Leading cryptocurrency exchange Gemini has confirmed plans to delist Terra Luna Classic (LUNC) alongside other digital assets, including Synthetix (SNX), Qredo (QRDO), and Zebec (ZBC). The delisting, effective September 20, follows a routine review of supported assets on the platform.
Key Details of the Delisting
- Affected Cryptocurrencies: LUNC, SNX, QRDO, ZBC
- Deadline for Withdrawals: September 20
- Reason: Exchange’s periodic asset review and reassessment of listing value
Gemini emphasized transparency in its decision, stating:
“We consistently review the markets for the various assets we support. At times, we reassess the value of having certain assets listed on our exchange.”
Community Confusion Over LUNC vs. wLUNA
The crypto community has raised questions about Gemini’s classification, noting that the exchange may have mistakenly labeled wLUNA (wrapped LUNA) as LUNC. This comes amid Terraform Labs’ recent reopening of the Shuttle Bridge for wrapped asset redemptions on Terra Classic.
Market Impact on LUNC Price
Despite initial concerns, LUNC’s price has shown resilience:
- 24-hour performance: +2% (trading between $0.0000789–$0.00008246).
- Trading volume: Down 25%, reflecting broader market volatility.
👉 How will LUNC’s delisting affect long-term holders?
Factors Influencing Sentiment
- Terraform Labs’ Bankruptcy Hearing: Scheduled for mid-September, this could shape investor confidence.
- USTC Repeg Narrative: USTC price surged to $0.01663, with increased futures open interest (+1%) on major exchanges like Binance and Bybit.
FAQs About Gemini’s Delisting
1. Why is Gemini delisting LUNC?
Gemini periodically reviews listed assets and removes those that no longer meet its criteria for market value or user demand.
2. Can users still trade LUNC after September 20?
No. Trading will halt, but users can withdraw LUNC to external wallets.
3. Is wLUNA the same as LUNC?
No. Confusion arose when Gemini potentially mislabeled wLUNA (a wrapped asset) as LUNC.
4. Will other exchanges follow Gemini’s delisting decision?
Unconfirmed. Delistings are exchange-specific, but market sentiment may influence broader trends.
5. What should LUNC holders do before September 20?
Withdraw LUNC to a private wallet or convert it to another supported cryptocurrency.
👉 Explore secure wallet options for delisted assets
Broader Crypto Market Context
While Gemini’s announcement has stirred discussions, the crypto market remains dynamic:
- Bitcoin ETFs: BlackRock’s IBIT ETF ranks among its top-performing funds.
- Regulatory Developments: U.S. House passes pro-crypto legislation, boosting BTC price.
Final Recommendations
- Monitor developments: Stay updated on Terraform Labs’ bankruptcy proceedings.
- Diversify holdings: Consider reallocating delisted assets to mitigate risks.
For institutional-grade insights, Gemini’s decision underscores the importance of asset liquidity and exchange compliance in crypto investing.