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As Terraform Labs (TFL) gears up for its much-anticipated Chapter 11 bankruptcy hearing starting today, the crypto market is bracing for a potential plot twist.  Today’s hearing marks a pivotal moment for Terra Classic (LUNC), as part of its winding down process, TFL has announced plans to burn all its remaining tokens, including LUNC and USTC, by October 30, 2024.  Important Notice for the Terra Community regarding the Plan Confirmation Hearing: The Plan Confirmation Hearing in the Chapter 11 bankruptcy cases of Terraform Labs Pte Ltd (TFL) and Terraform Labs Limited (TLL) has been set to September 19, 2024 at 10:00 a.m. (ET). For more… — Terra Powered by LUNA (@terra_money) August 21, 2024 This planned token burn is one of the key factors fueling LUNC’s recent bullish momentum. By drastically reducing the circulating supply, the burn could create scarcity, potentially driving up the value of the remaining tokens—especially if demand remains stea...

Also Read: Terra Luna Classic Announces Bug Bounty Program, Is LUNC $0.001 Next? advertisement Terra Luna Classic Looking On Binance CEO CZ As Leader The Terra Luna Classic community currently voting on a proposal to make Binance CEO “CZ” as leader of blockchain. Proposal 11614 has received 38% “Yes”, 41% “No” and 20% “No with veto” votes, while some have voted Abstain. While CZ is currently supporting the chain through its monthly LUNC burn mechanism, he can guide the community but can’t become a leader of LUNC. Some members have even criticized putting impractical and worthless proposals for voting on Station. According to the proposal, Terra Luna Classic needs a leader as validators and developer groups have their own interests. The management of Terra blockchain is divided into groups such as Terra Rebels managing infrastructure and Terra CVita managing Terra Station. It claims big validators are makin...

Terra Classic Developer L1TF Announces Date For Parity Upgrade Joint L1 Task Force project manager  LuncBurnArmy  took to Twitter to reveal June 14 as the official date of the CosmWasm v1.1.0 upgrade . The upgrade was initially planned for May 31, but the Terra Classic core developer team decided to add two weeks for additional testing as this is a major upgrade. advertisement CosmWasm upgrade from v0.16.6 to v1.1.0 can be completed in four scenarios. However, each scenario has different levels of complexity, impacts to schedule, and costs. The Joint L1 Task Force decided to proceed with “Scenario 4” after a discussion with expert developers such as Fragwuerdig and Edward Kim . CosmWasm v1.1.0 Upgrade. Source: LuncBurnArmy There are certain prerequisites to successfully complete the Parity upgrade. The team has completed the v1.2.0 upgrade and smart contract unit testing. It plans to complete v1.2.0 upgrade testing on Bajor testnet a...

The Terra Classic community recently green-flagged proposal 5234, which reduced the 1.2% tax burn to 0.2% and reserved another 10% tax revenue for the ecosystem infrastructure and contributors. Outlining what the proposal intended to achieve, the developer description noted, “ This proposal aims to signal to CEXs and other on-chain users that we would like to keep the tax while using its revenue efficiently by funding the costs associated with development, the LCD endpoint, and costs related to contributions for past-and-present contributors, either individuals or organizations .” The proposal had an 82% vote rate, with KuCoin reportedly voting for the first time. The new tax rate came into effect a day back at epoch 98. Proposal 5234 just passed! 🥳❤️‍🔥🦾 This was a community proposal brought forward by community members which passed governance! ✅ @kucoincom voted for the first time ✅ Had an 82% vote rate...