HomeNewsLUNC Update: Terra Luna Classic Community Sticks to KYC Policy; 105 Billion...

LUNC Update: Terra Luna Classic Community Sticks to KYC Policy; 105 Billion Tokens Obliterated

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  • Over 105 billion LUNC has been burned by the community, anticipating reaching 110 billion.
  • LUNC price shows a 3% increase after support, although transaction volume has decreased.

There is a strong commitment from the Terra Luna Classic community to the security and sustainable development of the project, despite the challenges of implementing KYC for developers.

In addition, LUNC’s significant burn and optimism regarding its price reflect a positive outlook for LUNC’s future, although the reduced trading volume suggests a temporary decline in trader interest.

Commitment to the KYC Proposal

The Terra Luna Classic community stands by its decision on the Know Your Customer (KYC) proposal, stressing the importance of KYC-verified developers to the future development of the chain. This community dismisses claims that KYC requirements for developers have stunted the growth of Terra Luna Classic.

You may be interested in: Terra Luna Classic Eyes EVM Integration: A New Era of Blockchain Flexibility

KYC Proposal Vote

The proposal to remove KYC regulations failed to achieve the necessary approval, showing support for maintaining KYC requirements for developers. This removal proposal only garnered 18% favorable votes, with the majority voting against or abstaining.

LUNC Burning

The amount of LUNC burned by the community exceeds 105 billion, with expectations of reaching 110 billion soon. However, the burn rate has declined in recent weeks as the price has experienced an increase.

LUNC and USTC Price Movement

LUNC and USTC prices have shown positive movement following a massive futures selloff and options expiration. The next price target for LUNC is $0.0002. Currently, the price of LUNC has experienced a 3% increase from its support level, although trading volume has decreased.

Related: European Banking Shake-Up: IOTA Emerges as KYC Savior, Potential Millions Saved

Development and Security

Genuine Labs has reported progress on the security update for Terra Classic, which will improve security and functionality. The developer team plans to complete these developments in 8 weeks.

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628