The Terra Classic community is proposing a signaling proposal to raise LUNC and USTC prices to $1 by reinstating the LUNC burn tax to 1.2%, but it may not succeed based on initial voting and sentiment. Another proposal is seeking to increase the LUNC on-chain tax to 1.5%, with 1.2% for burn tax and 0.3% for the community pool, and is asking for the community's help to persuade crypto exchanges to support the burn tax. LUNC price has risen by 1% in the past 24 hours, currently trading at $0.000085, due to Binance LUNC burn and an increase in sentiment from upcoming changes to the chain.

On May 9, 2022, the UST stablecoin's price fell below its $1 peg, causing a panic sell-off that further decreased the value of LUNC, Terra's native token. By May 13, UST had completely lost its peg and LUNC had lost 99% of its value.

Edward Kim, a Terra Classic developer and computer science professor at Drexel University, is creating an AI app chain called Block Entropy. The Terra Classic community recently got a glimpse of the app's capabilities, including an AI-generated cat image. Vinh Nguyen, a Vietnam-based developer, showcased the image and touted Block Entropy as the first blockchain-based AI generation engine. The app chain also includes voice generation and AI chat functionalities and will operate on the Terra Classic blockchain. The public testnet for Block Entropy was set to be accessible in mid-May, and the Interchain Accounts module will enable seamless communication with the Terra Classic network once it achieves parity.

The L1 Joint Task Force is making progress towards implementing the Cosmwasm upgrade for the Terra Classic blockchain, bringing it to parity with Luna 2.0 and Cosmos. The upgrade has been delayed from May 31 to June 14 to allow for additional testing.

Despite a price increase, market sentiment remained negative and indicators suggested that the uptrend could end soon. Binance announced support for the network upgrades of both Terra Classic (LUNC) and Fetch.ai (FET), which could have a strong impact on the ecosystem in the coming days.

The official date for the CosmWasm v1.1.0 parity upgrade has been announced by the Joint L1 Task Force (L1TF) of Terra Classic developer group. The upgrade will bring Terra Classic to parity with other blockchains and will enable several features, including allowing projects and builders across Cosmos and Terra Luna 2.0 to build on the Terra Classic chain once again. The upgrade was delayed by two weeks for additional testing. In addition, we have compiled an updated list of crypto Telegram channels for 2023 and the best crypto presale projects to invest in for 2023 to keep you informed on the latest news and trends in the industry. Don't miss out on these valuable resources for crypto investors.

KuCoin has announced an increase in the burn tax for Terra Classic LUNC following the successful passing of a proposal aimed at raising the tax to 0.5%. The activation of the burn tax will occur on May 23 at a designated block height and is expected to reduce the supply of LUNC while increasing payments for users involved in transactions with LUNC and TerraClassicUSD. However, the increase in fees may also lead to a reduction in trading volume. While other proposals to increase the burn tax have failed in the past, a new proposal has gained massive support, along with three others aimed at enhancing economic policies on the network.

The latest upgrade to the Terra Classic blockchain includes mandatory security updates and a minimum initial deposit for governance proposals. The successful implementation of the v2.0.1 upgrade by the Joint L1 Task Force has resulted in a positive reaction from traders, driving the LUNC price up by 3%. The next major upgrade, the Cosmwasm v1.1.0 upgrade (parity), is scheduled for May 31 and will enable projects and builders on Cosmos and Terra Luna 2.0 to resume development on the Terra Classic chain. The Terra Classic community is also discussing increasing the burn tax to 1.2% and launching a testnet for the AI upgrade called Block Entropy.

KuCoin, a popular cryptocurrency exchange based in Seychelles, has announced its support for the increase of Terra Classic (LUNC) network's burn tax from 0.2% to 0.5%. This decision was made in response to the passing of a proposal seeking the implementation of the increase.

The Terra Classic blockchain has smoothly undergone an upgrade to v2.0.1, which has added new features such as minimum initial deposit for governance proposals and mandatory security updates. The upgrade was carried out by key members of the team, including core developer Edward Kim and programmer Fragwuerdig. The successful upgrade has led to a 3% increase in the LUNC price. The next major upgrade, Cosmwasm v1.1.0 upgrade (parity), is scheduled for May 31, which is expected to bring back utility to the Terra Classic network. To stay updated with the latest opportunities in the world of cryptocurrency, check out our updated list of promising options, including Terra Classic, and the best crypto Telegram channels for 2023.

Binance's recent announcement of support for Terra Classic's network upgrade to v2.0.1 has generated excitement and potential for price increase. This positive development, combined with recent price action, has led cryptocurrency expert Javon Marks to predict a significant price surge for LUNC.

Binance, the world's largest cryptocurrency exchange, has announced its support for the Terra Classic v2.0.1 network upgrade and Kava 13 mainnet upgrade. Deposits and withdrawals for LUNC and USTC on the Terra Classic network, as well as KAVA, will be temporarily suspended. The Terra Classic upgrade will bring in new features, such as minimum initial deposit for governance proposals and mandatory security updates.

DFLunc, a DeFi protocol launched in April, has burned almost 2 billion LUNC tokens in just two weeks, surpassing Binance's monthly LUNC burn of 1.27 billion tokens. The protocol uses smart contracts to continuously burn LUNC tokens, with a total burn exceeding 57.8 billion. DFLunc is also a validator for Terra Classic, allowing users to mint its DFC token by burning LUNC tokens. The protocol's growth plan is divided into different stages, with the community still burning LUNC through its contact address. Additionally, LUNC price has gained momentum, with a 1% increase in the last 24 hours and increased trading volume. 

The Joint L1 Task Force's Proposal for v2.0.1 Upgrade has been approved with overwhelming support from major validators. The upgrade includes important features such as upgraded Cosmos SDK and Tendermint, improved code maintainability, and a minimum initial deposit for governance proposals to prevent spam. However, former core developer Tobias "Zaradar" Anderson has expressed doubts about its success and suggests the nuclear option for the WASM module may be the easiest path. The Terra Classic blockchain will stop at block 12,812,900 on May 17, followed by the Cosmwasm 1.1.0 Parity upgrade on May 31 to enable projects and builders across Cosmos and Terra Luna 2.0 to build on the Terra Classic chain. The LUNC burn rate has increased due to a new project burning billions of tokens in just a week, leading to a drop in LUNC price below $0.000010. The price of Terra Classic is currently unknown and there are no associated tags.

The HappyCattyCrypto validator operator has responded to claims made by DFLunc Protocol, a project and validator in the Terra Classic ecosystem, that they have burned up to 1.3 billion LUNC. HappyCattyCrypto alleges that data suggests the actual burn amount is 111 million LUNC, and not 1.3 billion tokens. However, after further investigations, HappyCattyCrypto acknowledged that the project’s actual contract address indicates that it has actually burned 1.3 billion LUNC. There have been doubts raised by LBurn Project and others about the legitimacy of DFLunc's claims, but the team behind the project has disclosed a way for the community to track their burns on Terra Finder.

Investors are increasingly confident in the long-term potential of Terra Classic (LUNC), as over 900 billion tokens are now locked up through staking contracts. This represents a significant increase from the previous high of 700 billion tokens in January 2023 and is a testament to the growing confidence in the coin's future.

Former Terra Classic L1 team member, Tobias Andersen, has warned that LUNC could hit its all-time low if Bitcoin (BTC) drops to $22,500 due to selling pressure. Andersen, also a senior software developer, made the statement on Twitter, highlighting concerns about BTC's current price movements.

The Terra Classic (LUNC) community is proposing an upgrade to the network to version 2.0.1, which aims to bring the network closer to parity with Cosmos and Luna 2.0. The proposal, submitted by Lunc Burn Army (LBA), seeks to introduce improvements to the Terra Classic chain, including a review of the minimum initial deposit required for submitting governance proposals and an upgrade to Cosmos SDK v0.45.13 and Tendermint v0.34.24.

Do Kwon, co-founder and former CEO of Terraform Labs, has had over $176 million worth of personal assets frozen as part of ongoing criminal proceedings. The Chief Judge of the 12th Criminal Division of the Seoul Southern District Court has prohibited the sales of Kwon's apartment complex, officetel, and imported cars, as well as the disposition of his financial assets. Kwon was arrested in March and charged with falsifying documents, and both South Korean and U.S. authorities are seeking his extradition. Prosecutors allege that Kwon converted illicit funds from LUNC to Bitcoin and have identified $314.2 million in illicit assets.

DFLunc Protocol has recently burned over 1.5 billion LUNC tokens as part of its plan to reduce the circulating supply of LUNC. The DeFi protocol offers users the opportunity to mint DFC tokens by burning LUNC tokens, and has divided its plan into different stages to grow its validator on the Terra Classic chain.