The Thai branch of Binance gets the ball rolling on a campaign that aims to bring LUNC back to life.
Binance’s Thai subsidiary launches “LUNC: from collapse to resurrection?”
The program aims to engage UST & LUNA crash victims from May 2022.
By mutual community efforts, LUNC’s remaining supply drops to 5.51T.
The globally leading crypto exchange Binance decided to take their Terra Luna Classic (LUNC) rejuvenation efforts to another level. Binance TH, a joint venture between Binance and Gulf Binance, listed both Terra Luna Classic (LUNC) and Terra Classic USD (USTC) last week.
On top of that, Binance’s Thai subsidiary launched a sweepstakes campaign as well as other rewarding activities in relation to Terra Classic’s game-tested tokens. Firstly, Binance TH issued a gift package of 100,000 LUNC tokens to customers trading LUNC for the first time.
In order to partake in these trading activities, Binance TH customers firstly shall complete their Know Your Customer (KYC). Secondly, the crypto aficionados can either deposit 500,000 LUNC tokens to their verified Binance TH account or make their first Terra Classic (LUNC) trade of a minimum value of 50 Tether USD (USDT).
Here’s How Binance Thailand Aims To Revive LUNC
Additionally to the ongoing LUNC sweepstakes, Binance Thailand pledged to contact “those who suffered from $LUNC the most to invite them to join the discussion and share their experiences”. The Thai branch of Binance is referring to the UST de-pegging back in May 2022, when the algorithmic stablecoin UST crumbled to pieces, taking the original $LUNA token down as well.
As a consolation prize, Binance Thai offers Binance’s officially-branded merchandise called the “Binance TH Swag”, whilst special crypto prizes are also on the table. The elaborate LUNC rejuvenation campaign has been going on since mid 2022, when Binance’s ex-CEO Changpeng ‘CZ’ Zhao announced that the exchange would start to periodically burn #TerraLunaClassic (LUNC) tokens out of compiled trading fees every month.
As of press time, the remaining circulating supply has been reduced to 5.51T, with Binance accounting for over 50% of all-time LUNC burns. According to the on-chain burning records, Binance’s cumulative fee burns recently surpassed 59 billion #LUNC✅ coins, while the Terra Classic community is asking to do the same with the malfunctioning stablecoin #TerraClassic USD ($USTC ). Despite a 3% upswing over the past 24 hours, #USTC still trades below 2 cents.
On the Flipside
Whilst LUNC rejuvenation is a long-term process, Terra Classic dropped below a $500 million global market cap and is far away from returning to the TOP 100.
USTC’s repeg to $1 depends on multiple factors, including a coordinated plan with major centralized exchanges to burn a part of the remaining USTC supply.
Why This Matters
Terra Luna’s rebranding since the 2022 fiasco has helped the Layer-1 chain to restore some of the initial functions, while crypto investors are still seeking to gain closure for the massive losses incurred back in 2022.
Whilst this offer is limited to the first 200 people, Binance TH asks to complete a short survey as the third step. After the form is successfully filled, crypto enthusiasts will need to wait up to 14 business days to receive their special Terra Luna Classic (LUNC) gift in their account.