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The support offered by several digital asset infrastructure providers, including Fireblocks, for the popular altcoin Terra Luna Classic (LUNC) has been terminated, adding another challenge to the LUNC community’s efforts to revive the ecosystem. Companies cited high fund loss and general instability risks as reasons for ending the support. This move by digital asset infrastructure providers has sparked speculation that Binance, the largest supporter of Terra Luna Classic, will soon terminate its support for the altcoin and delist LUNC.
Terra Luna Classic Community Focuses on the Claim “Binance May Delist LUNC”
In an announcement published on August 8th, LUNC DAO stated that various digital asset infrastructure providers, such as Fireblocks, have terminated their support for Terra Luna Classic. This means that FireBlocks, as a custody solution or other services provider, will delist LUNC from centralized cryptocurrency exchanges.
According to the announcement made by LUNC DAO, Fireblocks specifically cited multiple reasons for ending its support for LUNC. These reasons include an unreliable public node infrastructure, decentralized governance leading to decisions without coordination due to upgrades and changes to the network, frequent changes to the fee structure, and a lack of technical documentation. The statement notes, “We have been closely monitoring the network for over six months and have noticed that this Blockchain carries a very high fund loss and general instability risk.”
Centralization, governance proposals, and the actions of the Joint L1 Task Force were highlighted as primary concerns leading to the risk of LUNC being delisted by cryptocurrency exchanges. However, speculation that Binance uses a different custody solution provider for LUNC, apart from FireBlocks, has provided some relief to the altcoin community. As it is known, Binance is the largest cryptocurrency exchange supporting the Terra Luna Classic community. Therefore, a delisting decision from Binance could spell the end for LUNC.
LUNC’s Price Drops in Response to the Announcement
Meanwhile, LUNC’s price has dropped over 1% in the past 24 hours, falling to $0.000077, showing a negative reaction to the decision of multiple digital asset infrastructure providers, including Fireblocks. However, the price of the algorithmic stablecoin USTC, which is part of the network, continues to rise.
Efforts to regain the stability of USTC against the US dollar have led to a price increase of approximately 2% in the past 24 hours and 31% in the past month. At the time of writing this article, LUNC is trading at $0.0152, and its trading volume has increased by 110% in the past 24 hours.
