- The Hong Kong Virtual Asset Consortium (HKVAC) is contemplating the addition of Terra Luna Classic (LUNC) to its digital asset index, indicating its recognition of LUNC’s standing in the crypto community.
- The proposal from Six Samurai, a group of six engineers, for a Terra Classic revival plan faced rejection from the community despite the proposed advances in its roadmap.
The crypto landscape is abuzz with developments on two fronts: firstly, the Hong Kong Virtual Asset Consortium (HKVAC) is contemplating the inclusion of Terra Luna Classic (LUNC) in its digital asset index. This consideration by HKVAC not only acknowledges LUNC’s reputation and strengths but also underscores the burgeoning connections with cryptocurrency exchange Binance.
While the HKVAC’s large market cap index serves a specific purpose, the addition of LUNC could stimulate the community’s ongoing efforts to reenergize the project. Developers are currently focusing on enhancing LUNC staking and bolstering token burn to minimize circulating supply, following a significant upgrade that made the chain commensurate with Terra 2.0 and other Cosmos chains.
On another front, a proposal to revitalize the Terra Classic ecosystem met with rejection from the community. The proposal was from a group of six senior full-stack developers named “Six Samurai.” Despite proposing innovative L1 and L2 developments that warranted a $116,000 spend over three months, the proposal was rebuffed. Predominantly, the community cited lack of transparency about the developers, trust in the existing Joint L1 Task Force developer team, and the presence of bad actors among the reasons for rejection.
In a roadmap, Six Samurai outlined key milestones including migrating to Columbus-6 for reducing synchronization time, updating the Cosmos SDK, listing Terra Classic on Keplr’s web interface, and work on USTC repeg. Regardless of the community’s disapproval, the team remains ready to invest their efforts in reviving the Terra Classic ecosystem, expressing their willingness to collaborate with other teams on the development of LUNC.
While these developments unfold, LUNC price saw a 4% dip over the last 24 hours, trading at $0.000087. Market analysts suggest that breaking down below the support of $0.000090 could escalate the selling pressure, plunging the altcoin by 10% to hit the next critical support of $0.0000822.
This report comes as news of the blockchain’s revitalization reverberates, signaling what could be a decisive phase in the blockchain’s journey. Notwithstanding the disapproval of the Six Samurai team’s revival plans, there are token holders within the Terra ecosystem who remain determined to resurrect the project, creating a captivating watch for crypto enthusiasts.
