Will LUNC Get Assistance From Binance Industry Recovery Initiative?

Terra Classic's developers plan to seek assistance from Binance's

While the crypto exchange has temporarily halted its LUNC Burn mechanism until March, developers working on the Terra Classic blockchain might get help from Binance.

Last week, Binance announced that it will burn 50% of LUNC spot and margin trading fees instead of 100% and will halt the LUNC burn mechanism until March. 

However, Binance encouraged developers to apply for the Industry Recovery Initiative (IRI). As part of the effort, developers who want to continue building the Terra Classic chain may receive assistance from Binance.

As per the latest development, several LUNC developers are planning to apply for Binance's initiative and receive funds to build on the Terra Classic network. Terra Classic influencers Classy Crypto and DemonMonke777 confirmed it in a recent AMA.

Classy Crypto disclosed in a tweet on January 3 that developers are now trying to restore the Terra Classic chain to parity and prevent LUNC tokens from reminting. There is also the prospect of a future merger between LUNC and LUNA.

Furthermore, the community has approved the crucial Proposal 11168. It will form the "Joint L1 Task Force" developers team, led by key developers Zaradar and Edward Kim, to oversee the chain's maintenance and L1 innovations. Tobias "Zaradar" Anderson said in an AMA with Classy Crypto that numerous advancements are on the way for the chain. In the next three months, the community will see utility restored to the chain.

LUNC Price Shows Upside Momentum

Terra Classic's price continues to rise, with trade volumes increasing in the last 24 hours. The price of LUNC is currently trading at $0.000157. The low and high for the day are $0.000152 and $0.000167, respectively. As a result, the LUNC price has risen over 10% from its low before erasing earlier gains.

The LUNC price will be under pressure this week because of the significance of the crypto market. As a result, traders must conduct research before investing in LUNC.