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LUNA and LUNC holders could witness some testing times in light of this new…

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This new update can have a major impact on LUNA and LUNC 
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  • LUNA and LUNC stood at the center of a new discussion around a proposed ‘Merge Protocol’ 
  • LUNA and LUNC both registered some upticks in the last 24 hours  

Terra [LUNA] was among the trending topics on Twitter as of 28 November and could be considered as a topic of discussion in the crypto community. This was because a new ‘Merge’ proposal surfaced on the social media platform.

Several popular Twitter handles revealed that a group of developers came up with the new Merge Protocol. This was with the intent of bringing the Terra and Terra Classic [LUNC] ecosystems together.

The Merge Protocol would also reward users for swapping their LUNC directly into LUNA by paying them extra DEX incentives for the provision of long-term liquidity. The Merge also proposed to sell the LUNC Oracle Rewards to buy LUNA, killing LUNC and airdropping proportionate LUNA to current stakeholder accounts.

As per the developers, the new Merge Protocol was set to be released shortly after IBC opens, provisionally in December.

LUNA community remains divided

As usual, opinions were diverse in the crypto community. Most LUNC enthusiasts were against this protocol, while a few favored the move. LUNC DAO mentioned that, though this proposal was completely legitimate, they had no plans of supporting the protocol and stood against the same.

Despite the storm of tweets, both tokens did witness the effect of the ongoing commotion. Though Terra was trending, its social volume went down, and so did the positive sentiments around it. LUNC’s chart also followed a similar pattern, as its social volume and positive sentiments registered declines as well.

Source: Santiment

Should investors be concerned?

Interestingly, CoinMarketCap’s data revealed that this event actually positively affected LUNA and LUNC, as they both registered more than 3% daily gains. At press time, LUNA was trading at $1.60, while LUNC was valued at $0.0001619. However, only time will tell which way the coins will trend.

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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