The development team that took over the Terra Luna Foundation’s mission to build a strong web3 ecosystem has made significant progress in the Terra Luna Classic (LUNC) network. Despite a major blow in early 2022, when the original Terra Luna ecosystem collapsed from over $41 billion to approximately $485 million, the core developers and community remain committed to long-term success.

Additionally, dozens of decentralized finance (DeFi) projects have been deployed on the Terra Classic network. Some of the top Web3 projects on the Terra Classic network include Astroport Classic, TerraSwap (DEX), Loop Finance, and Eris Protocol.

As of this writing, the total value of the Terra Classic network is approximately $2.23 million, with the stablecoin’s market cap at approximately $524,000.

Binance Supports Terra Classic

Binance Holdings Ltd., the leading cryptocurrency exchange by daily trading volume and registered users globally, has played a crucial role in the remarkable recovery of the Terra Classic network over the past two years.​

In addition to allowing the burning of LUNC to reduce the overall circulating supply, Binance has also supported several Terra Classic network upgrades.

For example, Binance has announced that it will support the Terra Classic network upgrade, which will take place at block height 19,850,000, approximately 2024-09-18 11:15 (UTC).

This latest Terra Classic upgrade applies the wasmd security patch from Genuine Labs’ PR 512 v3.1.4.

The network was updated to version 0.46 and upgraded to version 1.5.4. In addition, the previous version v3.1.4 was released only to terminal providers, which included a fix for gas estimation for taxable transactions.

Impact on LUNC price trend

From a technical perspective, the LUNC price against the USD has formed a macro reversal pattern, characterized by a potential double bottom coupled with a bullish divergence on the weekly time frame.

LUNC’s price has established solid support above $0.000054 so far this year and could see a rally to $0.00020 in the short term, which coincides with the .618 Fibonacci Retracement level.