Terra Luna Community Approves Token Burn, Boosting Market Confidence

The Terra Luna community has overwhelmingly voted to burn unbacked Axelar assets, aiming to enhance network stability.

The v2.14.0 upgrade, proposed on January 26, received over 202 million votes in favor, ensuring the removal of unsupported Axelar tokens. Following the approval, LUNA rose to $0.3204, with trading volume surging 73% to $39.38 million.

LUNC also gained 4%, with Futures Open Interest rising 3%, signaling strong market confidence.

Meanwhile, Cardano founder Charles Hoskinson expressed interest in Terra Luna Classic (LUNC) after a validator pitch highlighted the network’s USTC revival efforts and Binance-backed burns.

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He noted Cardano’s ongoing exploration of algorithmic stablecoins, fueling speculation of a potential partnership.

With the burn set for execution, investors are watching whether these moves will drive long-term growth for LUNA and LUNC.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.