Binance Commits to Terra Luna Classic Revival

Binance, the largest cryptocurrency exchange in the world, has completed six years of operation. In an official statement, Binance CEO Changpeng “CZ” Zhao detailed the exchange’s most significant events and challenges.

He also revealed that Binance invested $3 million in Terra (now Terra Luna Classic) and never sold its LUNC holdings.

Binance supports the Terra Luna Classic community by committing to monthly LUNC burns and 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 Terra-LUNA crisis in May 2022, the Binance team questioned CEO “CZ” about selling the tokens, to which he replied, “No, let’s just hold.”

Positively, the community reacted to Binance’s continued holding of LUNC tokens and commitment to developing and reviving the Terra Luna Classic chain.

It has reinvigorated the sentiment among members to restore LUNC and USTC to $1, drawing inspiration from the CEO of Binance, “CZ.”

The eleventh batch of Binance’s burn mechanism destroyed 2.65 billion LUNC tokens. The cryptocurrency exchange has destroyed 35.58 billion LUNC, while the community has destroyed 69 billion LUNC.

The Joint L1 Task Force (L1TF) and Quant developer teams are collaborating with Binance and other exchanges to repeg USTC to $1, with the Quant team communicating directly with Binance.

In the third quarter, the community and developer groups will concentrate on reducing the LUNC and USTC circulating supply.

L1TF has revealed its Q3 strategy, which includes the return of expert developers Edward Kim and Superman.

Over the past twenty-four hours, the price of LUNC has decreased by more than 1% and is currently trading at $0.000086. It retraced earlier gains and failed to surpass $0.000090, but the market is preparing for a brief squeeze.

The 24-hour low is $0.0000836, and the 24-hour high is $0.0000891. In the meantime, trading volume remains low, indicating traders’ lack of interest.