Terra Luna Classic players are ready for major events, including the updating of software to remove divisions and the burning of 1.8 billion USTC.
The Terra Luna Classic community’s recovery efforts were impeded by the broader crypto market’s decline, prompting traders to reevaluate market activity in anticipation of Donald Trump’s inauguration on January 20. The Terra Luna Classic community is abuzz with the following significant developments.
Terra Luna Classic Forks Removal Software Upgrade
Orbit Labs, a blockchain developer, has announced the conclusion of the initial phase of the fork module eradication. The mainnet upgrade is scheduled for February, and the upgrade proposal will be submitted for governance voting next week.
“We have successfully transitioned all relevant logic and code that were previously part of the forked repository. The changes include the following repositories and associated modules.”
The developer group has stated that the upgrade will integrate Terra Luna Classic with the mainstream Cosmos ecosystem. It simplifies the process of security updates and maintenance. This encompasses resolving the multi-send management issue for the “reverse charge” implementation.
The burning of billions of LUNC and USTC tokens
Following the insolvency of Terraform Labs, the Terra Luna Classic community is organizing substantial LUNC and USTC burn campaigns. The community has incinerated roughly 400 billion LUNC tokens in total with the assistance of the Binance LUNC burn mechanism.
The community plans to torch 1.8 billion USTC in Luna Foundation Guard-linked wallets, all USTC in the Oracle rewards pool, and LUNC and USTC in wallets no one can access. Lunanauts validator proposed the plans in anticipation of prospective repeg.
Constructing for Utility on the Terra Classic Network
The network was recently effectively upgraded to v3.3.0, which increased the utility of the Terra Luna Classic and removed barriers for developers and dapps seeking to build on the chain.
Terraport, LBUN, Selenium, Garuda DEX, and TerraCasino are all contributing to the expansion of the Terra Luna Classic ecosystem. By Mirror Protocol, the most critical protocol of the Terra chain, Selenium Protocol, was developed.
Criminal Trial of Terra Co-Founder Do Kwon
Do Kwon, the co-founder of Terraform Labs, was ultimately extradited to the United States. However, he entered a not-guilty plea to a nine-count indictment that accused him of securities fraud, wire fraud, commodities fraud, and money laundering conspiracy.
The criminal fraud prosecution against Do Kwon will probably not commence until January 2026, as prosecutors are currently decrypting encrypted devices and translating Korean communications into English.
Prices to be Recovered by LUNC and USTC
The price of LUNC has decreased by 15% in the past week due to the broader crypto market collapse, and it is currently trading at $0.0001022. The 24-hour low and high are $0.0001012 and $0.0001046, respectively.
According to an analysis, the price of LUNC is precisely aligned with the trajectory of the altcoin market. The price is currently at the critical Fibonacci 0.618 level. Furthermore, the transaction volume remains at its lowest point. Extreme volatility, a short duration, and a predetermined direction typically characterize these sections.
“In the end, LUNC has no choice but to depend on the movement of Ethereum along with the decline in Bitcoin dominance, and it is very important to support it without major deviations from the current section.”
In the interim, the price of USTC has increased by nearly 1%, and it is currently trading at $0.0185. Nevertheless, the transaction volume experienced a 15% decrease in the past 24 hours. The price has declined by over 15% in the past week.
