Binance burned 1.35 billion LUNC tokens, bringing the total amount burned by the exchange to 60 billion. This significant milestone has led to speculation about whether the price of LUNC will rally as a result.
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On Saturday, Binance, the world’s largest crypto exchange, burned 1.35 billion Terra Luna Classic tokens as part of its 22nd LUNC burn batch, showing its ongoing support for the Terra Classic community. With this burn, Binance’s total LUNC burned now exceeds 60 billion, making up more than 52% of the total LUNC burned by the community.

Binance Burns 1.35 Billion Terra Luna Classic (LUNC) Tokens
On June 1, crypto exchange Binance sent 1.35 billion Terra Luna Classic (LUNC) tokens to the burn address, marking the 22nd batch of its LUNC burn mechanism. This burn represents a significant amount of trading fees collected between April 30 and May 29. With this latest burn, Binance has now burned nearly 60.42 billion LUNC tokens from trading fees on LUNC spot and margin trading pairs.

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Last month, Binance burned 1.4 billion LUNC tokens, amounting to $156,362 in trading fees on LUNC spot and margin trading pairs. The burn in April occurred amidst significantly lower trading volumes. A similar decline in trading volumes was noted in early May. However, trading volumes saw a reversal and increased in the last few weeks of May, with LUNC prices trading mostly sideways near $0.00012.
LUNC and USTC Prices Under Pressure Despite Binance Burn
LUNC and USTC prices continue to trade under pressure even after Binance’s recent burn of LUNC tokens. A recent crypto market selloff has caused Terra Luna Classic ecosystem tokens to pare back recent gains. The community has shifted its focus to development activity and LUNC burns in May, reigniting speculation that LUNC’s price could reach $0.0002.

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Over the past month, LUNC’s price has rallied more than 17%, driven by buying from spot and derivatives traders. LUNC is currently trading at $0.000117, with a 24-hour high of $0.0001219 and a low of $0.0001168. Traders are now awaiting a local breakout in LUNC as prices gradually move within an ascending channel.

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Meanwhile, USTC’s price has soared over 36% in the past month, with the current price at $0.02367. The 24-hour high and low are $0.02502 and $0.02360, respectively. Despite this increase, trading volume has declined over the past 24 hours.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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#LUNC #USTC #BINANCE #Trump #MatterLabs $LUNC $USTC $BTC

In an exciting move for the blockchain industry, Matter Labs recently released a manifesto for their product, #zkSync . In a pivotal bid to foster decentralization, the document titled "ZK Credo" outlines the path forward for the zkSync Era. This article delves deeper into what the manifesto represents and its implications for the future of the network.

Decentralization: The Core Of ZkSync's Manifesto: 

The heart of Matter Labs' manifesto lies in its commitment to decentralization. They've boldly highlighted the need to prevent governance power from concentrating in the hands of a few. This tenet is critical in the #blockchain world where #decentralization is the cornerstone of robust and resilient networks.

The manifesto, which is open for contributions and signatures, is posted on GitHub and the Ethereum Magicians forum. It urges the community to "deeply embrace the elusive concept of decentralization" to ensure lasting protection. The document also argues for the community's ability to migrate to a new network, if necessary, to maintain this decentralization.

ZkSync's Current State And Future Decentralization Plans: 

Currently, the zkSync network is centralized, with Matter Labs operating the prover and sequencer on its network. While the company acknowledges this, it also outlines plans for future decentralization, particularly of the sequencer. However, the manifesto reminds readers that "a steady, pragmatic approach to decentralization is needed," indicating that this journey will require time and perseverance.

The Eight Essential Principles Of ZkSync: 

In addition to its commitment to decentralization, the manifesto delineates eight principles that Matter Labs sees as crucial. They include widely accepted tenets of blockchain technology such as censorship resistance and trustlessness.

Interestingly, the manifesto also highlights three principles that it argues are currently unfulfilled by #Ethereum : privacy, accessibility, and hyper-scalability. These, Matter Labs suggests, can be achieved through zkSync, thanks to zero-knowledge technology.

Zero-Knowledge Proofs And Hyperscalability: 

zkSync leverages zero-knowledge proofs to enhance privacy and throughput on its blockchain network. This technology enables the network to validate transactions without revealing any specific details about them, enhancing both privacy and scalability.

This potential for hyper scalability, combined with increased accessibility and privacy, sets zkSync apart from existing solutions like Ethereum. It's a vision that could redefine the way we perceive blockchain technology.

From a broader perspective, Matter Labs also suggests other networks to adopt the ZK Credo, indicating their openness to collaborate and share their vision for a decentralized future.

Conclusion: 

Matter Labs' zkSync manifesto signifies a bold and pragmatic approach to decentralization in the blockchain industry. It reminds us of blockchain technology's core values and presents a compelling vision for its future. As we watch this space, it will be exciting to see how this manifesto influences the course of #MatterLabs and potentially, the broader blockchain community.

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