- According to Classy Crypto, this is not the right time to acquire LUNC.
- Classy Crypto thinks LUNC’s current situation is very concerning.
- Blacklisting a wallet is a serious problem in a decentralized ecosystem.
According to Classy Crypto, a renowned Terra Luna Classic analyst on YouTube, this is not the right time to acquire LUNC, the native token of Terra Classic. Classy Crypto noted his reason to be because LUNC’s current situation is very concerning.
The LUNC analyst observed a couple of proposals in the LUNC community that have been gaining traction, with one of them recently blacklisting a wallet. Classy Crypto considers blacklisting a wallet to be serious in a decentralized ecosystem. He likened it to opening a Pandora’s box, which could lead to several other wallets becoming blacklisted.
The renowned analyst questioned the community’s decision to welcome a proposal to blacklist wallets, even when it did not deploy such measures at more crucial moments. He specifically mentioned when Terra Luna Classic was hacked as a time when wallets could have been blacklisted to recover millions of dollars. Instead, wallet blacklisting is now happening at a less critical period and leaves LUNC users concerned.
According to Classy Crypto, the recent proposal would lead to the burning of 800 million USTC tokens. With a total supply of 9.7 billion tokens, the analyst thinks burning 800 million out of that is not a big deal. He does not expect it to significantly affect the overall value of USTC and does not solve Terra Luna Classic’s pressing problem of the Oracle pool.
Classy Crypto explained that LUNC validators are funded through the Oracle pool. It is what gives price feeds to the Terra Classic network and is a source of life for the validators. He is concerned that the Oracle pool is continuously depleting and sees it as a crucial issue for Terra Luna Classic and the reason why he has been vocal.
The LUNC analyst emphasized that the fact that the burn movement is dead is because if there is no development on the e-chain, resources will become deflationary and the blockchain’s funding will fall over time.
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