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Tag: May Terra collapse

Terra ClassicUSD (USTC) Community Approves Proposal to Halt Minting and Reminting, Aims to Restore Stability and Peg to $1
27Sep By OLAJIDE SAMUELNo Comments
Terra Classic (LUNC)

Terra ClassicUSD (USTC) Community Approves Proposal to Halt Minting and Reminting, Aims to Restore Stability and Peg to $1

In a significant move to restore stability and re-establish Terra ClassicUSD (USTC) at its intended peg of $1, the Terra Classic community has approved Proposal 11784. This proposal, which had faced previous obstacles due to software upgrades, has gained strong support and mandates the cessation of all minting and reminting of USTC without explicit approval from the Terra Classic community. This decision comes after a tumultuous period that followed the collapse of Terra in May 2022. Read Also: Internet Personality Damien Slash Regrets Selling Shiba Inu (SHIB) Holdings Too Soon, Missing Out on $1 Billion Gain The proposal received overwhelming support from the Terra Classic community, with a resounding 'YES' vote securing 55.32% of the ballots cast. However, it's worth noting that 37...
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LUNC Leads Crypto Market Surge with 7.89% Gain in 24 Hours, While Terra Classic Seeks Binance’s Support
23Sep By OLAJIDE SAMUELNo Comments
Terra Classic (LUNC)

LUNC Leads Crypto Market Surge with 7.89% Gain in 24 Hours, While Terra Classic Seeks Binance’s Support

In a remarkable turn of events, LUNC, the native token of the Terra Classic ecosystem, has emerged as the top-performing asset among the leading 100 cryptocurrencies by market capitalization, according to data from CoinMarketCap (CMC). LUNC recorded an impressive 7.89% gain in the past 24 hours, defying the ongoing market turbulence. LUNC's Recent Rally LUNC's recent upward trajectory commenced on September 19, amid a backdrop of uncertainty affecting the broader cryptocurrency market. Throughout three consecutive winning sessions since that pivotal date, LUNC has aimed to extend its rally, with a 3.15% increase today. Read Also: Terra Classic Community Considers Onboarding Six Samurai Team to Revive LUNC Chain and Astroport Classic DEX During this impressive surge, LUNC reache...
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Terra Classic Community Proposes Bold Measures to Recoup USTC Value
19Sep By OLAJIDE SAMUELNo Comments
Terra Classic (LUNC)

Terra Classic Community Proposes Bold Measures to Recoup USTC Value

In the wake of the infamous Terra collapse in May 2022, the Terra Classic community has been tirelessly seeking ways to recover their investments and restore the project's once prestigious status in the cryptocurrency ecosystem. Two new proposals, #11785 and #11786, have emerged on the Terra Classic governance forum, offering innovative solutions to these challenges. Read Also: Ripple's XRP Faces Uncertain Times: AI Model Predicts Varied Future Price Scenarios Proposal #11785: Binance's Role in Re-Pegging USTC Proposal #11785 seeks to implement new measures aimed at helping the grossly depegged TerraClassicUSD (USTC) stablecoin regain parity with the US dollar. The core idea behind this proposal is to compel one of the world's leading cryptocurrency exchanges, Binance, to burn 50% of ...
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Terra Classic Station’s Proposal #11780 Seeks to Combat Spam with a 5 Million LUNC Minimum Deposit Requirement
12Sep By OLAJIDE SAMUELNo Comments
Terra Classic (LUNC)

Terra Classic Station’s Proposal #11780 Seeks to Combat Spam with a 5 Million LUNC Minimum Deposit Requirement

 In response to a growing concern over the increasing volume of spam proposals on the Terra Classic blockchain, the Terra Classic community has put forward a proposal to raise the minimum deposit required for proposal eligibility. The current minimum deposit stands at one million Terra Luna Classic (LUNC), equivalent to approximately $57.23. However, Parameter Change Proposal #11780, now live on Terra Classic Station, suggests a significant increase in this threshold to five million LUNC. Read Also: Shiba Inu (SHIB): A Rollercoaster Ride Towards Millionaire Dreams Overwhelming Support for the Proposal Parameter Change Proposal #11780 has garnered substantial support within the Terra Classic community, with an impressive 93.75% approval rate. Key players in the Terra ecosystem, includi...
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Terra Luna Classic Rejects Proposal for Market Swap with Limiter Amidst Controversy
12Sep By CryptolifedigitalNo Comments
Terra Classic (LUNC)

Terra Luna Classic Rejects Proposal for Market Swap with Limiter Amidst Controversy

In a recent development within the Terra Luna Classic (TerraLC) ecosystem, a highly debated proposal aimed at reviving the LUNC token and pegging USTC back to $1 through the reintroduction of the market swap function with a limiter has been rejected by the community. Despite garnering support from a significant portion of validators, the proposal failed to surpass the "pass threshold." The Terra Luna Classic network, still reeling from the 2022 Terra-LUNA crisis, had its market swap function for the LUNC and USTC tokens disabled as a precautionary measure. This feature was seen as instrumental in potentially restoring LUNC's price to $1 and re-establishing the peg of USTC to $1. Read Also: Binance Charity Commits Substantial Aid to Morocco's Earthquake Victims Proposal 11767: "Test ...
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Reviving $LUNC: Strategies for a Comeback
7Sep By CryptolifedigitalNo Comments
Terra Classic (LUNC)

Reviving $LUNC: Strategies for a Comeback

Cryptocurrency markets are known for their volatility, and tokens can experience rapid price fluctuations. One such token facing challenges is $LUNC. Recently, Classycrypto tweeted about its struggles. Let's explore some potential strategies that $LUNC could employ to make a strong comeback. https://twitter.com/ClassyCrypto_/status/1699614943706779796 Clear Roadmap and Vision $LUNC needs a clear and compelling roadmap. Investors want to know where the project is headed and what milestones are on the horizon. A well-defined vision can instil confidence and attract new supporters. Enhanced Marketing and Community Engagement Effective marketing is crucial. Building a strong online presence through social media, community forums, and partnerships can boost visibility. Enga...
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Terra Luna Classic’s Crucial Proposal for Dynamic Minimum Commission Passes
4Sep By OLAJIDE SAMUELNo Comments
Terra Classic (LUNC)

Terra Luna Classic’s Crucial Proposal for Dynamic Minimum Commission Passes

In a significant development within the Terra Luna Classic ecosystem, a crucial proposal for implementing a dynamic minimum commission has passed with overwhelming support from the community. This decision promises to enhance the efficiency and stability of the Terra Luna Classic network, cementing its position as a leading blockchain platform. https://twitter.com/terra_army/status/1698631216378044669   The proposal, which garnered widespread attention and approval from Terra Luna Classic stakeholders, focuses on introducing a dynamic minimum commission fee structure. This innovative mechanism aims to address several key issues, including network congestion, fee predictability, and overall usability. Read Also: Shiba Inu's Commitment to Reduce SHIB Token Supply through Shi...
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Terra Classic Community Holds Crucial Revote for USTC Repeg Proposal Amid Technical Challenges
28Aug By OLAJIDE SAMUELNo Comments
Terra Classic (LUNC)

Terra Classic Community Holds Crucial Revote for USTC Repeg Proposal Amid Technical Challenges

In a pivotal turn of events within the Terra Classic community, a significant revote is underway to address a funding proposal from the USTC repeg team. This renewed effort comes in the wake of an initial proposal that fell short of the required votes for approval due to technical issues linked to the Terra Station wallet. With a determined aim to rectify this setback, the USTC repeg team has resubmitted the proposal with an emphasis on garnering substantial participation from validators during this pivotal revote. The proposal, numbered 11730 and titled “USTC / Stable Algo Quant Team,” is now open for community voting from August 26th to September 2nd. Following a period of extended downtime, the Terra Station wallet has been restored to full functionality, providing renewed hope for a...
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Terra Classic’s L1TF Reveals Ambitious Plans for v2.2.0 Core Upgrade
24Aug By CryptolifedigitalNo Comments
Terra Classic (LUNC)

Terra Classic’s L1TF Reveals Ambitious Plans for v2.2.0 Core Upgrade

In a recent groundbreaking announcement, the L1 Terra Classic Task Force (L1TF) has unveiled its eagerly awaited plans for the upcoming v2.2.0 core upgrade of the Terra Luna Classic blockchain. This upgrade is poised to usher in a new era of innovation and advancement within the Terra Classic ecosystem, marking a significant milestone for the blockchain community. Terra Classic's L1TF to do another major upgrade The development journey towards the v2.2.0 upgrade has been nothing short of impressive. Vinh Nguyen, a prominent developer from the L1TF, highlighted the successful completion of Sprint 2, spanning from August 8 to 21. This sprint culminated in the release of the first version (rc1) of the core v2.2.0 upgrade. This achievement not only signifies the dedication and expertise of t...
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Phishing Attack Prompts TerraForm Labs to Freeze Website Amidst Ongoing Security Concerns
22Aug By CryptolifedigitalNo Comments
Terra Classic (LUNC)

Phishing Attack Prompts TerraForm Labs to Freeze Website Amidst Ongoing Security Concerns

TerraForm Labs, the team behind the L1 blockchain Terra, has taken the drastic step of freezing its website following a series of phishing attacks that compromised the platform over the weekend. The malefactors behind the attack exploited vulnerabilities on the website to carry out phishing attacks, putting unsuspecting users at risk. https://twitter.com/terra_money/status/1693369510038823072 Terraform warns users against ongoing phishing attacks, Shutdown its website  In an official statement on August 20, TerraForm Labs warned users about the ongoing phishing attacks and urged them to steer clear of the compromised website, which utilized the terra(dot)money domain. The attackers were employing deceptive tactics to trick users into divulging sensitive information and potentially exp...
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