The world’s largest crypto exchange Binance has successfully completed six years of operations. Binance CEO Changpeng “CZ” Zhao shared the crypto exchange’s key events and challenges in an official statement, in which he also disclosed that Binance invested $3 million in Terra (now Terra Luna Classic) and never moved or sold LUNC holdings. Binance currently supports the Terra Luna Classic community with monthly LUNC burns and committing to the revival roadmap.
“we saw our initial $3M investment back in 2018 turn into $1.6bn at Terra’s 2021 peak, and then down to close to $0 in 2022. Until today, the LUNA (now LUNC) tokens we received still sit on the address we originally received them on, never moved and never sold.”
After the May 2022 Terra-LUNA crisis, the Binance team asked CEO “CZ” whether to sell the tokens, he said “no, let’s just hold.”
Also Read: Community Looks To Raise LUNC Gas Fees by 2x and Reduce Staking Undelegation Period
The community reacted positively to Binance still holding LUNC tokens, committing to the development and revival of the Terra Luna Classic chain. It has renewed the sentiment among members to revive LUNC and USTC to $1, taking inspiration from Binance CEO “CZ.”
Binance burned 2.65 billion LUNC tokens in the 11th batch of its burn mechanism. The crypto exchange has burned 35.58 billion LUNC in total, while the community has burned 69 billion LUNC.
Joint L1 Task Force (L1TF) and Quant developer teams are working with Binance and other exchanges to repeg USTC to $1, with the Quant team in direct discussion with Binance.
Make sure to read the Quant Teams Week 2 Update! Its been a busy week for us, with initial iterations of the tooling built and some initial modelling completed, we are in a strong position leading into week 3!#LUNC #USTC $LUNC $USTC#DecentralisedMoney https://t.co/pFfmie5f5r
— RedlineDrifter (@RedlineDrifter) July 15, 2023
The community and developer groups to focus particularly on reducing LUNC and USTC circulating supply in Q3. L1TF has revealed its plan of action for Q3, with expert developers Edward Kim and Superman returning back to the chain.
Also Read: Terra Classic Community Pool Balance Rises, Quant-Binance USTC Talks, Coinbase’s LUNC Listing
LUNC price fell over 1% in the past 24 hours, with the price currently trading at $0.000086. It pares earlier gains and failed to surpass the $0.000090 level, but the community planning for a short squeeze.
The 24-hour low and high are $0.0000836 and $0.0000891, respectively. Meanwhile, trading volume remains low, indicating a lack of interest among traders.
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