The Crypto market has seen many crashes over the years, but nothing was more devastating than the crash of Luna Classic. This crash affected millions of Luna investors and the overall market as well. Within 72 hours, Luna’s price was down by 99%, and many top Exchanges, like Coinbase, Binance, and others, delisted the coin immediately after the crash.
Investors were affected the most; however, the effect worsened when the developers abandoned the Luna classic change. The company never took the back seat and started working on a new project. To overcome such a disaster, they launched a new chain and coin called LUNC.
Each coin and chain faces difficulties at the start. The first is to reduce the supply chain, and the second is to list the coin on the top exchanges like Binance, Coinbase, Kraken, Robinhood, etc. The developers had terrific plans for that.
Reduction of the total supply
At the start of September, the LUNC chain asked its investors to vote on whether they would pay a 1.2% tax to burn the sum amount from the total supply. On 15th September, 99.88% of people clicked the yes button to activate the 1.2% burn tax. This was activated on the 20th of September on the Terra Classic Blockchain.
According to official numbers, more than 2 billion tokens of LUNC in just one week compared to the 4 billion in the last four months. And the burn will continue at the same rate. The following chart shows that their total supply is going downward.
Listing on top Crypto Exchanges
The second important thing is to list the coin on top exchanges. An exchange would not list any coin until it follows specific criteria. Although LUNC has almost fulfilled that criteria, Coinbase is still reluctant to list it. One of many reasons is that the co-founder of LUNA classic Do Kwon is still under investigation by Korean Authorities.
Additionally, the Korean District Court has sought the help of Interpol to arrest Do Kwon and five other members of the LUNA classic community. In such a situation, Coinbase is reluctant to list the LUNC coin.
Rebuilding the LUNA ecosystem
But this should not be the concern of Coinbase and any other Crypto Exchange because the LUNA blockchain is tirelessly rebuilding its ecosystem. The ecosystem plans to launch LUNA v2 in mid-2023, increasing utility growth.
They are also working on inter-blockchain communication, reducing the risk of crashes that happened back in May 2022. Furthermore, they have clarified that the blockchain does not belong to a single entity, person, or authority. So the arrest or allegation of Do Kwon and others should not concern the crypto community.
Coinbase and listing of LUNC
From the above discussion, it is crystal clear that sooner or later, the coinbase is going to list LUNC. The only question is, when are they going to list it? However, there are other alternative ways as well. Back in 2021, the SHIBA community signed a petition on Change.org, and later it attracted more than 3000000 people, and their demand was to list the coin on Robinhood Exchange. A few months later, it was listed on that platform.
Similarly, the LUNA community can sign a petition on Change.org to list their coin there. That is one of many ways.
As mentioned above, the coinbase will list the LUNC coin, but the question is, when will they do it? The company is doing a fantastic job at rebuilding the ecosystem; to date, no other community has done that after such a massive crash to their ecosystem. So the future of LUNC and bright and shiny.