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Luna Classic (LUNC) resurrected
Luna Classic (LUNC) : history was created!
Luna Classic has been resurrected. 74% of validators have now adopted the revised V22 Luna Classic code.
It was less than an hour ago when Orion.Money uploaded the V22 code to their platform, pushing Luna Classic beyond the 66% validator barrier required to validate transactions and operate the network.
Since the destruction of Terra Luna (now Luna Classic) on May 9th, 2022, the whole crypto world has been on the verge of extinction. The depreciation of Terra UST algorithmic currency sent a cosmic earthquake across the crypto cosmos, causing the demise of Celsius, Three Arrows Capital, and Voyager Digital, among others.
As Terra Luna plunged from $93 to $0.0000085, I was among the millions of initial investors who regarded Terra Luna as having an irrational potential to comeback and become the most powerful crypto platform in the whole crypto universe.
When the token reached its lowest, I started purchasing Terra Luna coins at steep discounts. Within 24 hours, I had recovered all of my losses and earned a tiny profit.
Terra Luna was split into two different ecosystems in the months that followed, Luna and Luna Classic. The new Luna became Terra’s official token. Money and Luna Classic were abandoned chains with no support.
This was followed by the formation of Terra Rebels, a volunteer group of developers tasked with updating and resurrecting the defunct Luna Classic platform.
We thank this historic accomplishment to Terra Rebels! They created all of the staking and validation routines, as well as the 1.2% burn tax proposal included in the new Luna Classic code, V22. Furthermore, they have spearheaded the whole process of interacting with the Terra Luna Foundation, validators, and exchanges in order to build the V22 Luna Classic code, which is the code that gives life to the old network.
Today, we have over 66% of the validators required to operate Luna Classic; we have Binance, the biggest crypto exchange, committing to formally adding the 1.2% burn tax functionality to their platform.
This is a happy day because Luna Classic – the Crypto Phoenix — has finally taken off the ground on its own, commencing its maiden flight into the endless horizon!
It is also a day of reflection! We must pause to reflect on how fortunate we are to have altruistic people and organizations from all around the globe come to the aid of Luna Classic.
I want to thank each and every one of you for the gift of hope that Luna Classic provides. Without you, everything would be gone!
–In order to comply with financial disclosure laws, I must notify you that I am not an investment adviser. This material is just for informational purposes. Conduct your own research. Furthermore, I own Luna, including units acquired both before and after the UST/USD depreciation.
What is the V22 Upgrade for Luna Classic?
When Terra’s ecology broke earlier this year, it split into two distinct ecosystems: Terra 2.0 and Terra Classic. Terra’s official token became the new Luna, whereas Terra and Luna Classic were mostly abandoned. However, a group of enthusiasts banded together to bring it back to life with a series of improvements, including the V22.
Since then, the ‘Terra Rebels’ organization has managed to reintroduce the code for staking and validating on the network. The V22 is expected to revitalize the network by instituting a 1.2% burn tax. This is intended to compensate for the increased LUNC supply caused by overmining when the coin fell.
Last month, the code was successfully implemented on the Testnet and is now ready to go live on the Mainnet. A developer at the time said that once the Mainnet is implemented, around 7.5 to 12 billion LUNC would be burned per day.
The LUNC network update will take place on August 26 at around 22:00 UTC, at the block height of 9,109,990.
The Luna Classic has been resurrected!
Will you make a new history?
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