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Known for its long-term volatility and for missing out on the 2024 bull market since early March, Terra Classic (LUNC) is once again drawing attention as the next U.S. court hearing involving Terraform Labs co-founder Do Kwon approaches on April 10. LUNC’s decline can be traced back to May 2022, when the Terra ecosystem collapsed after its algorithmic stablecoin USTC lost its dollar peg and fell below $0.01.  The incident wiped out an estimated $60 billion in market value, triggering widespread panic across the digital asset space. The collapse of Terra is widely regarded as a major catalyst for the prolonged ‘crypto winter’ that followed. Yet, despite major setbacks and ongoing legal fallout, the project persists, kept alive largely by its dedicated community. Community burn efforts persist, but price impact remains modest Part of this ongoing effort has centered around a community-led token burn mechanism, aimed at reducing the token’s oversupply and boos...

The Terra debacle has still not come to a conclusion. After the epic fall, and the recent arrest warrant from not just Korean authorities, but from Interpol as well, the case of CEO Do Kwon and his firm Terraform Labs is one straight out the television. In a recent interview with the Wall Street Journal (WSJ), a spokesperson for Terra claimed that the authorities involved in the case are overreaching. The firm sent a statement to the WSJ, in which they claimed that LUNA was not legally a security. Hence, the asset does not come under the South Korean capital-markets law. In response to pressure from the public over the collapse of Luna, the Terraform Labs representative claimed that South Korean authorities had extended the meaning of a security. Furthermore, the spokesperson said that the case had become highly “politicized,” and the actions of the Korean authorities were unfair and did not uphold basic rights. Is the Terra CEO on the run? Terra ’s s...

Terra Luna Classic Proposal on USTC Repeg Quant team member RedlineDrifter took to Twitter to announce that Proposal 11597 “USTC / Stable Algo Quant Team” is up for voting. Other community members also shared the USTC repeg proposal as it is one of the crucial proposals for the Terra Luna Classic chain. advertisement The community pool spend proposal has received over 99% “Yes” votes, indicating that the community supports the modeling and simulation for the USTC Incremental Repeg Buybacks & Staking Swaps plan. In addition, the community also approves the developers proposed for the Quant team. Major validators including TCB, Coinpayu, StakeBin, Classy’s Sphere, PFC, and Lunanauts have favored the proposal and voted “Yes.” The proposal voting deadline is July 3, but it looks to pass a quorum before the deadline. According to the proposal, $20000 in LUNC payment for the first month is required by the Quant team. Th...