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Terra Luna Classic Burns 726 Million USTC From Anchor Protocol
LUNC News: Over 726 million USTC were burned after the Terra Luna Classic community approved proposal 12135 to burn tokens in Anchor Protocol via contract migration. With Terraform Labs (TFL) cleared to wind down operations by a US bankruptcy court, the community expects billions of LUNC and USTC burns from related projects.
LUNC News: Over 726 Million USTC Burned After Proposal Passes
In the major news for the LUNC community today, more than 726 million USTC were burned through Anchor Protocol contract migration. The burn came after the community approved proposal 12135 to burn tokens in wallets of Terraform Labs-owned Anchor Protocol.
The proposal was passed narrowly by the Terra Luna Classic community with 27.23% votes in favor. Among validators, nearly 25% voted “Yes” and 48% voted “Abstain” including Allnodes. However, 92% of delegators supported the proposal as the tokens belong to the community.
The developer migrated Anchor Protocol contract to a new code via governance similar to Risk Harbor. However, the execution on the Mirror Protocol failed to burn 46 million USTC. The proposal is submitted again, but developer claims to investigate the reasons behind the failed execution.
All Terra Luna Classic assets as stated by TFL CEO Chris Amani and ordered by the court judgment should be burned. TFL will not interact with Columbus-5 or Phoenix-1 chains after October 31. Any token burn or transfer will be difficult post the court-approved date.
USTC and LUNC Price Jumps
Amid this LUNC news, Terra Luna Classic ecosystem tokens witnessed a slight jump of 2% in the last 4 hours. The tokens also saw a buying activity in derivatives market as futures open interests climbed more than 2% in last few hours.
LUNC price climbed nearly 2% from the 24-hour low, with the price currently trading at $0.0000858. The 24-hour low and high are $0.00008372 and $0.00008631, respectively. However, the trading volume remained low amid the pressure in the broader crypto market.
Meanwhile, USTC price is trading at $0.01798, up 2% in the last 24 hours. The trading volume saw a 37% jump decline in the last 24 hours.
Varinder Singh
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Cardano founder Charles Hoskinson says the network will play a key role in Bitcoin DeFi transactions in the future. With several partnerships and innovations in the works, Hoskinson says Cardano is bracing itself to explore layer 2 solutions on the Bitcoin blockchain,
Cardano Positions Itself For Bitcoin DeFi
In an interview with Scott Melker, Cardano’s founder has revealed ambitious plans for the network to turbocharge Bitcoin’s adoption for DeFi applications. Hoskinson notes that large financial institutions will trigger a demand for Bitcoin DeFi given their fiduciary obligation to create yield.
He notes that a Bitcoin ETF providing DeFi yields will trigger shareholders to demand similar yields. Hoskinson eyes a three-year timeframe for institutions to plant their feet in Bitcoin DeFi and UTXO DeFi.
Hoskinson says Cardano will combine Hydra with the Bitcoin Lightning network and build a trustless recursive bridge between both networks. The founder adds that its Aiken programming language will enabled to write both Bitcoin and Cardano scripts.
Furthermore, a partnership with Maestro, an infrastructure provider allowing Bitcoin integration with UTXO-based blockchain will provide a “turn-key experience” for users.
“It’s still early days but we are making methodical progress every step of the way,” said Hoskinson.
Hoskinson is moving on from his absence from the Crypto Summit at the White House, doubling down on technical innovation. He notes that the Bitcoin-focused plays by Cardano will not adversely affect the network’s road map.
Is Bitcoin Ready For DeFi Applications?
Hoskinson revealed in the interview that Bitcoin is ready for DeFi utility following the Taproot and the Lightning Network advancements. According to the founder, Taproot added programmability features to the Bitcoin network and Cardano will push the frontiers.
He adds that Cardano will enable Bitcoin users to engage in DeFi transactions while transacting with only BTC. Hoskinson says a merger between Bitcoin is enough to make Cardano’s DeFi significantly larger than Ethereum and Solana combined.
While the integration will send Cardano price soaring, ADA wallows at $0,6611 after losing 10% in a week. However, traders are targeting an ADA pump in May following the forming of a cyclical pattern.
An analyst argues that a price rally to $10 is not a crazy prediction given a streak of solid fundamentals and partnerships for Cardano.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The world’s second-largest digital asset, Ethereum (ETH), struggles to keep up with Bitcoin. Market data shows that the ETH/BTC ratio has dropped to its lowest level in five years. Consequently, investors and analysts are now questioning whether Ethereum can recover in the coming quarter, considering Bitcoin may continue its long-standing domination in the digital assets market.
The Ethereum Bitcoin Ratio At New Lows
ETH performed poorly compared to Bitcoin in the first quarter of 2025. According to a recent update from The Kobeissi Letter, the Ethereum to Bitcoin ratio has dropped to 0.02, its lowest level since December 2020.
Historically, Ethereum has gained strength after Bitcoin halvings, but the trend has reversed. While Bitcoin price is going upward, Ethereum has struggled to gain traction.
Several factors have contributed to this decline. Bitcoin’s narrative as digital gold has strengthened, drawing more institutional investment. In addition, the coin has faced challenges, including relatively higher gas fees and competition from other blockchain networks.
Unfortunately, the Ethereum Pectra upgrade, which experts believe could drive a price increase for the coin, faced some challenges. As reported by CoinGape, multiple testnet attempts failed before the Hoodi testnet that launched recently.
Some experts believe Ethereum’s transition to proof-of-stake has not delivered the expected market boost.
Q1 Performance and ETF Downturn
The ETH price performance in the first quarter of 2025 has been disappointing. For context, data shows that the coin has dropped 46% this year, nearly 4 times more than Bitcoin’s decline of 12%.
Many investors expected a strong bull run, but Ethereum has remained weak. The adoption of spot Bitcoin ETFs earlier in the year attracted billions of dollars, but Ethereum has not seen the same level of interest for its potential ETF.
Market analysts suggest that institutional investors are still hesitant about Ethereum’s long-term value compared to Bitcoin. Bitcoin’s fixed supply and reputation as a hedge against inflation have made it a safer choice for institutional investors.
Where is ETH Price Heading?
Some analysts believe ETH price could hit $10,000 if broader market conditions improve and the Ethereum Pectra upgrade launches on the mainnet.
Others warn that if the coin continues to lose value against Bitcoin, investors may start shifting funds to other networks like Solana or Avalanche.
Even though short-term price predictions remain speculative, some traders expect Ethereum to rebound as Bitcoin stabilizes. Others believe the ETH/BTC ratio could drop even further.
As of this publication, CoinMarketCap data shows that Ethereum’s price was $1,842.29, up 1.34% in the last 24 hours. Many experts believe that the coming days will determine whether Ethereum can regain strength or whether Bitcoin’s dominance will continue to grow.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Elon Musk has doused optimism for the US government to adopt Dogecoin at the America PAC town hall event. The head of the Department of Government Efficiency (DOGE) noted that the government agency only bears a nominal resemblance to the memecoin.
Elon Musk Dispels Rumors Of Dogecoin Adoption By The US Government
At a recent event, Tesla CEO Elon Musk cleared the air on the potential adoption of Dogecoin by the US government. In his keynote speech, Musk noted that the US government will not be adopting Dogecoin, contrary to swirling speculation.
Musk noted that the speculation gained traction following the launch of the Department of Government Efficiency (DOGE). Following the launch of DOGE and Musk tapped to lead the agency, enthusiasm for Dogecoin government utility reached new highs.
However, Musk clarified that the agency bears only a nominal resemblance to the memecoin, stemming from an internet trend. The Tesla CEO disclosed that the original intended name was the Government Efficiency Commission, opting for DOGE “because the internet is right.”
“The name is similar but they are two different things,” said Musk. “But there are no plans for the government to use Dogecoin as far as I know.”
Musk has a long and storied history with Dogecoin, famously shilling the memecoin and integrating DOGE payments for Tesla. Musk teased an anime-themed DOGE on X, setting the stage for a $2 rally for the memecoin.
DOGE Reacts Negatively To The News
Dogecoin price slumped by nearly 2% in the wake of the grim report. Currently, the memecoin is trading at 0.1660 as it eyes a push toward the $1 mark.
The negative fundamental adds pressure to reports of DOGE forming a falling wedge pattern, signaling a potential downward breakout. However, optimists are rippling with confidence that DOGE can shake off the negative sentiments to post new all-time highs.
One analysis claims that if the Dogecoin price breaks a 3-month trendline, an $8 valuation for the memecoin is in play. Others claim that the House of Doge Reserve launch will be a tailwind for Dogecoin price, sending the dog-themed coin on a strong rally.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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