Binance Takes Action on Terra Classic Tokens
In a bold move that has sent ripples through the crypto community, Binance has completed its inaugural burn of Terra Classic (LUNC) trading fees. This decision comes in response to a proposal from September that aimed to rejuvenate the beleaguered LUNC token, and the results are making eyes widen—$1.8 million worth of tokens, to be exact. For those keeping track, that’s about 5.5 million LUNC, incinerated in a fiery display of market commitment.
The Numbers Behind the Burn
Binance’s CEO, Changpeng Zhao, casually dropped the announcement on October 3, highlighting that the burn included about 1,863,213.47 Tether (USDT). This trading fee burn also applies to the LUNC/BUSD and LUNC/USDT spot and margin trading pairs, which are presumably the focus of Terra enthusiasts looking to revive their favorite token from the ashes—pun intended!
What’s Next? A Regular Schedule for Burns
According to Binance’s original announcement, further burns are set to occur every Monday, with the next scheduled for October 10. It’s like crypto’s version of garbage collection, where each week, a dumpster fire of trading fees will be sent off to a designated LUNC burn address. Can we get a round of applause for consistency?
The Terra Community’s Reaction
The Terra community has been abuzz with support for this burn strategy. After a catastrophic plunge to almost zero in May, LUNC has seen a revival of over 250% recently. While the excitement is palpable, the question remains—can it last? The community seems determined to see their beloved LUNC back on its feet. Or perhaps just back to having feet?
The Unruly Past: Do Kwon and the Pursuit of Justice
Meanwhile, lurking in the shadows of Terra’s sunny attempts to rise again is Do Kwon, the co-founder who has been under scrutiny from South Korean authorities. Accused of capital market law violations, Kwon has a warrant out for his arrest and is on Interpol’s Red Notice list, with many speculating he’s hiding out in Singapore. A quick Twitter check on September 26 revealed he’s “making zero effort to hide,” which kind of sounds like a *’please find me’* invitation, doesn’t it? While the burn strategy is igniting hope, Kwon’s saga adds a dramatic twist worthy of a binge-worthy true crime series.
