Altcoin
LUNA and LUNC holders could witness some testing times in light of this new…
- 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 devs say it is set to be released shortly after IBC opens, provisionally in December.
The protocol will reward users for swapping their $LUNC directly into $LUNA by paying them extra DEX incentives for the provision of long term liquidity. pic.twitter.com/R0MqKjm1As
— ?⚛️ ???? ??? ⚛️? (@LUNCDAO) November 28, 2022
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.
$LUNC DAO is 100% against The Merge, but equally, Merge Protocol IS a legitimate open source + noncustodial + permissionless DeFi protocol
Regardless of which decentralized apps you will personally be using, everything is fair game in DeFi
The fake one is an ACTUAL SCAM, REPORT
— ?⚛️ ???? ??? ⚛️? (@LUNCDAO) November 28, 2022
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.
