After the LUNA and UST collapse, the Terra Classic chain emerged and the foundations of the Terra Classic community were laid by the gathering of investors affected by the collapse.
The biggest support to the Terra Classic community after the LUNA crash came from Binance and CZ. CZ was in constant communication with the community. He answered questions about #LUNC and #USTC in the chats he participated in. Most importantly, he instructed the Binance exchange to burn LUNC.
Binance has been burning LUNC for over two years and these burns have reached 65 billion units. Its value is over $ 10 million. The meeting between Binance exchange and its then CEO CZ with TerraformLabs after the LUNA crash and what happened after this meeting gathered us around LUNC and USTC. It made us think about whether there could be an account on Terra Classic.
What we have experienced in the last 2 years could prove us right. As a result; we are now at the final bend. The decision made as a result of TerraformLabs' lawsuit with the SEC is final and is being implemented. At this point, TerraformLabs is out of the picture.
They burned all their LUNAs and will continue to burn LUNC and USTC tokens. They also did some test burns in the past weeks.
TerraformLabs must burn all funds it holds by October 30, 2024. By burning these funds, TFL will complete its bankruptcy processes and completely liquidate.
We have been following the agenda in the Terra Classic chain for over 2 years and we see that the process has proven us right. The processes regarding the LUNC and USTC supply, which are scattered in the market and whose owners are unknown, are now ending. The Terra Classic chain is getting rid of its excesses.
The Terra Classic community is excitedly trying to calculate what might happen in October. These calculations do not change what will actually happen, but let's still tell you what might happen;
There are more or less LUNC and USTC in TFL wallets. TFL will burn all of these wallets. (Total amount cannot be estimated clearly)
There were LUNC and USTC funds locked in the Shuttle Bridge. They opened withdrawal transactions from this bridge, but withdrawals are very few. The funds in this wallet will burn until October 30, 2024. Approximately 255 billion LUNC and 176 million USTC will burn here.
The most important question is what will happen to the 220 billion LUNC and 1.87 billion USTC in the Luna Foundation. There are also #AVAX,#BNBand#Bitcoinfunds here. What will happen to these is not clearly known or announced. We will understand by October 30, 2024.
In addition to burns; Terra Classic community can burn USTC with votes. There are currently LUNC and USTC funds that are passive on the network. (There is no October 30, 2024 requirement for these. However, the community has started burning votes)
More important than the burns will be which actors will come forward for the Terra Classic chain after October 30, 2024.
A Terra Classic chain that has been freed from lawsuits and resolved the supply issue will be appetizing for large investors. Binance has been supporting the Terra Classic community for over 2 years. Will Binance support continue in a different way? We will continue to follow the process...