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Luna Classic (LUC): The token is better than Bitcoin and Ethereum!

terra luna 2.0

Facing the bearish context of the last few weeks, some projects still manage to hold their own. Although most of the signs follow the course of Bitcoin and Ethereum, others stand out. This is especially true for the Luna Classic (LUC) token, for the Terra ecosystem that benefits from the introduction of a new burning tax on exchanges.

LUNC rises from its ashes!

After several weeks of improvement, the crypto market has more difficult days. According to data from the platform Coinmarketcap, the price of Bitcoin has fallen by almost 15% in the last 30 days. On the Ethereum side, the drop is around 8%, despite the enthusiasm generated by The Merge.

At the same time, the price of LUNC rose significantly: + 163%. If the LUNC token is trading today against $0.0002712, it even exceeded $0.0003 at the beginning of the month. This sharp increase is due to a new initiative: the introduction of a burning tax of 1.2% for all exchanges including LUNC. In concrete terms, this tax includes all on-chain transactions and excludes all off-chain activities such as transferring from a hot wallet to a cold wallet. This new mechanism will be introduced on 12 September.

The following graph shows the evolution of the price of LUNC over the last 30 days:

LUNC rises from its ashes!

The community as a Terra relaunch engine

A few months ago, the collapse of the Terra ecosystem created a real earthquake in the crypto market. Loss of user confidence, weakening of companies exposed to UST or LUNA, the consequences are still visible today. From the first positions taken, the will of the project developers has been to put the community back at the center of the project.

After the collapse of the ecosystem, the LUNA signal was mass-produced, according to the Terra protocol. The supply of the signal has been raised to the maximum at 7,000 billion denominations. Multiplication of the offer is a direct consequence of the diving course. In a few days, the asset went from 80 dollars to less than a penny.

This crazy inflationary phase seems to be over now. Because before the new 1.2% combustion mechanism was added, the protocol was already operating on a deflation mechanism. A mechanism that made it possible removing more than 3 billion tokens from circulation. This new 1.2% tax should further speed up the process. For many, this mechanism may account for approximately 50% of LUNC symptoms. A feature that will of course depend on the amount of trade.

Terra staking is increasing!

Applying returns may explain the excitement surrounding the LUNC token. Accepting the LUNC token offers users returns of up to 37% APY. If we remember that it was the unsustainable results that contributed to the loss of Terra’s ecosystem, users keep coming back in droves.

On August 27, 2.6% of LUNC tokens were involved. In a few days, this number has increased significantly. It is now close to 8%. A sign that the user’s confidence is back. Regarding the protocol, the coming days and weeks could therefore be decisive.

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