LUNC, the native crypto token of the Terra Classic blockchain, could rally as the USTC re-peg proposal passes governance voting. A prominent community member submitted the proposal in a bid to re-peg TerraClassicUSD (USTC) to the dollar, suggesting two approaches including an algorithm peg divergence fee protocol and a LUNC buyback mechanism.

Terra Classic community members are mulling a revival of the ecosystem’s failed terraUSD classic (USTC) nearly a year after Terra’s spectacular implosion.

Proposal 11487, a signal proposal that seeks to repeg TerraClassicUSD (USTC) in the long run by using a divergence protocol and buyback mechanism is still up for voting on the Terra Station. Voting on the proposal which also addresses issues regarding USTC unidirectional swaps and staking will end on April 29. 

The Terra Classic team is seeking to save on-chain funds that have yet to be moved to secondary marketplaces by the hackers who stole over 15.1 billion LUNC from the Terraport layer-2 DeFi project.

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TerraCVita disclosed that the Certik audit is now underway and the team plans to relaunch Terraport to help rebuild the Terra Classic chain.

The Terra Classic Joint Layer-1 Task Force has been officially funded from the community spend pool for the second quarter of 2023. The proposal, which was submitted by the Terra Classic Layer-1 development team, passed governance voting with 55.53% Yes votes. The Task Force requested $124k from the project community pool to carry out all-around developments in the Terra Classic ecosystem including necessary network upgrades.

Terra Classic (LUNC), the renamed native token of the Terra blockchain that dramatically imploded last year, is not a security, a Korean court has ruled.

Luna Classic (LUNC), the native token of the Terra blockchain, has been declared a non-security crypto by a South Korean District Court. This ruling comes as a surprise to prosecutors who charged Terraform Labs' co-founder for violating the Capital Market Act. The court rejected the prosecution's claims around LUNA and dismissed the state's appeal to confiscate Hyun-Seong Shin, Terraform Labs' former co-CEO. The court stated that it is difficult to classify Luna (now LUNC) as a financial investment product that can be regulated by the Capital Markets Act.

A proposal has been submitted by senior member Rex "Rexyz" Harrison of TerraCVita to lock up an estimated $2 million of the funds stolen from the Terraport hack by implementing an emergency code upgrade to the Terra Classic (LUNC) chain. The proposal aims to prevent the perpetrators from moving the funds from the blockchain, potentially preventing the assets from being lost completely if taken off the chain. If the proposal is approved, TerraCVita plans to submit a follow-up proposal to explore options for reimbursing the affected users. However, the Terra Classic community has responded negatively to the proposal, with the majority of votes going to "No with Veto." Some members argue that a private group's mistake should not be fixed by calling on the broader Terra Classic community, while others maintain that it is crucial to guarantee that affected individuals receive their stolen funds, regardless of who is to blame for the event.