- The Hong Kong Virtual Asset Consortium (HKVAC) announced plans to involve LUNC in the digital asset index.
- The move is taken with the purpose to drive back Terra Luna Classic (LUNC) to $1.
HKVAC announced its plan to analyze the involvement of LUNC in its digital asset index with the motive to drive back the native token to $1. The rating agency recently announced the updated index which involves some of the popular digital assets like Shiba Inu and Ripple (XRP) and expects to involve a wide range of digital assets in its index.
LUNC is the first native token of Terra blockchain launched in 2018, available for staking. It is expected by HKVAC that LUNC will reach some incremental gains in the short and medium terms.
A request is made by the LUNC community to involve the native token in the HKVAC digital currency index.
In response, the HKVAC accepted the proposal expressing perspective to LUNC in terms of recognition, capabilities, and functioning with the cryptocurrency exchange, Binance. To do so, the HKVAC is actively engaging with the LUNC community to collect valuable insights and information related to the native token.
On July 14, the HKVAC is going to make an official announcement for the inclusion of LUNC in the digital asset index in order to help investors and users seek opportunities in the crypto market. The digital asset index is mainly designed to assist the participants seek exposure to cryptocurrencies with substantial market capitalization.
LUNC to enhance visibility and response
“We expect a positive influence of the announcement on the community”, stated HKVAC.
The involvement of LUNC in the digital asset index will offer increased visibility and recognition, attracting potential audiences toward the cryptocurrency market.
The LUNC team is also working actively, on the re-peg of Terra ClassicUSD (USTC), and practices to enhance LUNC staking are some actions taken by the LUNC community to improve the project’s value and functionality. USTC is an algorithmic stablecoin that handles scalability issues and influences other stablecoins.
The team also worked on enhancing the compatibility and interoperability of LUNC which combines the chain to parity with Cosmos chain and Terra 2.0.
In addition, the LUNC community rejected the proposal of Six Samurai. Six Samurai is a team of senior engineering developers who wish to develop the Terra Allies team for three months with a $116,000 budget.
The idea received only 7% votes in favor, and prominent validators such as Lunanauts, Happy Catty Crypto, StakeBin, Classy’s Sphere, JESUSisLORD, and others directly rejected the proposal. The rejection was based on a lack of transparency, funds, and trust issues with the existing developer team. However, the LUNC community tried to explore more alternatives to revive the ecosystem.
The involvement of the LUNC in the HKVAC’s digital asset index will make the community’s efforts visible as the developers are actively working on processes like token burn implementation measures, improving LUNC staking, and USTC re-peg.
The LUNC community’s proposal to involve LUNC in the digital asset index was accepted by HKVAC and announced to include the same on 15 July 2023. Increased visibility and response are expected from the action and to achieve so, the LUNC community is working on processes like re-peg of Terra ClassicUSD, token burn implementation measures, and LUNC staking.