After the big crash in May, the Terra network split into two networks, Terra and Terra Classic. Since then, many exchanges have announced that they support the Terra Classic network tokens.
One of these exchanges was Binance, the world's largest cryptocurrency exchange.
While many exchanges and platforms offer LUNC support, bad news has come for LUNC.
At this point, LUNC DAO stated that the digital asset platform Fireblocks will end its LUNC support.
The LUNC DAO said that behind Fireblocks' LUNC decision were “unreliable overall node infrastructure, decentralized governance that led to uncoordinated decision-making regarding upgrades and changes, frequent changes to the tax fee structure, and a lack of any technical documentation.”
Firebloks said in a statement:
“We've been following this network closely for over six months and are aware that this chain carries a very high risk of loss of funds and general instability.”
Announcements just in from several digital asset infrastructure providers such as FireBlocks, to say they will stop supporting $LUNC
This means all CEXs using these services will delist $LUNC, which is a lot
This is a direct result of VP centralization + props + L1 team actions pic.twitter.com/Bfdsx00g3Y
— 🐂🔥 𝕃𝕌ℕℂ 𝔻𝔸𝕆 🔥🐂 (@LUNCDAO) August 7, 2023
Experts commenting on this move by Fireblocks said that this means that centralized exchanges that use FireBlocks as a custody solution or other services may end support for LUNC.
Following these comments, Twitter user “0xEars” stated that there are speculations that Binance is using a different storage solution for LUNC.
Quoting this post, LUNC DAO said, “This is good news for LUNC. Staying on Binance is the most important thing.” said.
This is good news for $LUNC 🫰
Remaining on Binance is the most important thing https://t.co/s7fL16PINV
— 🐂🔥 𝕃𝕌ℕℂ 𝔻𝔸𝕆 🔥🐂 (@LUNCDAO) August 8, 2023
LUNC continues to trade at $0.00007737 at the time of writing, with a decrease of 1.17% in the last 24 hours and 2.49% in the last week.
*Not investment advice.
