cap at approximately $524,000.
Want to know more about how this network is bouncing back?
Binance, the largest cryptocurrency exchange by trading volume and users, has played a key role in the recovery of Terra Classic over the past two years. By supporting LUNC burns to reduce its supply and backing important network upgrades, Binance has helped stabilize and grow the network.
Recently, Binance confirmed its support for the upcoming Terra Classic network upgrade, scheduled for block height 19,850,000, expected around September 18, 2024, at 11:15 UTC. This upgrade includes the wasmd security patch from Genuine Labs’ PR 512 on version 3.1.4.
The new update will introduce upgrades to version 0.46 and wave 1.5.4. Additionally, the previous version, 3.1.4, which fixed gas estimation issues for taxable transactions, was only released to endpoint providers.
On the technical side, LUNC’s price against the US dollar shows a macro reversal pattern, with a potential double bottom and bullish divergence on the weekly chart. Having established strong support above $0.000054 this year, LUNC could rally to $0.00020 in the short term, aligning with the 0.618 Fibonacci Retracement level.
With these developments, Terra Classic is positioned for continued growth and innovation in the Web3 space.
Also Check Out: With A Bullish Reversal, Can Worldcoin (WLD) Price Hit $3?
Do you believe Terra Classic’s revival is here to stay? Let us know what you think!
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