Binance has burned 5.57 billion Terra Luna Classic (LUNC) tokens in its 17th batch of the LUNC burn mechanism, bringing the total number of tokens burned to over 49 billion. The burn caused LUNC and USTC prices to rise by over 7%. Binance has burned 49.17 billion Terra Classic tokens from trading fees on LUNC spot and margin trading pairs, contributing to the community burning nearly 92.5 billion LUNC tokens. Traders should be aware of a possible pullback in prices due to potential profit booking in the next few days.
According to official sources, the Terra (Luna) chain's Rune protocol has launched Free Mint. It is reported that LunaRune is the Terra (Luna) chain's Rune protocol, with the protocol name Luru-20. The first batch of minted runes is LURU, with a total of 4.2 million cards, each with 1,000 pieces. The LunaRune protocol includes the Cosmos ecological full-chain rune platform and the Rune BTC L2 network based on IBC. In addition, 30% of the protocol's market revenue will be evenly distributed to LURU holders.
Binance has announced that it will support the Terra Classic (LUNC) network upgrade. The specific schedule is as follows: The project party will upgrade the network at block height 15,493,370 (expected to be at 17:00 on November 20, 2023, Beijing time); Binance expects to temporarily suspend token deposit and withdrawal services for the above network at 16:00 on November 20, 2023, Beijing time.
Binance has burned 1.4 billion LUNC tokens in its 12th batch of burns, reducing Terra Classic's total supply to less than 6.84 trillion. The burn event represented 50% of Binance's trading fees on LUNC spot and margin trading pairs accrued between June 30 and July 30. The next LUNC burn event is scheduled for Sept. 2, and the Terra Classic community hopes that these frequent burns and the planned USTC repeg will aid LUNC's price in the long run. LUNC is currently trading at about $0.00008, up from less than $0.00005 following its May collapse but still far below its all-time high of roughly $0.000018 earlier this year.
July 2 (Cointime) - Binance, the world's largest cryptocurrency exchange, has burned 2.65 billion Terra Classic (LUNC) tokens in its 11th batch of the burn mechanism, bringing the total number of LUNC tokens burned by Binance to over 35.5 billion. The Luna Classic burn mechanism automatically burns tokens whenever a transaction occurs on the network, reducing the total supply of tokens and increasing their value over time. The LUNC burn rate has improved over the past two months thanks to initiatives from projects like DFLunc, TerraCasino, and Cremation Coin, resulting in the successful burning of a total of 68 billion LUNC tokens by the community. Despite Binance's burn, the LUNC price remains under pressure and has continued to decline.
June 29 (Cointime) - Former Terra Classic (LUNC) L1 Team developer Tobias "Zaradar" Andersen has expressed his willingness to help the L1JTF if needed, despite his controversial departure.
June 26 (Cointime) - Levi Rietveld, the founder of Blaze Token (BLZE), has mocked the ongoing Terra Classic campaign to revive the price of LUNC. In a tweet, Rietveld added a series of laughing emojis to his suggestion that LUNC should reach $1 and USTC should reach $10.
June 26 (Cointime) - A group of six engineers, known as the Six Samurai, have proposed a blueprint to revive the Terra Classic blockchain ecosystem. Their aim is to restore the blockchain's glory and decentralize it, removing any traces of its infamous founder, Do Kwon.
Terra Classic Community Member Accuses Terraport Team of Negligence as Stolen Funds are Moved to Tornado Cash
June 20 (Cointime) - A member of the Terra Classic community, reXx, has accused the Terraport team of negligence in monitoring wallet movements involved in the Terraport exploit of April. reXx drew attention to the movement of stolen funds, worth $88,649, from MEXC to Tornado Cash via Binance Smart Chain.
The Terra Classic (LUNC) network upgrade will take place at the Terra Classic block height of 13,215,800, or approximately at 2023-06-14 14:00 (UTC). Deposits and withdrawals of tokens via Terra Classic network will be suspended approximately starting from 2023-06-14 13:00 (UTC).