The price of Terra Classic (LUNC) rose nearly 3% in the past few minutes following the news of a major development slated to take place on the network. This comes after Jared, who recently served as the liaison for TFL and the LUNC community, asserted that the Terra Classic network stands to gain significantly from the new “breakthrough in chain integrations”.
LUNC’s Integration In Interchain Station
While speaking on the release of the new station wallet, Jared’s comment sparked widespread interest within the community as the new integration had been a much-awaited update for the re-launch of the dwindling blockchain. The lead developer further mentioned that the launch had been delayed till Jan 12 due to this development.
Jared was quoted as saying:
For the LUNC community. Stay tuned, the delay is related to an update you’ve been waiting for.
The announcement follows up with the news of multiple integrations currently taking place in the wallet’s repository, which include the likes of Osmosis, Juno, SEI, Carbon and another “bonus chain” that would be revealed later this week. Moreover, Jared confirmed that the interchain support would be made available within the next 48 hours and the chain integrations would be done in a progressive manner.
We are launching interchain support roughly 48hrs from this tweet.
After this initial launch, chain integrations will be on a rolling basis.
— Jared_TFL (@Jared_TFL) January 10, 2023
Read More: Top 10 DeFi Lending Platforms In 2023
Terra Classic (LUNC) Token Burn
Jared’s tweets come at a time when the classic chain has been continually facing reports of internal conflict among the developer groups viz. Terra Rebels and the massive undelegation process carried out by exchanges; case in point, the recent 48 Billion LUNC undelegation by the KuCoin crypto exchange.
However, on the other hand, the Terra Classic community has actively been burning the excess number of tokens in circulation. By 2023, the project and the validators of the chain plan to have burned billions of Terra Classic (LUNC) tokens. Currently, the community has staked about 850 billion LUNC tokens collectively and burned approximately 37.30 million of the altcoin so far.
As things stand, the Terra Classic (LUNC) price is currently being traded at $0.000167. This represents an increase of 3.1% on the day, in contrast to the massive gain of 10.2% during the last week, as per CoinGape’s crypto market tracker.
Also Read: Nearly $12 Billion Vanishes From Binance’s Assets; What’s Going On?