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NFTs and the Revival of LUNC

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In 2022, the Terra Luna ecosystem collapsed in a spectacular fashion. The community-driven revival of this system, Terra Classic, has since been focusing on burning its native token, LUNC, to reduce supply and potentially drive prices upwards. While the upward momentum hasn’t quite materialized as expected, new developments such as the introduction of Non-Fungible Tokens (NFTs) could pave the way for a more promising future.

MIATA and MetaGloria: Leading NFT Initiatives on Terra Classic

The launch of MIATA, a new NFT marketplace on the Terra Luna Classic Chain, is expected to add to the fierce rivalry for supremacy in NFTs. The marketplace is set to host 2,000 MetaGloria digital collectables, allowing users to buy and sell these unique items on the platform.

The MetaGloria project, led by a group of developers from Ukraine and cryptocurrency gaming enthusiasts, is a play-to-earn game set to debut on the Terra Classic Network in early 2023. Two sets of NFTs, each totalling around 3,000, will be printed for the game. The project aims to increase the number of gamers entering the cryptocurrency market while also decreasing the quantity of Terra Luna Classic tokens in circulation. In line with the latter objective, users can burn the LUNC token by exchanging it for the in-game GLS token.

More Projects in the Pipeline

Other initiatives like LUNCPenguins NFT collections are also poised to launch on MIATA, marking another significant turning point in the network’s mission to ensure utility by developing alternate ways to burn LUNC. The 1,000 unique LUNCPenguins have a minting price of 200,000 LUNC or around $34 at the current rate.

The NFT-LUNC Burn Connection

Cremation Coin, a protocol built for burning cryptos with significant supply numbers, is considering an NFT collection called “Bad Abstract Art that Burns LUNC” or BAABL. If the project goes through, half of the NFT selling price would be used to burn LUNC. As of writing, 53.08 billion LUNC has been burnt since May 18, 2022, with 1.8 billion LUNC burned today, leaving 5.89 trillion tokens in circulation. This NFT development could potentially accelerate the burning process, influencing LUNC’s price action.

A Word of Caution

While these developments paint an optimistic picture, LUNC bulls should closely monitor the token’s crucial support at $0.00012. The token has not made any upward price actions in the past few months, and a breakthrough in this support could lead to a more significant downside in the long term. LUNC’s market has been dominated by bears, with short sellers outnumbering long buyers in all major exchanges. Consequently, the general market movement will also affect the token’s price movement, making it imperative to monitor the token’s correlation with major cryptos for better decision-making.

All eyes are on the Terra Classic network and its NFT initiatives as investors and crypto enthusiasts alike anticipate a possible resurgence in LUNC’s value, aided by innovative projects and a focus on burning tokens. Time will tell if these efforts will be enough to revive the LUNC token and bring Terra Classic back to its former glory.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CoinReporter.io and EUReporter.co does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Terra Luna Classic’s Proposal to Burn 800 Million Tokens

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In the ever-evolving world of cryptocurrencies, a new development has emerged from the Terra Luna Classic community. A proposal has been put forward to burn or return 800 million USTC tokens allocated to the Ozone Protocol by former CEO Do Kwon. This move has sparked a lively debate within the community, with members divided on the best course of action.

Vegas, a prominent member of the Terra Luna Classic community and an ex-Terra Rebels developer group member submitted the proposal. Vegas has suggested that the 800 million USTC tokens currently held in a wallet linked to the Ozone Protocol should be returned to the Terra Luna Classic community pool. The reason for this proposal is that the Ozone Protocol project is not actively following the proposed development plan.

Vegas stated, “To facilitate this, we ask the community fund to support us and underwrite Ozone indefinitely unless a counter-proposal is passed to remove the said underwriting funds.”

The Ozone Protocol was initially proposed by Terra co-founder Do Kwon and was bootstrapped using funds from the community pool. The Ozone V1 and Ozone V2 saw high demand for their underwriting capacity. However, the Risk Harbor team has not fully utilized 1 billion UST (now USTC). Thus, Vegas argues, the funds should return to the community pool.

However, not everyone in the community agrees with Vegas’s proposal. Alex Forshaw, a former Terra Rebels member and co-author of the Terra Classic Revival Roadmap, believes it would be better to burn the idle USTC tokens rather than return them to the community pool. 

Forshaw argues that if the tokens are returned to the community pool, validators and stakers might take them and dump them, which would undermine the work of the USTC team. However, burning these USTC tokens would strengthen the narrative of repegging, or else the community could choose to burn part of the tokens and send some to the community pool.

The Terra Luna Classic community is committed to maintaining the $1 narrative. The USTC repeg and LUNC developments are slowly picking up pace as developers revealed plans to bring significant changes to the chain. 

LUNC’s price fell 2% in the past 24 hours, with the price currently trading at $0.000081. The lowest and highest values recorded for the past day stand at $0.0000807 and $0.0000834 respectively. Concurrently, USTC’s trading value is positioned at $0.01613, reflecting a growth of more than 1% in the previous day and an impressive leap of 30% in the preceding month. The trading volume has experienced a half increase during the same one-day span.

The suggestion to incinerate or give back 800 million USTC tokens has ignited a spirited discussion within the Terra Luna Classic community. The resolution of this discussion could profoundly affect the future trajectory of both USTC and LUNC. As the community persists in deliberating the optimal strategy, it will be intriguing to observe the evolution of this circumstance and the subsequent influence it will exert on the Terra Luna Classic ecosystem.

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