- Binance is celebrating the 6th anniversary of its launch.
- Changpeng Zhao reveals how much $LUNC he holds.
- LUNC community in high spirits, repeg talks ongoing.
The world’s largest crypto exchange started six years ago with five cryptocurrencies and two languages. Today, Binance is widely used around the globe – 140 million active users mark the platform’s growth, as well as the whole crypto industry.
In an official blog post, Binance CEO Changpeng ‘CZ’ Zhao commemorated the joyful and difficult moments in the company’s crypto journey. Interestingly, CZ disclosed that Binance invested in Terra Luna’s ecosystem in 2018, acquiring three million Terra (LUNA) tokens.
In 2021, Binance saw this investment peak at $1.6 billion. While the Binance team asked CZ if the tokens should be sold, he replied, “No, let’s just hold.” While this decision has led to losing $1.6 billion in unrealized profits, CZ added that the original Terra (LUNA) tokens were never sold or moved – they still sit at the OG address.
A Year of Rebuilding: LUNC Community HODLing Strong
Rebranded after the wild financial fiasco in May 2022, Terra Luna Classic (LUNC) is still utilized by a vast community of crypto enthusiasts. The hasty depegging of the algorithmic stablecoin Terra Classic USD (USTC) has sent over $2 trillion of crypto assets down the tubes, taking along a lengthy list of crypto hedge funds and exchanges.
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However, the post-crash Terra community had a year of discussions, rebound attempts, and honest rebuilding efforts. Hitting another bottom along the way, the rebranded $LUNC token started showing signs of life in September 2022 but quickly faded to the price range of four zeros. During that time, the Terra community faced internal conflicts and couldn’t find a unanimous voice.
LUNC is back on the up, as the shrunk community is mainly filled with loyal and caring members looking to find a mutually beneficial solution. This is evident by the lately passed proposals. To illustrate, the USTC Quant Team is working with major crypto exchanges to implement a divergence fee to restore the original peg of $USTC via a staking vault.
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While getting all crypto platforms on board might be challenging, Binance is one of the most active crypto players in the ongoing Terra Luna revitalization crusade. According to blockchain data, Binance has collectively burned 35.58 billion $LUNC in 11 attempts. On top of that, the inspiration for the Terra community is evident in the numbers – over 15% of all LUNC has been staked so far, reaching unprecedented heights by this metric.
On the Flipside
- Changpeng Zhao previously stated that a revival strategy with high divergence fees might result in many Terra whales leaving the network.
Why This Matters
The once-thriving Terra Luna network revitalization could set a positive example for struggling blockchain projects, which still have active communities.
FAQs
Binance is a global crypto exchange platform that serves 140 million people around the globe. Although the membership is free, Binance profits from trading fees across the crypto platform.
No, Terra (LUNA) is the hard-forked, relaunched version, which is known as Terra 2.0. The original Terra chain was rebranded as Terra Luna Classic (LUNC), while the Terra ecosystem’s post-crash native stablecoin was renamed to Terra Classic USD (USTC).
Binance was founded by crypto entrepreneur Changpeng ‘CZ’ Zhao. He’s also the CEO of the enterprise. Other key figures of Biance include co-founder and Chief Customer Service Officer Yi He and Head of Regional Markets Richard Teng.
Stablecoins are not supposed to lose value. The malfunctioned algorithmic stablecoin $UST shredded to cents on the dollar in a few days due to a massive sell-off on Anchor protocol, as $UST was vulnerable to various manipulations.
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