LUNC News: Binance Reportedly Assisting Terra Classic Community With USTC Revival 📌
Terra Luna Classic community gets a major contribution from the world’s largest crypto exchange Binance in LUNC burn campaign to reduce the supply. However, a post by a community associate at the crypto exchange sparked a buzz in the community indicating that the exchange also assists in the USTC revival plan.
A cryptic post on the X platform by Binance community associate Diana began a narrative that crypto exchange is reportedly helping the Terra Luna Classic community in the USTC revival.
The post was shared by Mr Diamondhandz1, a popular community member and owner of LuncLive validator. He said the exchange is likely assisting the community in the USTC revival plan in addition to Binance’s monthly LUNC burn mechanism.
Binance has burned over 62 billion LUNC, accounting for 49% of the total tokens burned by the community. As per data, the community has burned more than 126 billion tokens. With USTC repeg plan in limbo, the community now depends upon Terraform Labs to burn USTC in their wallets and Luna Foundation Guard wallets.
Notably, Binance is also a holder of Terra Luna Classic ecosystem tokens. Former CEO Changpeng Zhao disclosed that the company invested $3 million in Terra (now Terra Luna Classic) and never moved or sold LUNC holdings.
