Independent Terra Classic development group TerraCVita recently discussed the possibility of creating a new algorithmic stablecoin for the Terra Classic chain that could, among other things, burn Terra Luna Classic (LUNC) faster.

Terra Classic (LUNC), the original chain of the collapsed Terra (LUNA) ecosystem, is experiencing a capital outflow after the United States Securities Exchange Commission (SEC) formally charged founder Do Kwon.

Recently, South Korean prosecutors filed an arrest warrant for the former CEO of an e-commerce giant, TMON, who was identified as ‘Mr. A’. A local news outlet, Dong-AIlbo, reported this recent move from the Seoul Southern District Prosecutor’s Office. 

The development brings the percentage of supply staked to an impressive 14%.

The move extends the deadline for holders of wrapped assets to bridge back to the classic chain.

Upgrade v1.0.5, which will pave the way for the resumption of the Terra Classic (LUNC) token burning of the cryptocurrency trading platform Binance, is scheduled for launch on February 14, as a development that could positively influence the price of LUNC in the short term.

Many Terra Classic community members do not believe LUNC will hit $1 in 20 years.

According to Rex, the project’s primary objective is to attract investments into LUNC and simultaneously expedite burns.

The developer, highlighting perceived risks, believes that the chain is recording general improvements.

The crypto community is welcoming the much needed LUNC staking started by KuCoin. The crypto exchange is back with the LUNC staking service after it delegated 48 billion LUNC in January 2023. With its entry back on the LUNC chain as a validator, KuCoin will enjoy voting power of 5.09% thanks to the 47.9 billion $LUNC delegated.