Terra Classic (LUNC) recently registered a massive 36% surge in 24 hours amid the latest positive developments surrounding the ecosystem.
Terra Classic (LUNC) is bucking the overall market trend, currently trading in green territories at a period when assets such as Bitcoin (BTC) and Ethereum (ETH) are registering losses. LUNC recently rallied by 30% in 24 hours on the back of the latest developments surrounding the ecosystem.
LUNC Closer to Parity
One of these developments is the recent rebel-2 testnet upgrade carried out by the Layer-1 Joint Task Force (L1JTF) on May 31. The upgrade brought the testnet to v2.1.0 – the LUNC version expected to get the blockchain to parity with Luna 2.0 and Cosmos.
Upgrading the testnet to v2.1.0 indicates that the L1JTF will go ahead to upgrade the mainnet to v2.1.0 on June 14. This development will introduce more utility to LUNC by allowing developers to bring their projects from the Cosmos and Luna 2.0 networks. The proposal to upgrade the mainnet to v2.1.0 has been put up for discussion, with governance voting expected to start on June 7.
Renewed Hope in USTC Re-peg
Another bullish development in the LUNC ecosystem is the disclosure from the L1JTF regarding plans to bring TerraClassicUSD (USTC) to $1. The L1 Team recently revealed plans to use some of the Q2 compute fund to create a test environment to assess conditions aimed at re-pegging USTC to the dollar.
This would allow the L1JTF to evaluate these conditions in a controlled environment, picking out the conditions appropriate for the re-peg event and then implementing them in a real-world scenario. This has triggered renewed hope of a successful re-peg.
Kim’s AI Chain
Additionally, the LUNC community recently got a sneak peek of Block Entropy, the AI chain app developed by Professor Edward Kim. L1JTF developer Vinh Nguyen and L1JTF project manager LuncBurnArmy (LBA) each shared screenshots of the app.
The shots shared demonstrated the AI capabilities of the chain app when it eventually launches and further underscored that the project is close to completion.
An uptick in burns, especially from the contributions of Binance and DFLunc, has also compounded optimism in the revitalization process. In addition, staked LUNC has seen a marked increase in recent times, heading towards the 1 trillion LUNC mark for the first time ever.
LUNC Rallied Over 36% in 24H
Notably, amid these developments, LUNC surged from a value of $0.00008445 at midnight on May 4 to a 6-week high of $0.00011550 at 23:00 on the same day. This surge marked a massive 36.7% in under 24 hours. However, the asset faced opposition at the $0.00011550 point.
Despite this opposition, LUNC closed May 4 with an impressive 29.64% gain, its largest intraday gain since September 2022. LUNC is still up 13.15% in the past 24 hours, making it the largest gainer among the top 100 assets. The asset is currently trading for $0.0001012.