LUNC News: Terraform Labs (TFL) on Wednesday revealed their plan regarding the shutdown of operations and its products and services in case negotiations with 3rd parties fail. The beleaguered company and CEO Chris Amani confirmed receiving an order from the bankruptcy court to wind down operations after the SEC settlement.
Terraform Labs Adheres to Shut Down Deadline
In an X post on September 25, Terraform Labs revealed progress with 3rd party discussions to take over operations of some of its products and services. With confirmation from Terra CEO Chris Amani, the company’s products and services will be shut down on October 30, 2024.
TFL hints that discussions with 3rd parties are likely failing. This could possibly be due to the US SEC’s scrutiny and low interest in the products. The company is selling four businesses Enterprise Protocol, Warp Protocol, Station Wallet, and Alliance Hub.
Meanwhile, the services under consideration for takeover are Finder Block Explorer, Foundation, IBC Relayers, and Mantlemint, FCD, & API services. Despite the advantages of the services in the industry, the infrastructure requirements for the services remain a challenge for potential parties. Amid this LUNC news, the community is planning to burn tokens.
This date coincides with the shutdown of Shuttle Bridge interface to burn crypto assets such as wLUNC in the contracts. Also, TFL has completed its last update and no longer has the ability to support future chain upgrades. The community-driven initiatives will manage the maintenance and operation of the chain.
LUNA and LUNC Price Action Amid the News
Terra Luna Classic community awaits Binance burn mechanism. Crypto exchange Binance has likely revised its LUNC burn mechanism as the exchange sent more tokens to the burn address.
LUNC price climbed nearly 2% in the last 24 hours and 10% in a week, with the price currently trading at $0.00008775. The 24-hour high and low are $0.00008553 and $0.00008943, respectively. Moreover, the trading volume has increased by 30% in the past 24 hours, indicating a rise in interest among traders.
Coinglass data indicate 1000LUNC open interest on Binance jumped more than 5% in the past 24 hours. This indicates that derivatives traders are actively buying the crypto.
Meanwhile, LUNA price also climbed 1% over the last day, with the price now trading at $0.39. Moreover, the trading volume saw a 41% rise in the last 24 hours as Terra’s bankruptcy plan proceeded further. The price has increased more than 8% in a week amid positive sentiment from traders.
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