Binance Burns 5.57 Billion Terra Luna Classic Tokens in Latest Batch of Burn Mechanism
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.
Terra (Luna) Chain Rune Protocol Opens Free Mint
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 will support Terra Classic (LUNC) network upgrade
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.
Terra Classic Price (LUNC) Drops Amid Crypto Asset Selloff, Developers Propose Dynamic Minimum Commissions for Validators
The Terra Classic Price (LUNC) experienced a significant drop during the August 2023 crypto asset selloff, leading to a reduction in its market cap by $100 million to $360 million. To protect the Terra Luna Classic network from potential vulnerabilities, developers have proposed implementing dynamic minimum commissions for validators.
Binance Burns 1.4 Billion LUNC in Latest Token Burn Event
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.
Terra Luna Classic Community Burns 70 Billion LUNC Tokens in Effort to Reduce Circulating Supply
The Terra Luna Classic community has burned a total of 70 billion LUNC, marking another milestone in their efforts to reduce the circulating supply since May 18, 2022. Binance, the world's largest crypto exchange, has contributed over 50% to the total LUNC burned by burning almost 36 billion LUNC. While the circulating supply of LUNC is 5.81 trillion and the total supply is 6.84 trillion LUNC, the community needs to increase utility to increase the LUNC burn rate. The Terra Luna Classic burn campaign has been successful, with an average of 400 million LUNC burned per week, but the LUNC price has fallen 1% in the past 24 hours and is currently trading at $0.000081.
Terra Luna Classic Community-Owned Wallet Proposal Passes with Overwhelming Support from Validators and Community
The Joint L1 Task Force for Terra Luna Classic has proposed the creation of a community-owned wallet, which will be managed through governance by the LUNC community. The proposal to prioritize building wallet infrastructure and prevent privatization has been officially passed by the Terra Luna Classic community, with almost 71% in favor and 27% abstaining. The community-owned wallet will be developed free of charge by the Joint L1 Task Force, with costs such as domain registration and hosting covered by their compute budget. The LUNC price has jumped 3% in the past 24 hours, currently trading at $0.000088, while USTC price has increased by 7% in the past 24 hours and 40% in a week.
Terra Luna Classic Developer Group Reports Q2 Status and Plans for LUNC and USTC Circulating Supply Reduction in Q3
The Joint L1 Task Force (L1TF) of Terra Luna Classic core developers has released a Q2 status update, outlining their ongoing work and plans for Q3, which includes reducing the circulating supply of LUNC and USTC. The community pool has started refilling after dropping to low levels.
Terra Luna Classic's L1TF to Develop Community-Owned Wallet
The Joint L1 Task Force, a core developer for Terra Luna Classic, has proposed the creation of a community-owned wallet that will be managed through governance by the LUNC community. Happy Catty Crypto, a LUNC validator, has submitted a similar proposal for voting to prioritize building wallet infrastructure and prevent privatization. The proposal has received almost 72% "Yes" votes from the community, with the voting deadline set for July 14. The development of the community-owned wallet will be free of charge, with the Joint L1 Task Force covering costs such as domain registration and hosting from their compute budget. LUNC price has jumped 4% in the past 24 hours, currently trading at $0.000083, with the next target price at $0.000090.
Binance Conducts 11th Terra Classic Burn, 2.65 Billion LUNC Tokens Burned
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.
Former Terra Classic Developer Offers Assistance to L1JTF Despite Controversial Departure
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.
Blaze Token Founder Mocks Terra Classic Campaign to Revive LUNC Price
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.
Six Samurai Propose Revival Blueprint for Terra Classic Blockchain Ecosystem
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 $88,649, from MEXC to Tornado Cash via Binance Smart Chain.
Binance Will Support the Terra Classic (LUNC) Network Upgrade
The Terra Classic (LUNC) network upgrade will take place at the Terra Classic block height of 13,215,800, or approximately at 2023-06-14 14:00 (UTC). Deposits and withdrawals of tokens via Terra Classic network will be suspended approximately starting from 2023-06-14 13:00 (UTC).
DFLunc Protocol Incinerates Over 628 Million LUNC Tokens in Terra Classic Burn Campaign
DFLunc Protocol, a Terra Classic project and ecosystem validator, has burned over 628 million LUNC tokens in less than six weeks, with a sustained rate of tens of millions of LUNC tokens burned daily. This has contributed to the massive burn threshold, with over 379 million Terra Classic burned this month alone.
Terra Classic ($LUNC) Surges 28.59% in Value Amidst Community Initiatives and Upgrade Proposal
Terra Classic (LUNC) has experienced a significant increase in value, providing a glimmer of hope during a period of bearish sentiment. The rise is due to increased buying pressure and the announcement of the v2.1.0 upgrade proposal, scheduled for June 14th. This upgrade will bring Terra Classic in line with other blockchains and introduce a range of features and improvements. The surge has also made LUNC one of the top cryptocurrencies in terms of trading volume, with support from reputable entities such as Binance. Finance experts are optimistic about Terra Classic's future.
Terra Classic Surges 28% in 24 Hours, Becomes Top Cryptocurrency by Trading Volume on Binance Spot Market
Terra Classic (LUNC), the original chain of the collapsed Terra (LUNA) ecosystem, has experienced a significant surge in value, with a gain of 28.59% in the past 24 hours, attributed to increased buying pressure and community initiatives. This surge has propelled LUNC's market capitalization to $635.9 million, making it one of the top cryptocurrencies in terms of trading volume. The resurgence follows the news of the v2.1.0 upgrade proposal, which aims to align Terra Classic with other blockchains and enhance the platform's reliability and security. Leo Smigel, the visionary behind Analyzing Alpha, presents an optimistic outlook on Terra Classic's future.
$XRP, $Lido DAO, and $Terra Classic Record Impressive Growth in the Past Week
The digital currency market is starting the new week on a positive note, with XRP, Lido DAO (LDO), and Terra Classic ($LUNC) showing impressive growth in the past 7 days. XRP has finally broken through the $0.5 resistance level and is currently trading at $0.54, with experts predicting that the outcome of the SEC lawsuit against Ripple Labs Inc. will have a major impact on its future price. Lido DAO's unique offering to compound investors' earnings has made it the dominant Liquid Staking Derivatives platform in the DeFi ecosystem, with its native token LDO experiencing a 13% growth in the past week. Terra Classic (LUNC) has been the best performer of the week, with a 26.24% increase in price to $0.000110, thanks to initiatives such as the implementation of a 1.2% burn tax to revive the token's value.
LUNC Price Spikes Over 6% on News of Terra Classic v2.1.0 Upgrade Proposal
The LUNC price has risen by over 6% following news of the proposed v2.1.0 upgrade, which was tweeted by the LUNC Burn Army account. The 24-hour trading volume of Terra Classic has increased by approximately 300%, but the LUNC price still has a long way to go to reach its September 2022 high of $0.00059. The v2.1.0 upgrade is the third major upgrade to the Terra Classic blockchain and includes a minimum 5% commission for validators, Cosmwasm v1.1.x, and two security updates. However, with a fully diluted market cap of over $600 million and a supply of around 5.85 trillion, achieving a move back to its 2022 highs may be challenging.
