LUNA Classic pumps 70% on ambitions to wipe the past, revive the chain
LUNA Classic (LUNC) is up 70% from its August 20 low following the implementation of plans to revive the ailing network. The purpose of the original Terra Luna token was to absorb price deviations of the UST stablecoin. But following UST’s depeg in May, Terra Luna has lost over 99.9% of its value.
Following troubles with the Terra chain, founder Do Kwon’s proposal to fork the chain, and create Terra LUNA, was accepted by the community. The first LUNA genesis block came into existence on May 28. Meanwhile, the existing Terra chain rebranded to LUNA Classic (LUNC) and operates with the original code of the Terra ecosystem. But more crucially, it was handed over to the community for its development and governance. Despite Do Kwon apparently stepping away, LUNA Classic still carries the burden of what happened in the past.
Source
https://t.me/CryptoMarketUpdates
