Monat: September 2022

Terra Classic’s native token LUNC has seen a huge bullish rally in the past two weeks. Its price has risen by more than 425% in the past 14 days.

Since the fateful downfall of the original Terra LUNA due to the TerraUSD (UST) stablecoin crash and the resulting hard fork that resulted in the rebranding of the old Terra Chain into Terra Classic, Terra Classic’s LUNC coin has had a rough time trying to regain its lost glory.

Terra Classic has undertaken several upgrades and adopted a raft of proposals from its community including burning and staking LUNC to try to help the price of LUNC token recover.

The most recent proposal from the Terra Classic community is the 1.2% tax burn proposal that has received support from several centralized exchanges including MEXC, Gate.io, and KuCoin among others. The community is expected to vote on it next week.

To help traders seeking to take advantage of the current LUNC bull run, Coinjournal has prepared this brief guide on where to purchase the LUNC coin.

To find out more, please continue reading.

Best places to buy LUNC coin

What is LUNC?

LUNC is the native token of the Terra Classic blockchain which is a rebrand of the old Terra LUNA chain after the Terra hard fork that took place following the Terra LUNA crash caused by the crash of the UST stablecoin. The forked chain is referred to as Terra 2.0 and its native token retained the name of the original Terra LUNA token.

The Terra Classic chain is also home to the TerraUSD stablecoin which was renamed TerraUSD Classic (USTC).

Should I buy LUNC today?

If you want to invest in a digital asset that crashed a few months ago but currently showing signs of recovery, then the LUNC token could be a good choice.

Nevertheless, you should be aware of the fact that buying the cryptocurrency market is extremely volatile.

LUNC price prediction

Going by the momentum of the current bullish trend, crypto analysts believe Terra Classic could be on course to drop another zero in the coming weeks, especially after the much anticipated 1.2% tax burn is implemented

$LUNC social media trends

#LUNC smashes through another target. After burners charging 🔥
Current altitude over 0.0005 🚀❤️#TerracVita baby. pic.twitter.com/NVbUwx2dAI

— TerraRebel (@RexYellerBelly) September 8, 2022

 

A few CEXs are claiming to „support the 1.2% tax“, but they’re not really. What most are referring to is a 1.2% tax on withdrawals. This means nothing. All it serves to do is reduce the chance of people leaving the CEX. Real support means burning 1.2% on all $LUNC buys and sells

— 🔥🙏 𝕃𝕌ℕℂ 𝔻𝔸𝕆 🙏🔥 (@LUNCDAO) September 7, 2022

 

The post Terra Classic is up 425.5% in the past 14 days: here’s where to buy LUNC coin appeared first on CoinJournal.

Video game retailer GameStop has announced a partnership with the US subsidiary of FTX, one of the most popular cryptocurrency exchanges around the world. The move comes right on the heels of GameStop launching an NFT marketplace and a crypto wallet in collaboration with Immutable X.

GameStop’s partnership with FTX US adds to the video gamer retailer’s push into crypto. The FTX US deal in particular will focus on online marketing initiatives. The partnership will introduce GameStop’s customers into the FTX ecosystem which includes its digital assets marketplace.

On the other hand, GameStop will become FTX’s preferred partner in the US.

GameStop retail stores to carry FTX gift cards

The partnership will also allow certain GameStop retail stores in the US to issue FTX gift cards.

While releasing its Q2 earnings report, GameStop CEO Matt Furlong said:

“The deal we just announced with FTX is a by-product of our commerce and blockchain team, working hand-in-hand together to establish something unique in the retail world.”

GameStop has however not disclosed the financial terms of the agreement in its earnings report.

GameStop financial results

The FTX US partnership was announced on the same day that GameStop was releasing its financial results for the second quarter of 2022.

The Q2 report shows that GameStop reported a 4% decline in net sales to 1.14 billion. Nevertheless, GameStop has significantly ramped up its Web3 efforts this year unveiling an NFT, NFT marketplace, a wallet, and a Web3 gaming division.

GameStop’s NFT marketplace is a non-custodial Ethereum Layer-2-based marketplace that allows users to connect their own crypto wallets including the recently launched GameStop wallet.

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Avalanche-based lending protocol Nereus Finance was hacked and $371K in USD Coin (USDC) was stolen. The hacker deployed a custom smart contract taking advantage of a $51 million flash loan from Aave.

CertiK, a blockchain cybersecurity firm, was among the first to detect the hack on September 6. CertiK at the time said that the exploit impacted liquidity pools relating to decentralized exchange Trader Joe and automated market maker Curve Finance on Nereus

But Curve Finance responded on September 7 arguing that maybe CertiK was referring to ‘assets impacted’ rather than protocols impacted since only Nereus Finance and its assets seemed affected by the exploit.

Post-mortem of the exploit

On September 7, Nereus Finance released a comprehensive post-mortem of the exploit saying that the hacker was able to deploy a custom smart contract targeting a $51 million flash loan from Aave to manipulate the price of AVAX/USDC Trader Joe LP pool for a single block.

Consequently, the hacker was able to mint 998,000 NXUSD, Nereus’ native token, using collateral worth $508,000. The hacker then swapped the minted NXUSD into different assets through several liquidity pools and managed to walk away with a net profit of $371,406 after the flash loan was returned.

While the hacker made a profit, the exploit created $508,000 worth of NXUSD ‘bad debt.’

Nereus was however quick to arrest the situation by developing a mitigation plan, notifying law enforcement, and then liquidating and pausing the exploited JLP pool. The NXUSD bad debt was paid off using the protocol’s treasury.

Nereus also noted that a similar exploit will not be possible in future since the protocol will amend its audit and security practices. Nereus noted:

“While this exploit is a bad incident — it’s not uncommon for protocols to face these types of battle tests.”

As of the time of writing, the Nereus team was still trying to identify the hacker by tracking the funds. It has offered a 20% White Hat reward for the return of the funds with no questions asked.

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