Binance Conducts 11th Terra Classic (LUNC) Token Burn Amid Community Disputes
Binance, one of the world’s largest cryptocurrency exchanges, has recently carried out its 11th Terra Classic (LUNC) token burn, further intensifying disputes within the Terra Classic community. The burn involved a substantial amount of 2.65 billion LUNC tokens, totalling approximately $236.6K at the time of the transaction. This burn, which occurred on July 1 at 15:12 (UTC), was executed by incinerating 50% of LUNC spot and margin trading fees accumulated between May 31 and June 29.
Terra Classic’s Total burn hit 65.3 Billion LUNC, Binance representing over 54%
The cumulative Terra Classic burn, including contributions from all parties, has now reached 65.3 billion LUNC tokens. Binance’s total burns account for an impressive 35.53 billion tokens, representing over 54% of the cumulative burn, underscoring the exchange’s significant influence on the token’s supply.
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This latest burn by Binance follows a previous burn conducted exactly one month ago, which saw the incineration of 1.044 billion LUNC tokens for May. The increase in the June burn can be attributed to heightened LUNC spot and margin trading volumes on the Binance exchange.
It is worth noting that Binance’s recent token burns continue despite persistent internal conflicts within the Terra Classic community. One prominent issue stems from the Terraport attack, which resulted in the loss of billions of LUNC tokens from user funds. As TerraCVita strives to relaunch Terraport, the community is divided between supporters of the development group and those, like reXx, who question the group’s credibility and handling of the stolen funds.
Binance Burns despite the conflict amid the network
Furthermore, disagreements have emerged regarding the proposed formation of a USTC team to address the USTC re-peg concept introduced by Redline Drifter. Notably, validators such as JESUSisLORD have expressed strong opposition to this idea, reflecting divergent opinions within the community.
Adding to the complexities, pseudonymous LUNC developers Bilbo Baggins and Solid Snake have presented a proposal for the creation of a parallel team of engineers called the “Six Samurai.” Seeking a budget of $116K for their Q3 plans on Terra Classic; this proposal has generated mixed responses from the community.
Additionally, the latest Q3 proposal submitted by the L1 Joint Task Force (L1JTF), managed by LuncBurnArmy (LBA), was met with rejection from the community. The proposal sought a budget exceeding $116K for the team’s operations.
Despite the ongoing disputes and conflicts within the Terra Classic community, Binance has continued its commitment to token burns, marking the fifth burn exercise since the exchange resumed support after a suspension between December 2022 and February 2023. The total amount of LUNC tokens burned by Binance since the resumption now stands at 15.1 billion.
The Terra Classic ecosystem remains at a critical juncture as it navigates internal disagreements while striving for stability and growth. The outcomes of these disputes and the decisions made by the community will shape the future trajectory of the project and its token, LUNC.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
