Per recent news spewing excitement in the Terra Classic community, the LUNC developers have successfully restored the crypto platform’s market swap function, which has been down right after the Terra blockchain collapse in May 2022. 

Intriguingly, the re-installment of the market swap function coincided with LUNC recording an impressive market trend.

Read Also: Early Bitcoin Adopter Tells Investors To Trade USDT For Shiba Inu (SHIB). Can Bulls Rule Again?

Why The Excitement?

The market swap feature was designed initially to be adopted when exchanging between Terra Classic USD (USTC) and Terra Classic on-chain. Notably, the market swap initiative was to ensure liquidity while affording users and traders an avenue to explore Terra Classic’s all-encompassing metaverse.

As stated earlier, the Terra ecosystem collapse in 2022 disrupted the market swap functionality. However, the feature was not allowed to go into oblivion, as efforts were put into restoring it by including it in the Terra project revitalization plans, spearheaded by the Layer-1 Joint Task Force (L1JTF) and the USTC Quant Team. 

Market Swap Restoration – Impact On LUNC Market Trends 

Following the news breakout of the market swap feature re-installment, LUNC has been recording impressive market statistics. Notably, the digital asset registered an approximately 50% rally within a 24-hour interval.

The above exceptional market trend could also be attributed to Bitcoin’s remarkable market activities. BTC has been registering enticing market statistics, and the effect can be seen in most crypto projects.

We are on twitter, follow us to connect with us :- @TimesTabloid1

— TimesTabloid (@TimesTabloid1) July 15, 2023

Read Also: Terra Classic (LUNC) Price Surges Following Binance Announcement

Terra Classic (LUNC) Projected To Increase By 720% 

Per one of our recently published reports, LUNC was projected to spike by 720%. Javon Marks was the crypto analyst behind the price prediction, and he cited factors that could contribute to such a remarkable spike in price. 

According to Marks, Terra Classic is unique in maintaining a consistent trend. He noted that the ability to be steadfast in keeping up to date with an already established principle remains a significant catalyst that would catapult LUNC’s price to incredibly high levels.

Based on data obtained from CoinGecko, LUNC is currently changing hands at about $0.00008340. Invariably, a 720% increase represents $0.000683 price. It is left to see how events unfold.

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Terra Core has successfully upgraded to v2.4 and is once again producing blocks. Shoutout to Terra validators for a speedy upgrade!

— Terra Powered by LUNA (@terra_money) July 18, 2023

Notably, the network downtime that was experienced a few hours before the network upgrade at about 13:00 (UTC) was envisioned, following an earlier announcement by the development team on July 17.

Read Also: Terra Classic (LUNC) Parity with LUNA 2.0 and Cosmos Upgrade? Here’s the Latest as New Date Fixed

Voting Results

Votes to determine the implementation of v.2.4 network upgrade as approved by the concerned community members on July 17 were concluded on Tuesday with 98.22% “YES” votes and 1.78% “NO” votes.

The majority of votes in support of the network enhancement implementation came from the Setten Validator (2.7%) and Smart Stake Analytics Hub (2.29%). However, the Kucoin Luna Node and 70 other validators exempted themselves from voting on the on-chain proposal.

On-chain Proposal vote ended!

Prop #4737: Phoenix Software Upgrade v2.4

Status: Passed 98.22% of YES votes, 1.78% of NO votes, turnout: 53.7%

Link: https://t.co/sLaDiOvivo

— Terra Governance Alerts (@terra_agora) July 17, 2023

What Does Terra (LUNA) Hope To Achieve With Upgrade 

The main idea behind the just-concluded update is to push for the adoption of LUNA, the dedicated token of the Terra blockchain. Per a previously drafted outline by Terra’s development team, the upgrade will integrate and tackle four impediments known to limit activities on the Terra blockchain.

One such limitation that got resolved following the successful upgrade implementation is the issue of Smart Contracts not triggering as expected.

In addition, undelegation problems witnessed by some Terra blockchain users got resolved. At the same time, a crucial issue related to message validation got fixed too.

Read Also: Terra (LUNA) Price Prediction Till Mid-2023: Changelly

Terra (LUNA) Moves For Inter Blockchain Communication (IBC)

Per new findings, a group of developers submitted a Terra enhancement proposal for governance voting on Monday. The new proposal was tagged “Gate Contract,” which aims at promoting inter Blockchain Communication (IBC) messages between Terra (LUNA) and other smart contracts running on different chains.

It is worth noting that Terra (LUNA) blockchain can not merge with Terra Classic (LUNC) blockchain as both blockchains are known to be certified independent blockchains; Terraform Labs staff, Jared, made this disclosure via an old tweet.

Yeah, it’s really about what you mean by “merge”
They are sovereign chains. You can’t change that factor.

If you mean you would like developers to work together, that is happening. That is feasible.

— Jared_TFL (@Jared_TFL) January 13, 2023

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Terra Classic (LUNC) Blockchain Upgrade to v.1.1.0

Tobias Andersen, a member of the Terra Classic layer 1-focused development team known as the Joint L1 Task Force hinted on Monday that another major Terra Classic upgrade is around the corner. 

Having completed the Terra Classic blockchain transition from v.1.0.4 to v.1.0.5 about a week ago in order to meet Binance’s requirement to resume LUNC burn, the active development team, the Joint L1 Task Force is set to upgrade the Terra Classic blockchain to v.1.1.0. 

In a tweet shared on the 20th of February, Andersen, a senior member of the team wrote, “1.1.0-rc1 seems to be working now,” sharing the GitHub link for confirmation. He added that the upgrade to v.1.1.0 “should be good to go soon.”

This update comes shortly after Garuda Nodes, a validator on the Terra Classic network, announced that a new play-to-earn game would be launched on the LUNC blockchain by Q2 of 2023. 

1.1.0-rc1 seems to be working now @ https://t.co/ng3BCEoLlI . Should be good to go soon time for some sleep

— Tobias Andersen (@ZaradarBH) February 20, 2023

Read Also: Staked LUNC Hits New High as Over 3.5 Billion Terra Classic Tokens Were Staked in a Day

Edward Kim, the brain behind the formation of the Joint L1 Task Force mentioned this upgrade in the signal proposals he submitted to the community for voting last week.

The lead Terra Classic developer proposed that three optional features including wallet exemption to on-chain tax, separate burn wallet exempt from Seigniorage and burn tax split to the community pool should be added on the LUNC blockchain when the upgrade to v.1.1.0 is completed. 

Bringing these optional features to the Terra Classic blockchain would enable the community to meet Binance’s conditions to pick up LUNC burning, the associate professor pinpointed. 

According to Kim, these three optional features would only be added to the Terra Classic blockchain alongside the next LUNC network upgrade to v.1.1.0, if there is a signaling consensus on the three signal proposals. 

On the other hand, Kim said that if all three optional features fail to pass the signaling governance, there will still be a release of v1.1.0 put forth for voting that contains consensus-breaking required security updates.

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Terra Casino is committed to the 0.2% tax to help the community in the currently active LUNC burn campaign.

Read Also: Terra Classic Circulating Supply Drops Below 6 Trillion As Total LUNC Burned Surpasses 28 Billion

The platform shared the new achievement via its official Twitter handle on the 25th of November. According to the report, the number burned now stands at 1,096,015 LUNC in just four days of the official launch. The betting platform also used the medium to hint at an upcoming interesting event for the Terra Classic community.

Woo hoo we've just burnt our first million #LUNC
And in only 4 days…

And there's a fab surprise coming to

Thanks all who's helping out pic.twitter.com/ta6M06W1L2

— TerraCasino (@TerraCasino_io) November 25, 2022

Among those who reacted to the new development was Rex Harrison, Head of Development at TerraCVita and a prominent Terra community member.

Harrison, also known as Rexzy, rejoiced over the attainment of such a height within a few days of launch. He also shared the potential height that the platform can attain in its quest to contribute to the recovery of the Terra Classic ecosystem.

Read Also: NFT Marketplace That Supports LUNC Burning Set to Go Live on Terra Classic Blockchain

According to Rexzy, the 1 million LUNC burned by TerraCasino only applied to on-chain deposits and withdrawals.

Rexzy noted, “Wow, TerraCasino_io soon got to 1m #LUNC burned, and this is just deposit and withdrawals on the chain. The more we support them, the more they burn,”

Wow, @TerraCasino_io soon got to 1m #LUNC burned and this is just deposit and withdrawals on chain
The more we support them, the more they burn https://t.co/OEHMt6EG6F

— Rexyz (@RexYellerBelly) November 25, 2022

For a project like this to keep running, there will always be room for applause and criticism. As some members of the community applaud the gabbling platform for its commitment towards LUNC recovery, others are criticizing it for its low burn rate and inability to confirm its so-called LUNC burned on the blockchain.

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As disclosed by the pseudonymous validator on the Terra Classic network, Classy Crypto, Do Kwon who abandoned LUNC to launch Terra 2.0 (LUNA) in May has set out to contribute toward the revitalization of the LUNC project. 

Particularly, the Terra founder who had earlier integrated Terra Classic into the official wallet of Terra, affirmed that Terra Station would perpetually support the LUNC community. Do Kwon also noted that the TFL would accommodate Terra Classic in future partnerships secured for LUNA. 

“We’ll maintain Terra Station for the $LUNC community as long as it takes. We’re comfortable doing it for the foreseeable future. We’re happy to include the $LUNC community in many future $LUNA collaborations,” Do Kwon asserted in a recent AMA session per Classy Crypto’s tweets.  

“We’ll maintain Terra Station for the $LUNC community as long as it takes. We’re comfortable doing it for the foreseeable future.” –@stablekwon on his latest AMA

— Classy (@ClassyCrypto_) November 22, 2022

Read Also: Terra Classic to Soon Become Fully Cosmos Interoperable As New Upgrade Is Slated For December

The TFL’s decision to include the LUNC in future LUNA collaborations is believed to be quite timely and significant for the Terra Classic community. Currently, the Terra Classic team is on course to launch the v23 network upgrade. This upgrade planned for December 2022, aims to make Terra Classic compatible with decentralized applications on the Terra (LUNA) chain. 

In highlighting the significance of the v23 upgrade, LUNC DAO, the fourth-largest validator on the Terra Classic network stated that achieving a technological parity between LUNC and LUNA, will allow Dapps on the LUNA chain to deploy easily on the LUNC network. 

Consequently, this would lead to increased on-chain activity on the Terra Classic network. LUNC DAO further wrote, “LUNA is the hope for the heartbroken community to rebuild.”

16/ Fundamentally, I believed:

A) That $LUNC had tremendous value + was woefully undervalued at <$200M MCap. This was true. The exact valuation now depends on factors like Terra Rebels ability to organize themselves

B) $LUNA is the hope for the heartbroken community to rebuild

— 🅻🆄🅽🅲 🅳 (@LUNCDAO) October 23, 2022

Related: Do Kwon Agrees to Suggestion of a Mutual Alliance between LUNC and LUNA: Details

It is worth noting that Do Kwon has demonstrated support for the Terra Classic community in several instances. As earlier reported by TimesTabloid, the Terra founder told Alex Forshaw, a top LUNC community member about an Ethereum multisig wallet, containing non-Terra assets worth about $4.16 million then.

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Per a podcast clip shared by the BTC Archive Twitter handle on Wednesday, Martin Shkreli teased Do Kwon regarding the May Terra collapse, which resulted in at least $60 billion being wiped out from the crypto industry plus many other damaging developments. 

Martin Shkreli said to Kwon, “I just want to let you know, jail is not that bad. It’s not the worst place; it’s not the worst thing that can happen so, don’t fret. I hope it doesn’t happen but if it does happen, it’s not that bad.” In response, the TerraForm Labs CEO said, “good to know” while laughing at the joke alongside the co-podcasters. 

Martin Shkreli tells Do Kwon "Jail is not that bad"

today has been WILD!
pic.twitter.com/xDEkKnscxg

— Bitcoin Archive (@BTC_Archive) November 8, 2022

Of course, this joke saw a lot of furious responses from the crypto community, especially investors who lost their funds due to the USTC de-pegging and the LUNC fall incident. Among those who commented were John Deaton and Antoine Stan.

Stan wrote, “Making jokes when people lost a lot of their savings is pretty immature and just nasty.  I find people like this embarrassing tbh.”

Read Also: Attorney John Deaton Explains Why LBRY Case Outcome Should Not Be Expected for XRP Lawsuit

John Deaton Attacks Do Kwon

Reacting to Do Kwon’s reply, John Deaton slammed the Terra founder, who is reportedly said to be on the run or in hiding to avoid arrest warrants from Interpol and the South Korean crime authorities. 

The staunch Ripple/XRP proponent and the attorney representing over 75,000 XRP holders in the lingering XRP lawsuit, labeled Do Kwon a “clown” and remorseless for joking about the loss-inflicting and unfortunate occurrence. Notably, the XRP lawsuit involves the United States Securities and Exchange Commission (SEC) and Ripple, the San Francisco-based crypto solutions company and leading cross-border payments firm.

Deaton wrote in a comment, “This clown laughs about jail while people got wiped out. Anyone that thinks he has true remorse is a fool.” 

This clown laughs about jail while people got wiped out. Anyone that thinks he has true remorse is a fool. https://t.co/uv6wpiLXk4

— John E Deaton (220K Followers Beware Imposters) (@JohnEDeaton1) November 9, 2022

Read Also: Do Kwon Suggests Ways to Make Terra (LUNA) Bloom Again

It’s worth noting that the Terra downfall that took place in May 2022 is among the greatest disasters in the history of cryptocurrency. While several individual investors suffered huge liquidations, some resorted to suicide. Many crypto companies like the once-thriving lending platform, Celsius Network, and crypto hedge fund, Three Arrows Capital (3AC) went out of business because of the USTC and LUNC price dump.

Do Kwon, whose whereabouts remain hidden stated recently that the Terra case is highly politicized, mentioning that he will stage a mild meetup or conference to debunk the claims that he is on the run.

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In a leaked WhatsApp conversation between a supposed LUNC core developer and Kwon as shared on Twitter by LUNC DAO, possible interoperability between the old Luna chain and the new Luna chain was suggested.

It can be recalled that after the collapse of the old Terra Luna chain, an entirely new chain was created codenamed Terra (LUNA 2.0). Ever since, the old chain, which is now known as Terra Classic, has been abandoned by Do Kwon and his team of developers at Terraform Labs.

Possible Mutual Alliance between LUNC and LUNA

It should be noted that Do Kwon has started to show a kind of support to the Terra Classic community lately and the recent conversation is proof of his interest in the imploded digital asset LUNC.

In the WhatsApp conversation, the anonymous Terra Classic developer wrote:

“Some quick thoughts $LUNC and $LUNA. What if we envisioned a twin moons in the sky scenario where the whole was greater than the sum of the parts?

“- LUNC gets upgraded to parity – Some LUNA apps being built could launch on LUNC too. Good for builders and the LUNC Community (LUNC is suffering from a severe case of high attention/ MCap but no builders or clear direction).

“- Interchain alliance between LUNC + LUNA? LUNC staking rewards are high and desirable.

“- Reward post-crash LUNC holders who created terra station wallets for interacting with LUNA too. Many hundred thousands of new wallets were created in the last few months.

“- Down the road, I am imagining the possibilities for aligned incentives and stuff like games where the LUNC crowd could go head to head with LUNA, etc. But you guys will have more ideas

“Thoughts? Feels like a really fascinating jigsaw pieces situation where we can transmute the existing situation/attention and benefit all.”

In response to the LUNC user’s suggestions, Kwon said it’s not hard to form an alliance with LUNC as long as the community supports it.

Do Kwon said, “Forming an alliance with lunc isn’t hard – as long as a software upgrade proposal can pass from that side.”

However, it seems an alliance between LUNA and LUNC is not a good idea for many Terra Classic community members as some of them threatened to dump their LUNC holdings if such an association happens.

A supposed LUNC holder wrote, “In all seriousness, Stay the fuck clear of Do Kwon. Would be the biggest mistake for LUNC to be caught up in any shape or form with that clown.”

In all seriousness, Stay the fuck clear of Do Kwon. Would be the biggest mistake for LUNC to be caught up in any shape or form with that clown.

— Crypto Jim (@Purg_Production) November 5, 2022

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Terra 2.0 (LUNA) emerged as a consequence of the de-pegging of USTC but the newly designed blockchain ecosystem has not flourished as envisaged. To this end, the team rolled out an amended ecosystem expansion program dubbed Terra Expedition. 

Terra Expedition 

The Terra Expedition is said to be a revised iteration of the Developer Mining Program and Developer Alignment Program earlier disclosed at the launch of Terra 2.0. “This revised proposal aims to better align incentives across the ecosystem and focus on attracting developers, onboarding users, and promoting deep liquidity,” part of the proposal said. 

It’s worth noting that the Terra Expedition is designed to be a 4-year growth-based program for the Terra ecosystem. The three main objectives of the Terra 2.0 ecosystem expansion program include incentivizing developers to build on the Terra blockchain, deepening liquidity on Terra, and onboarding users to Terra. Funding of the program would be made possible using 9.5% of the total supply of LUNA. 

While several members of the Terra community have dropped their comments on the developmental plan, Terra founder Do Kwon has largely countered the points outlined in the Terra Expedition plan released in October. In turn, he spelled out a different approach that could be adopted to make the once-thriving Terra ecosystem bloom again. 

Read Also: Terra Founder Do Kwon Plans to Host a Conference, Says Cops Worldwide Could Attend

Do Kwon’s Counter Thoughts on Terra Expedition 

In response, the Terra creator dropped his opinions on the planned initiative in a Thursday comment, stating why the Expedition is flawed. He said, “I believe the expedition proposal is a subpar spend of the community pool, and I urge the community to consider better alternatives (including doing nothing).” 

Some thoughts on expedition: https://t.co/Rf6dtufqKg

— Do Kwon (@stablekwon) November 3, 2022

In buttressing his opinion, Do Kwon highlighted the following; inorganic developer incentives suggested in the proposal are usually short-lived, nothing-at-stake committees are poor capital allocation, and proposed spending efficiency is low. Lastly, he said “developers won’t build on Terra unless there is a compelling reason. They will if there is one.”

Speaking on the proposed spending inefficiency, Kwon noted that the Terra expedition proposes to spend 1 dollar to achieve 1 dollar in TVL, citing that the plan is not very attractive. Moreso, Do Kwon outlined alternative ways to spend the community pool and also achieve interchain security. 

He said, “the community pool can be deployed to incentivize adoption of Luna alliance staking (subsidize LSD yield) over other staking assets. Over time, the goal should be to have Luna be one of the most widely used assets for interchain security across the cosmos.”

“I think by solving security / tooling entry costs & solving for user fragmentation, it will be more attractive to launch blockchains vs launching smart contracts for a wide array of use cases,” he added.

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Do Kwon, the co-founder and CEO of TerraForm Labs, took to Twitter on Friday to announce his intention to arrange a mild meetup conference in the coming days. He noted that cops around the world are welcome to attend the probable gathering.

According to him, the goal is to clear the air in relation to rumors that he went into hiding following the collapse of the TerraClassicUSD(USTC) and Terra Classic (LUNC) in May. But it’s worth noting that Kwon has been mildly demonstrating support for the now community-driven Terra Classic (LUNC) project to aid its revitalization.

In the thread of tweets, he added that the intended event would also discredit the claims that he is on the run and trying hard to evade arrest warrants from South Korean authorities, Interpol, and other crime-related departments.

Related: Do Kwon Answered Questions on Everyone’s Mind in the Latest Interview: Details

He wrote, “Alright, I’ll throw a meetup/ conference soon to get over this in-hiding bs.” Cops from all over the world are welcome to attend, he included. 

“For those of you that have been spreading falsehood on the taxpayer’s dime, you are invited with VIP honors – will even pay for your plane ticket. Show up if you dare,” Kwon thundered. 

Alright ill throw a meetup/conference soon to get over this in hiding bs

Cops from world over welcome to attend

— Do Kwon (@stablekwon) November 3, 2022

The Terra founder went further to reiterate that the Terra collapse investigation launched by Korean authorities is highly politicized.

*makes up complete bullshit for political reasons*

Not true?

*Claims sovereign immunity*

— Do Kwon (@stablekwon) November 3, 2022

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In a tweet on November 1, Terra Rebels, the group of developers supporting the progress of the Terra Classic blockchain, revealed that the release of the new version of the blockchain is on track. It also disclosed that the Inter Blockchain Communication (IBC) with the Cosmos network will be re-enabled by the end of 2022.

Read Also: Upcoming Terra Classic (LUNC) Upgrade Will Make the Network Become Fully Interoperable: Details

In a recent Ask Me Anything (AMA) session, the Terra Classic core developer Edward Kim, said, “…we’re looking at reworking the underlying Cosmos tendermint skeleton and upgrading vanilla Cosmos 45.8 and then upgrade to Tendermint v34. If you look at what Jacob Gadikian has done for … Osmosis Notional and Osmosis, they upgraded to 45.9. And that is in our repo.”

Kim also disclosed during the AMA that Tobias Andersen, a fellow core developer, who is also known as Zaradar in the community, is currently working on the upgrade of Tendermint to v37. Howbeit, due to changes in Tendermint, Kim said the developer has a lot to do. Once this is complete, the implementation of CosWasm v1.0.0 will follow, Kim added.

Key takeaways from @edk208 for the upcoming cosmwasm upgrade and IBC reopening set for Q4 2022. Special thanks to @gadikian and @osmosiszone team work and dedication.

Link to full AMA:https://t.co/VVrL9YYoZ4#LUNC #LunaClassic #LuncCommunity #IBC pic.twitter.com/XJhu1F29Vk

— Terra Rebels (@TerraRebels) November 1, 2022

Read Also: A Top DeFi Protocol Is Considering A Return To Terra Classic (LUNC): Details

It can be recalled that the IBC protocol between Terra Classic and Cosmos chains was disabled during the historic collapse of the Terra ecosystem. This action was taken by the team in a bid to guard against impermanent losses on UST and LUNA pools on Osmosis and other IBC DEXs.

The re-enabling of IBC will equally allow for the trading of LUNC and USTC on Osmosis, Sei, and Kujira. Importantly, linking with the Cosmos chain will help in bringing back liquidity to the Terra Classic chain and further expand its use cases.

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