Terra Classic’s Fate Takes a Turn: LUNC Prepares for Bitcoin BRC-20 Support from BitMos

BitMos intends to introduce support for Bitcoin BRC-20 on Terra Luna Classic. The initiative aims to connect Bitcoin and the Cosmos eco, opening up novel opportunities for DeFi applications and smart contracts, primarily focusing on Terra Luna Classic. This effort signifies a significant advancement for the LUNC community, aiming to restore utility to the blockchain.

Connecting Bitcoin to Terra Luna Classic

On August 14th, Vegas, a well-known figure within the Terra Luna Classic community, revealed an upcoming project to establish a bridge for BRC-20 between Bitcoin and LUNC. This move is anticipated to have a transformative impact on LUNC and USTC. BitMos further endorsed Vegas’s statement by reiterating its commitment to developing within the Terra Classic eco.

#LUNCcommunity, seems that is a team looking to bridge over brc-20 from bitcoin to lunc ,this could be a game changer for #Lunc #Ustc !!! By @_BitMos_ NFA pic.twitter.com/ghtHV7frBv

— Vegas (@VegasMorph) August 14, 2023

BitMos serves as a bridge, closing the gap between the Bitcoin and Cosmos ecos while also functioning as a layer 2 solution for Bitcoin, effectively addressing issues related to scalability and interoperability.

Initially, BitMos plans to bring Bitcoin liquidity to Terra Luna Classic. Prioritizing this integration due to the significant liquidity, it brings to the broader Cosmos eco. Additionally, the transition of LUNC has occurred without any involvement from venture capital, a crucial aspect representing true decentralization as envisioned by Bitcoin.

Furthermore, LUNC has successfully reinstated inter-blockchain communication (IBC) with other Cosmos chains, and the enhancement introduced through the parity upgrade has bolstered security and facilitated smoother transaction flow. The inclusion of BRC-20 tokens into Terra Luna Classic is a notable advantage for the community, as it strives to reintegrate utility within the blockchain.

LUNC Price Trend Amid Crypto Market Uncertainty

As the crypto market experiences growing unpredictability, the LUNC price is notably displaying a sideways pattern in the daily chart. The presence of compact-bodied candles featuring extended upper and lower wicks suggests a lack of decisive action from buyers and sellers, hinting at the likelihood of an extended consolidation phase

Nevertheless, even amidst the market’s volatility, traders are observing and acknowledging the significance of an upper resistance trendline and a lower trendline forming the well-established wedge pattern. Here’s a breakdown of how market participants can leverage this particular situation.

During the previous week, Bitcoin attempted to surpass the $30,000 threshold; however, it encountered repeated setbacks. The leading cryptocurrency is currently trading at $29,396.For altcoins to potentially experience upward movement, Bitcoin must successfully breach the resistance at $30,00y.

Steady Decrease in Total Value Locked (TVL)

Terra LUNA’s Total Value Locked (TVL) has been consistently decreasing following the Terra UST crash in the previous year. At the height of Terra LUNA’s popularity, the total TVL reached approximately $20 billion, but it has now diminished significantly to just $2 million. Experts project that this downtrend will continue due to the decreased network activity and the lasting impact of negative publicity from the previous year.

Despite the decline of Terra UST, a group of hopeful coin holders remains optimistic about the project’s revival. Nevertheless, the chances of recovery seem limited, given that numerous projects have shifted their focus from the Terra blockchain to exploring other options. The current trading price of Terra LUNA Classic stands at $0.00007776.