Binance has supported the LUNC (Terra Luna Classic) ecosystem in several ways:
1. Investment: Binance invested $3 million in Terra (now Terra Luna Classic) and has not moved or sold their LUNC holdings. This investment demonstrates Binance's financial support and belief in the LUNC project.
2. Burn Mechanism: Binance has implemented a Terra Classic (LUNC) burn mechanism on its trading fees. This means that a portion of the trading fees generated on the Binance platform is used to buy and burn LUNC tokens, reducing the total supply over time. This burn mechanism helps create scarcity and can potentially increase the value of LUNC tokens.
3. Listing Support: Binance has listed LUNC on its exchange, providing liquidity and access to a wide range of traders and investors. This listing support helps increase the visibility and trading volume of LUNC, contributing to its growth and development.
4. Community Engagement: former CEO Changpeng Zhao (CZ) has been called upon by the LUNC community for his leadership and guidance in the revival efforts for the network. CZ's involvement and support have helped rally the community and bring attention to the LUNC ecosystem.
Overall, Binance's support has provided financial backing, liquidity, and visibility to the LUNC ecosystem, contributing to its growth and development.
Sources:
- CEO Disclosing LUNC Holdings Renewed Terra Luna Classic
- LUNC Burn
- LUNC community calls for CEO’s leadership as Terra Luna Classic price falls
- Burns Over $5.6B LUNC Tokens – Major Milestone Achieved
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