After Terra Rebels announced a proposal to separate from the blockchain company Terraform Labs (TFL) and its founder and CEO Do Kwon, the LUNC community Terra Rebels Station is now up and running as an alternative to the newly announced Station wallet app.
Indeed, after LUNC DAO detailed the end of the Station wallet support for Terra Classic (LUNC), as part of the Terra ecosystem revival plan, urging Terra Rebels developers to make changes in order for the support to continue, the community has launched a separate station.
Notably, the launch of the fully operating Terra Rebels Station app was announced on Twitter by VegasMorph, one of the Terra Rebels members and station proponents, on December 7.
TFL ends Terra Station support for LUNC
As a reminder, Terraform Labs started working on a new wallet application called ‘Interchain Station’ (as opposed to ‘Terra Station’) six months ago, with “a vision of offering free support for all Cosmos chains,” as LUNC DAO stated on December 6.
The DAO also said that users’ “LUNC lives on the LUNC Columbus 5 chain, not in Terra Station or any other wallet” because “wallets, in general, do not store your LUNC” but are “just a tool to interact with the blockchain.”
In addition, LUNC DAO said that “if other Cosmos chains want to opt in to Station, they have to make some upgrades and fixes,” adding that “LUNC is not compatible with the new Station wallet unless TR makes these upgrades” while asserting that “making these changes to get support” was “totally optional for TR / the LUNC Community.”
As the DAO argued, “the current Terra Station, XDefi, Trust wallet, Rebel Station, etc. will all continue to support LUNC.”
Moving away from TFL
That said, Terra Rebels said that LUNC was not compatible with the new Station “without extensive and costly L1 development work” in its community pool spend proposal that envisioned the move of the community to Rebel Station as Terra Station ceases support for LUNC by December 14.
According to the proposal:
“We anticipate this work taking 2 months at a cost of $150,000.”
On top of that, Terra Rebels has incorporated the planned separation of the Terra Classic Revival Roadmap, in which it earlier voiced the community’s desire to separate from the TFL infrastructure and CEO Do Kwon.
Terra Classic price analysis
So far, the price of LUNC hasn’t made any significant progress to the news of the Terra Rebels Station launch, but the token has been recording a modest recovery in the past several hours.
Specifically, Terra Classic’s LUNC token is changing hands at the price of $0.0001653, which demonstrates a decline of 4.27% on the day but still an increase of 2.28% compared to the previous seven days as it tries to recover from the 29.52% loss on its monthly chart.
As things stand, LUNC has a market capitalization of $988.59 million, making it the 42nd-largest decentralized finance (DeFi) token by this indicator, according to CoinMarketCap data retrieved by Finbold on December 7.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Source: https://finbold.com/terra-rebels-launch-community-station-to-split-from-do-kwon-what-it-means-for-lunc-price/