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Last week, the SPX index was up 1% as investors speculated that US interest rates may have peaked. The broader cryptocurrency market was up, with Bitcoin and Ether rising 0.11% and 0.07% respectively in the past 24 hours.
Today’s outperformer is LUNC, which jumped 10.5% as USTC and LUNC prices surge following strategic acquisition by Terra Classic Labs and WeMintCash’s potential airdrop.
Terra Classic (LUNC), launched in May 28, 2022, formerly Terra (LUNA), was formed after the collapse of UST. TerraClassicUSD (USTC) experienced a 137% surge following a strategic acquisition of 25.6 million USTC by Terra Classic Labs, aimming to recover USTC's value. The investment also positively influenced its sister token, Terra Classic (LUNC), resulting in a 26% price increase. WeMintCash, a protocol looking to create an algorithmic decentralized stablecoin backed by BTC, is also looking to airdrop individuals who held UST or LUNA before the LUNA crash, or those who lock and burn specified amounts of USTC with WeMintCash's airdrop contract, but details are yet to be determined.
Check Out the Latest Prices, Charts, and Data of 1000LUNCUSDT Perp, LUNC/USDT Spot, and USTC/USDT Spot!
The Cosmos Hub has approved a proposal to reduce the maximum inflation rate of its native token, ATOM, from 14% to 10%. This change aims to boost security by addressing the issue of the Cosmos Hub overspending on security at the current higher inflation rate. The proposal, which passed narrowly with 41.1% in favor and 38.5% against, is expected to lower ATOM's annualized staking yield from about 19% to 13.4%. The decision was contentious, with arguments for and against it: supporters, like Zero Knowledge Validator, claimed high inflation was unnecessary for security and detrimental to ATOM's long-term value and utility in DeFi, while opponents, like AllNodes, feared it might harm small validators and have a negative impact on the broader ecosystem. Additionally, Cosmos Hub recently introduced a liquid staking module, allowing users to un-stake ATOM funds without the previous 21-day unbonding period, facilitating its use in the Cosmos DeFi ecosystem.