Leading cryptocurrency exchange Gemini has announced plans to delist Terra Luna Classic (LUNC) along with several other digital assets. According to internal communications, the decision results from a routine review of supported cryptocurrencies on the platform.
The delisting process also includes Synthetix (SNX), Qredo (QRDO), and Zebec (ZBC). Trading for these assets will be discontinued after September 20. Gemini has advised users holding these cryptocurrencies to withdraw them to external wallets before the deadline.
The exchange emphasized that regular market reviews are part of its standard operational procedure. These assessments help determine whether certain assets continue to meet listing standards and align with the platform's strategic direction.
Understanding the Delisting Decision
Gemini's announcement has sparked discussion within the crypto community, particularly regarding the classification of Terra Luna Classic. Some community members have noted that the asset referenced by Gemini appears to be wLUNA (wrapped LUNA), though the exchange has listed it under the LUNC designation.
This development coincides with recent actions by Terraform Labs, which announced the reopening of the Shuttle bridge for wrapped asset redemption on the Terra Classic network. Users have approximately 30 days to redeem wrapped assets from bridge wallets, creating a parallel timeline to Gemini's delisting schedule.
The convergence of these events has created a complex situation for holders of these assets, who must now navigate both the exchange's delisting and the network's redemption options.
Market Impact and Price Analysis
Following the announcement, LUNC price movements have remained relatively stable. The token has traded within a narrow range for the past week, with a modest 2% increase recorded in the 24 hours following the news. Price levels fluctuated between $0.0000789 and $0.00008246 during this period, while trading volume decreased by approximately 25%.
This stability suggests that the market had partially anticipated the delisting or that other factors are counterbalancing its negative implications. The relatively muted response may also indicate that most LUNC trading occurs on other platforms, minimizing Gemini's direct impact on price dynamics.
Meanwhile, USTC, another token within the Terra ecosystem, has shown upward momentum amid ongoing discussions about potential repeg efforts. Currently trading at $0.01663, USTC has seen increased futures open interest and significant buying activity on major exchanges including Binance, BingX, and Bybit.
Broader Context and Future Prospects
The delisting decision occurs against the backdrop of significant developments for Terraform Labs. The company's Chapter 11 bankruptcy hearing is scheduled for mid-September, marking a critical milestone in its restructuring efforts. This proceeding has drawn considerable attention from the crypto community, as its outcome could significantly influence the future of the Terra ecosystem.
Market participants appear cautiously optimistic about Terraform Labs' reorganization prospects. This sentiment may explain why LUNC prices haven't declined more dramatically following the delisting news. The market seems to be weighing the negative impact of exchange removal against positive developments in the company's legal proceedings.
The coming weeks will be crucial for determining whether ongoing development activities and market recovery can offset the negative sentiment generated by the delisting. 👉 Monitor real-time cryptocurrency developments
Frequently Asked Questions
Why is Gemini delisting Terra Luna Classic?
Gemini conducts regular reviews of all supported assets and determined that LUNC no longer meets its listing standards. The exchange hasn't provided specific criteria for this decision but indicated it results from comprehensive market assessment.
What should I do if I hold LUNC on Gemini?
You should withdraw your LUNC to an external wallet before September 20, after which trading will be disabled. Ensure you use a compatible wallet that supports Terra Classic tokens to avoid potential loss of funds.
Will other exchanges follow Gemini's delisting decision?
There's no indication that other platforms will necessarily follow suit. Each exchange conducts independent evaluations, and delisting decisions are based on specific internal criteria that vary across trading platforms.
How does this affect LUNC's long-term prospects?
While exchange delistings typically create negative sentiment, Terra Classic's value ultimately depends on network development, community support, and broader market conditions. The ongoing Terraform Labs bankruptcy proceedings may have more significant long-term implications.
What is the difference between LUNC and wLUNA?
LUNC refers to the native token of the Terra Classic blockchain, while wLUNA represents wrapped tokens on other networks. The confusion in Gemini's announcement highlights the importance of understanding these technical distinctions when managing digital assets.
Where can I trade LUNC after Gemini's delisting?
Several major exchanges continue to support LUNC trading. Always verify that your chosen platform supports your region and offers adequate security measures before transferring assets or executing trades.