LUNC News: The Terra Luna Classic community’s recovery efforts hit roadblocks as the broader crypto market slumped, with traders reevaluating market activity ahead of Donald Trump’s January 20 inauguration. Here are key developments that have the Terra Luna Classic community in a hurry.
Terra Luna Classic Forks Removal Software Upgrade
Blockchain developer Orbit Labs announced the completion of the first phase of the removal of the fork modules. The upgrade proposal will be put up for a vote next week and the mainnet upgrade is scheduled to happen in February.
“We have successfully migrated all relevant logic and code that was previously part of the forked repository. The changes include the following repositories and associated modules.”
According to developer groupthe upgrade will bring Terra Luna Classic into line with the regular Cosmos ecosystem. It makes security updates and maintenance easy. This includes the multicast handling fix for the “reverse charge” implementation.
Billions of LUNC and USTC tokens are burned
The Terra Luna Classic community is planning major LUNC and USTC fire campaigns following the Terraform Labs bankruptcy. With support from Binance LUNC burning mechanismthe community has burned nearly 400 billion LUNC tokens in total.
Currently, the community plans to burn 1.8 billion USTC in Luna Foundation Guard linked wallets, burn all USTC in the Oracle reward pool, and burn LUNC and USTC in wallets that no one has access to. The plans were suggested by Lunanaut’s validator, hoping for potential repeg.
Burn it. The TFL case is over. LFG does not exist. Just burn it.
— fragwuerdig | Juris Protocol 🧑⚖️ (@frag_dude) January 12, 2025
Building for Utility on Terra Classic Network
Recently, the network was successfully strengthened with “Upgrade to v3.3.0” to increase usability on Terra Luna Classic, remove barriers for developers and dapps wants to build on the chain.
The Terra Luna Classic ecosystem is growing with Terraport, LBUN, Selenium, Garuda DEX and TerraCasino. The Selenium protocol was created along the lines of the Mirror Protocol, the most important protocol in the Terra chain.
Terra co-founder Do Kwon’s criminal case
Terraform Labs co-founder Do Kwon was eventually handed over to US authorities, but pleaded not guilty to a nine-count indictment charging him with securities fraud, wire fraud, commodity fraud and money laundering conspiracy.
Do Kwon’s criminal fraud trial likely won’t begin until January 2026 as prosecutors work to unlock encrypted devices and translate communications from Korean to English.
LUNC and USTC rates to recover
LUNC price is down 15% in a week amid the broader crypto market crash, with the price currently trading at $0.0001022. The 24-hour low and high are $0.0001012 and $0.0001046, respectively.
According to an analysis, the LUNC price follows the altcoin market trend exactly. The price is at the key level Fibonacci 0.618. In addition, the trading volume remains at the lowest level. These sections do not last long, cause extreme volatility and usually have a definite direction.
“Ultimately, LUNC has no choice but to depend on Ethereum’s movement along with the decline in Bitcoin dominance, and it is very important to support it without major deviations from the current episode.”
In the meantime, USTC award climbed almost 1%, with the price now trading at $0.0185. However, trading volume saw a 15% drop in the last 24 hours. The price is still falling by more than 15% in a week.
