- 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.
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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.
