The Terra network a network refers to all nodes in the operation of a blockchain at any given moment in time. token, renamed Terra Classic, skyrocketed in price after several exchanges announced their support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. for a community proposal.
- LUNC is up 120% in one week.
- Terra Classic community proposed a new burning destroying a certain number of digital coins to reduce their issue. This method is used to fight inflation and increase the value of cryptocurrency. All token burning transactions are recorded in the blockchain as a transaction. Therefore, anyone can verify that the coins were destroyed. mechanism.
- The proposal is expected to reduce the supply of the token.
Luna Classic ( LUNC), the native cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. of the ill-fated blockchain. Earth seems to be rising from the dead this week amid expectations for a new flaring proposal that aims to reduce the bloated supply of the token a digital unit designed with utility in mind, providing access and use of a larger crypto economic system. .
After its dramatic plunge in May, LUNC has soared more than 100% in the last 7 days. According to data from CryptoMarkets In the past month, the gain has been even larger, with its price rising 489% from $0.000095 on August 8 to a peak of $0.00054 this Thursday morning.
The boost may cause surprise among many, as LUNC has been the subject of controversy this year. The cryptocurrency reached a price peak of USD $119 in April this year before plummeting to zero in May when its sister token UST, a stablecoin a cryptocurrency with extremely low volatility, sometimes used as a means of portfolio diversification. Examples include gold-backed cryptocurrency or fiat-pegged cryptocurrency. which was expected to maintain a 1:1 peg a “peg” is a specified price for the rate of exchange between two assets. to the U.S. dollar, lost its parity.
The event, which imploded the whole project of the Earth caused havoc in the broader cryptocurrency ecosystem. The project was relaunched shortly thereafter, renaming the old version as Terra Classic . The same with the tokens : the new version stayed as LUNA, while the previous one is known as LUNA Classic (LUNC).
New burning mechanism for Terra Classic
The recent bullish action in the price of LUNC coincides with the progress of a proposed community of Terra Classic to implement a new burn mechanism for the cryptocurrency. The proposal which was introduced at the end of July, introduces a 1.2% tax rate for each network transaction in an attempt to transform LUNC into a deflationary asset.
According to the proposal, the new “ tax “will apply to all activities on the blockchain, including LUNC and USTC transfers. between wallets and smart contracts, and it will automatically be sent to an address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. with no access (the equivalent of burning or destroying the tokens ). Burning will reduce the supply of LUNC.
Some cryptocurrency exchanges have voiced their support for the move. Binance the largest exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. of digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currencies in the world, said this Thursday that it will review and revise the minimum withdrawal amount, maximum withdrawal amount and withdrawal fees for LUNC and USTC through the network. Terra Classic The tax will not apply to Spot a contract or transaction buying or selling a cryptocurrency for immediate settlement, or payment and delivery, of the cryptocurrency on the market. and Margin shops.
In your ad today, Binance also announced that it will add LUNC trading against the stable currency currency is a medium of exchange that defines value.Tether(USDT) to its list of trading pairs as of Friday, which could be one of the reasons for the recent price rise.
Although the tariff cannot be applied when negotiating the token in centralized a centralized organizational structure is one in which a single node or a small number of them are in control of an entire network. exchanges, as already pointed out by a member of the governance in the world of cryptocurrencies, governance is defined as the people or organizations that have decision-making powers regarding the project. forum in Earth some platforms have decided to adopt it voluntarily. KuCoin, Gatei.io, MEXC Global y CoinInn have indicated that they will support the proposal once it is officially implemented on the network.
It is expected that the vote on the proposal for the 1.2% tax parameter change change — a concept relevant to cryptocurrencies that use the UTXO model — is the number of coins sent back to a user after they use their unspent outputs to initiate a transaction. to take place this Saturday, Sept. 10. If approved, the changes would be implemented on the network on Sept. 20, according to a report by CoinGape .
Will LUNC be able to keep the bullish streak going?
Despite the steep price increase of Luna Classic analysts seem to agree that the uptrend will not last long, partly because of the project’s reputation as well as the broader bearish market an area or arena, online or offline, in which commercial dealings are conducted. outlook.
“ This is a game of total speculation and basically turns LUNC on a coin a coin can refer to a cryptocurrency that can operate independently or to a single unit of such cryptocurrency. meme at this point “ Howard Greenberg, a cryptocurrency educator at LUNC, commented on LUNC’s price action. Prosper Trading Academy to the news media CoinDesk . “ It will be a very volatile trade, and if someone decides to enter the trade, I’d make sure they have an exit plan for both the downside and the upside “.
As of press time, LUNC has a market capitalization of $3.5 billion, with trading volume how much cryptocurrency has been traded over a set period, such as the past 24 hours. of $3.7 billion that has surged more than 50% in the last 24 hours, according to data from CoinMarketCap . The bullish action has led to the token to rank the relative position of a cryptocurrency by market capitalization. among the top 30 cryptocurrencies by market capitalization.
- Do Kwon Breaks Silence on Terra: “Only I Am Responsible,” Fatman Criticizes
- Venture capital capital is most commonly defined as the large sum of money you would use to invest. firm Hashed acknowledges $3 billion loss in Terra collapse
- South Korean authorities raid home of Terraform Labs co-founder
Article by Hannah Estefania Perez / DiarioBitcoin
Imagen de Unsplash