The Terra Luna Classic community is filled with enthusiasm regarding a pioneering proposal, designated as Proposal #11750 or the “LUNA Classic Decentralized Debit Card.” This proposal aims to create a fully decentralized debit card, complete with a unique feature that involves burning $LUNC tokens.
The proposal has been made available on Tera Station, and it’s making waves in the community, with an overwhelming 93% of holders voting ‘Yes,’ though around 4% have expressed their dissent with a ‘No’ vote.
Unlocking Global Payments with $LUNC and $USTC
Picture this: a debit card that empowers every Terra Classic blockchain user to make purchases in $LUNC and $USTC at any store, anywhere in the world. This is the ambitious goal of the decentralized debit card proposal. While the idea has garnered significant support, some validators remain skeptical due to the lack of detailed information about how the card’s code will function on the blockchain.
One prominent validator group, the Lunanauts, went so far as to cast a ‘No with Veto’ vote on Proposal #11750. They argue that without a clear plan, it’s difficult to assess the feasibility and potential risks associated with such an undertaking. Transparency concerns have also been raised, including questions about the author’s anonymity and a 5% commission fee.
The quest to repeg USTC and market challenges
As the community debates the debit card proposal, another critical proposal, #11730, has been hosted on Terra Station. This proposal involves the USTC Quant team’s efforts to address issues with the malfunctioning stablecoin, Terra Classic USD (USTC), and repeg it to $1. Proposal #11730 is seeking funding amounting to 285 million LUNC, equivalent to $20,000.
Despite these initiatives, the Terra Classic blockchain faces challenges in the broader cryptocurrency market. Relentless bearish trends have kept LUNC on the edge, with its global market cap dropping by another $116 million in the last 30 days. This is a stark contrast to the $1 billion market cap claimed in mid-December 2022, despite a successful parity upgrade with other Cosmos blockchains.
As of the latest data available, LUNC is trading at $0.00006107, managing to hold above a critical support level of $0.00006. To bolster this support and prepare for a potential breakout, the crypto giant Binance has taken action.
Binance executed a bold move by sending 815 million $LUNC tokens into the depths of the “bottomless pit” during the most recent $LUNC tax fee-burning ceremony. This strategic step has garnered appreciation from multiple members, as they continue their efforts to revive the ailing USTC, symbolized by the #BurnItAll campaign.
What is Terra LUNA Classic (LUNC)?
LUNA Classic (LUNC) emerges as the legacy of Terra LUNA following the UST/Luna crisis and the introduction of a fresh Terra chain. Kwon’s recovery strategy involved establishing an entirely new blockchain for future transactions. Consequently, the original chain underwent a division, giving rise to the LUNA Classic and the Terra chains. Terra will be the moniker for the new chain, often referred to as LUNA 2.0, while LUNA Classic (LUNC) serves as the native token of the original Terra LUNA blockchain.
Final Thought
The Terra Luna Classic community is navigating a complex landscape of proposals, market challenges, and ambitious projects. While the decentralized debit card proposal sparks excitement and debate, the quest to stabilize USTC and the ever-evolving crypto market dynamics present their own set of challenges and opportunities for the community to explore and overcome.
Ken Emmanuel is a Blockchain Content writer, a Web3 Enthusiast and a Social Media Management Strategist, he likes writing educative contents to help people gain more knowledge and get inspired. The growth of any organization he work with is always his priority. He is a Geographer by profession and loves reading.
