In a noteworthy development, Terra Luna Classic has allocated an additional 30 million LUNC to Hexxagon for the maintenance of its key platforms, Galaxy Station and Galaxy Finder. This move increases the total LUNC delegated to Hexxagon to an impressive 930 million, marking a significant milestone for the Terra Classic Foundation, which celebrated the achievement on social media.
Hexxagon plays a crucial role in the Terra Luna Classic ecosystem, operating essential platforms such as Galaxy Station and Galaxy Finder. These platforms provide node hosting and staking services, which are vital for the seamless functioning of the network.
Background on Hexxagon in the Terra Luna Classic Community
The collaboration between Terra Luna Classic’s core developer group, Joint L1 Task Force (L1TF), and Hexxagon was announced almost a year ago, on July 28, 2023. Hexxagon, known for its skilled developers and validator services, partnered with L1TF to enhance the security of community-owned platforms such as the Station, Finder, and a web wallet extension. Despite initial skepticism due to Hexxagon’s association with the distrusted Terra Rebels developer group, the partnership proceeded with the community’s approval through Proposal 11645, aiming to build a secure, community-owned wallet.
Hexxagon assumed the responsibility for developing and maintaining these key components, while the Joint L1 Task Force conducted assessments and reviews to ensure smooth operations. The operational structure of this collaboration is unique, as Hexxagon and L1TF work under the same account, managed by the Joint L1 Task Force. Professor Edward Kim oversees the “terra-classic. community” domain, providing an additional layer of oversight.
Potential Impact on LUNC Price
The delegation of 30 million LUNC to Hexxagon has sparked interest within the Terra Classic community. Many view this as a positive step towards strengthening the network’s infrastructure, with expectations that Hexxagon’s involvement will boost the reliability and security of the Terra Classic ecosystem.
Economically, such a significant delegation can influence the price of LUNC. Increased delegation often signals confidence in the network, potentially attracting more investors. If Hexxagon succeeds in enhancing the network’s infrastructure, it could lead to higher usage and demand for LUNC. However, the community’s trust remains crucial. Transparency and effective management by Hexxagon and L1TF are essential to positively influencing LUNC’s price. Any missteps could result in volatility and uncertainty, considering the network’s turbulent history.
As of the latest update, Terra Classic’s price was down by 1.83% to $0.00008063 on Tuesday, July 2. The LUNC market capitalization stood at $441.41 million, while trading volume decreased by 7.59% to $14.24 million.
Community Efforts and Token Burns
In addition to the delegation, the Terra Luna Classic community has been actively working on LUNC token burns to manage supply. On Monday, Binance, the largest cryptocurrency exchange, sent 1.7 billion LUNC tokens to its burn wallet, marking the 23rd batch in Binance’s ongoing effort to reduce LUNC supply. This transaction brought the total number of burned LUNC tokens by Binance to nearly 62 billion, with the community collectively burning over 125 billion tokens since 2022.
Through these efforts, the Terra Luna Classic community continues to strive for a revival, supported by consistent monthly token burns from Binance. The latest delegation to Hexxagon is seen as a step forward in this ongoing journey, aiming to reinforce the network’s foundation and build a more robust and secure ecosystem for its users.