LUNA price stalled after speculative rally in September
The new Terra Luna created after the network burst in May suddenly surged over 43% as it rose from an October 11 low of $2.20 to an intraday high of $3.15 at press time.
LUNA is currently trading at $2.85, up 17% in the past 24 hours on significantly higher trading activity. At the time of writing, trading volumes were up 118%. LUNA has also reentered the top 100, ranking as the 92nd largest cryptocurrency in terms of market capitalization.
The LUNA price halted after a speculative rally in September. Thus, the recent price hike is somewhat surprising as there is no big news other than an offer encouraging Terra Luna users and projects.
New on-chain proposal available for voting
A new on-chain proposal seeks to deliver Genie, a platform that allows projects to meaningfully segment wallets and then incentivize them through rewards. It is currently up for a vote.
Projects will be able to leverage Genie to achieve use cases such as targeted marketing, retargeting, vampire attacks, loyalty programs and more.
The community benefits as users get rewarded based on their on-chain activities and loyalty. After the proposal is approved, 60% of the funds will be sent, and the remaining 40% will not be given out until the public beta has begun.
95,034,496 votes or 96.47% of the total votes cast in favor of the motion. The Terra Phoenix airdrop recently ended with a total of 14,494,909 LUNA that can be claimed by eligible users from September 4 to October 4.
Overall, 4,924,081 LUNA were claimed from the airdrop, representing a 25.3% claim rate. Therefore, the remaining 9,570,828 LUNA, plus the 10,000 LUNA left over from unused gas fees, has been returned to the Terra Community Pool. Out of the 10 chains indexed for the airdrop, Terra, Thorchain, Polygon and Avalanche had the highest claim rates.
