- Terra Luna Classic is the top gainer of the day with double-digit gains.
- The mainnet of Cosmwasm V2.1.0 parity upgrade kicks in tomorrow.
- LUNC engineer Edward Kim is testing out an AI app chain for LUNC.
The embattled LUNC community is waiting for the highly anticipated Terra Classic parity upgrade mainnet 2.1.0 to kick in on 14th June, 2023. Meanwhile, Terra Luna Classic (LUNC) climbed back up in the crypto charts by global market cap with 10.9% gains in the last 24 hours. However, this didn’t impact the price of $USTC.
Parity Upgrade Expected To Bring More Utility
In a nutshell, the parity upgrade means that the original Terra Classic network will be fully compatible with all Cosmos-based blockchains, including Terra 2.0. This comes at a time when LUNC community is testing out the malfunctioned Terra Classic USD (USTC) stablecoin repeg options. Besides, Drexel University Professor Edward Kim is getting ready to launch the beta of highly-anticipated LUNC AI app chain.
Firstly, the community campaign led by Layer-1 Joint Task Force (L1JTF) suggested creating a staking vault for USTC in a gradual repeg strategy via a liquidity pool between LUNC & USTC. On top of that, a recent burn tax increase to 0.5% was passed and approved by two major crypto exchanges, Binance & KuCoin.
Previously, the L1JTF developer team released a clear roadmap for the $124,000 engineer funding received for developing the Layer-1 chain. Indeed, all this has indeed sparked major enthusiasm from LUNC community members, as the Terra Luna Classic (LUNC) staking has now surpassed $1 trillion, an all-time high, now standing at a sky-high 14.6% staking ratio.
On The Flipside
- While proposal #11561 is the main talk on Terra Luna Subreddit and the LUNC community on Twitter, holders are divided into two camps about the increased burning tax.
- Some members of the LUNC community claim that many whales would leave the Terra Classic network in case of the 0.5% tax burn being implemented.
Why This Matters
Blockchain utility and interoperability might determine the longevity of the crypto project.
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Source link: https://dailycoin.com/lunc-eyes-over-1t-staked-ahead-of-terra-parity-finalization/
