After massive FUD due to Terraform Labs ending support for Terra Station risked the survival of Terra Classic (LUNC), the community has finally found a life. Terra Classic blockchain tokens LUNC and USTC have rallied over 6% and 20% in the last 24 hours, respectively.
Terra Classic (LUNC) Begins Relief Rally
Terraform Labs is transitioning from “Terra Station” to a new “Station” wallet as part of a cross-chain collaboration between Terra and Feather/Alliance chains to further improve decentralization. TFL asked the developer group Terra Rebels to make several L1 changes on the Terra Classic chain to become compatible with the new Station supporting Cosmos chains.
However, Terra Rebels submitted a community pool spend proposal to make the community move to Rebel Station instead, which caused panic in the community. Terra Rebels has already shared the LUNC community’s aim to separate from the TFL and Do Kwon in the Terra Classic Revival Roadmap.
Finally, Terra Rebels announced ending support for Terra Station to focus on Rebel Station, making developer group TerraCVita handle support for Terra Station from now onwards. Both Terra Station and Rebel Station are now working normally after network outages caused by the 1.0.4 upgrade due to TFL failing to update the LCD. The 1.0.4 upgrade prepares validators and crypto exchanges as developers re-open IBC channels.
Former FTX CEO Sam Bankman-Fried facing a market manipulation inquiry on whether FTX and Alameda caused the Terra-LUNA crisis has led to a recovery in all Terra tokens. Terra’s co-founder Do Kwon believes SBF and Genesis are behind the collapse of the UST depeg in May.
Terra Classic (LUNC) price soars over 6% in the last 24 hours, with the current price trading at $0.00017. The 24-hour low and high are $0.0001628 and $0.0001737. Also, TerraClassicUSD (USTC) price rallied over 20% amid the ongoing investigation into SBF’s role in the Terra-LUNA crisis.
Moreover, Terra (LUNA) price jumped over 5% in the last 24 hours, with the current price trading at $1.64.
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