Bitcoin and altcoin exchange KuCoin has unstacked 48 billion Terra Classic (LUNC). Thus, KuCoin, the Terra Classic validator, reduced its voting power to 0.21 percent. It then ranked 44th in the validator list. The Terra Classic community believes that a drop may follow and the LUNC price will drop further. Here are the details…
Bitcoin exchange takes a new step for 48 billion LUNC
Terra Classic influencer and YouTuber ClassCrypto revealed that KuCoin has “undelegated” all 48 billion LUNC tokens. KuCoin now ranks 44th in the validator list. The voting power is 0.21 percent. There are no additional details as to the reason behind this large amount of LUNC removed from the delegation. However, the community believes that a price drop could happen soon. Some think the exchange may burn LUNC tokens.
BREAKING : @kucoincom Validator Undelegates 48 BILLION #LUNC. pic.twitter.com/eiuSmDGIHg
— Classy ? (@ClassyCrypto_) December 30, 2022
However, KuCoin has not released an official announcement regarding this matter. Therefore, the development is also considered to be part of the restructuring of central exchange funds, most likely. Also, KuCoin has not yet completed the second round of the Terra (LUNC) airdrop for LUNC and USTC holders. As the cause remains unclear, FUD has risen again in the Terra Classic community. Some even withdraw their LUNC tokens from KuCoin and transfer them to Binance.
Proposal 11168 by Terra Classic core developers Edward Kim and Tobias Zaradar is under voting. Together with this proposal, it will create a “Joint L1 Task Force” team that will look at maintenance updates and L1 layer enhancements to the Blockchain.
Binance changed the burn mechanism for Terra
Meanwhile, cryptocoin.com As we have reported, an announcement for LUNC has come from Binance, another major cryptocurrency exchange. Leading cryptocurrency exchange Binance has announced that it has changed the burning mechanism for Terra Classic (LUNC) transaction fees. According to the exchange, the changes come in response to two controversial proposals – Proposal 10983 and 11111 – that the LUNC burn is a development fund. As part of the changes, Binance said it will reduce LUNC spot and margin trading fees from 100 percent to 50 percent, effective December 28, 2022.
The exchange added that it will delay the submission of LUNC transaction fee burning contributions for address burning until March 1, 2023. This will ensure that transaction fees are not reprinted until the LUNC community meets certain requests from Binance. Meanwhile, Terra Classic (LUNC) price broke above the 3-month descending channel. That’s why it has increased by about 50 percent in the last few days. However, a market-wide sell-off and Binance’s suspension of the LUNC burn affected the price. The mentioned situation caused the LUNC price to drop below $0.00015 again.