Nothing was more tragic than the crash of Luna Classic, though the cryptocurrency market has seen many crashes throughout the years. Millions of investors in Luna were impacted by this crash, as was the market as a whole. The price of Luna fell by 99% in just 72 hours, and major reputable Exchanges, like Coinbase, Binance, and others, delisted the coin right away.
The most impacted group was investors, but as soon as the developers gave up on the Luna classic update, the impact grew worse. The business has never abandoned one project in favour of another. They introduced a new chain and coin called LUNC in order to recover from such a catastrophe.
Each coin and chain initially encounters challenges. Reducing the supply chain comes first, and listing the coin on popular exchanges like Binance, Coinbase, Kraken, Robinhood, etc. comes second. The architects have some really great ideas for that.
Reduction in supply overall
The LUNC chain asked its investors to decide at the beginning of September whether they would be willing to pay a 1.2% tax to burn the entire supply. On September 15, 99.88% of individuals chose to activate the 1.2% burn tax by clicking the yes option. This was activated on the Terra Classic Blockchain on September 20.
More than 2 billion LUNC tokens have reportedly been traded in just one week, compared to 4 billion in the previous four months, according to official statistics. Additionally, the burn will proceed at the same pace. The subsequent graph demonstrates the decline in their overall supply.
List on leading cryptocurrency exchanges
Listing the coin on reputable exchanges is the second crucial step. A coin would not be listed on an exchange unless it met certain requirements. Even though LUNC has come close to meeting that requirement, Coinbase is still hesitant to list it. One of many reasons is that Korean authorities are still looking into the co-founder of LUNA classic Do Kwon.
In addition, the Korean District Court has asked Interpol for aid in apprehending Do Kwon and five other LUNA classic community members. Coinbase is hesitant to list the LUNC coin in such a circumstance.
LUNA ecosystem reconstruction
However, Coinbase and other cryptocurrency exchanges shouldn’t be concerned by this because the LUNA blockchain is assiduously rebuilding its ecosystem. By introducing LUNA v2 in the middle of 2023, the ecosystem hopes to accelerate utility growth.
Additionally, they are focusing on inter-blockchain communication to lower the likelihood of crashes like the one in May 2022. They have also made it clear that the blockchain does not belong to one one organisation, individual, or authority. Therefore, the crypto community should not be concerned about the allegations or arrest of Do Kwon and others.
Coinbase and the LUNC listing
It is quite evident from the discussion above that coinbase will eventually list LUNC. The only remaining query is when they intend to list it. There are, however, further alternatives. The SHIBA community started a petition on Change.org in 2021, and more than 3000000 people subsequently signed it, asking for the coin to be listed on Robinhood Exchange. It was listed on that marketplace a few months later.
To list their coin there, the LUNA community can also sign a petition on Change.org. That is merely one approach.
Final Reflections
The coinbase will list the LUNC coin, as was already mentioned, however the question is when. Since no other community has recovered from such a severe ecosystem breakdown, the company is doing an outstanding job of reconstructing the ecosystem. Therefore, LUNC has a promising future.
