Terra Classic developers are planning to get support from the Industry Recovery Initiative of crypto exchange Binance. While the crypto exchange temporarily suspended its LUNC Burn mechanism until March, Binance can offer support to developers building on the Terra Classic blockchain.
Terra Classic Community To Get Support From Binance
Last week, Binance announced that it will burn 50% of the LUNC spot and margin trading fees instead of 100% and suspend LUNC burn mechanism until March. However, Binance also welcomed developers to apply for the Industry Recovery Initiative (IRI). Developers wanting to continue to build the Terra Classic chain may receive support from Binance as part of the initiative.
In the latest developments, many LUNC developers are planning to apply for Binance’s initiative and receive funding to build on the Terra Classic chain. It was confirmed by Terra Classic influencers Classy Crypto and DemonMonke777 in a recent AMA.
Classy Crypto in a tweet on January 3 revealed that developers are now working to get the Terra Classic chain back to parity and stop LUNC tokens from reminting. Also, there is a possibility of a merger between LUNC and LUNA in the future.
Moreover, the community has passed the crucial Proposal 11168. It will create the “Joint L1 Task Force” developers team led by core developers Zaradar and Edward Kim, which will look over the maintenance and L1 developments on the chain. Tobias “Zaradar” Anderson in an AMA with Classy Crypto revealed that many developments are coming on the chain. The community will witness utility coming back on the chain in the next 3 months.
LUNC Price Shows Upside Momentum
Terra Classic price continues to show upside momentum, with an increase in trading volumes in the last 24 hours. The LUNC price is currently trading at $0.000157. The 24-hour low and high are $0.000152 and $0.000167, respectively. Thus, the LUNC price has skyrocketed almost 10% from the low, before losing earlier gains.
The LUNC price will face some pressure as this week will be crucial for the crypto market. Thus, traders must do research before investing in LUNC.
Also Read: Here’s How Much Your $100 Investment in Terra Classic Will Be Worth If LUNC Reaches $1
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