- Binanceโs Thai subsidiary launches โLUNC: from collapse to resurrection?โ
- The program aims to engage UST & LUNA crash victims from May 2022.
- By mutual community efforts, LUNCโs remaining supply drops to 5.51T.
Crypto exchange Binance decided to take its Terra Luna Classic (LUNC) rejuvenation efforts to another level. Binance TH, a joint venture between Binance and Gulf Binance, listed both LUNC and Terra Classic USD (USTC) last week.
Binanceโs Thai subsidiary launched a sweepstakes campaign as well as other rewarding activities in relation to Terra Classicโs tokens. Firstly, Binance TH issued a gift package of 100,000 LUNC tokens to customers trading LUNC for the first time.
In order to participate in these trading activities, Binance TH customers must first complete their Know Your Customer (KYC). Users can either deposit 500,000 LUNC tokens to their verified Binance TH account or make their first LUNC trade with a minimum value of 50 Tether USD (USDT).
Sponsored
This offer is limited to the first 200 people, and Binance TH asks them to complete a short survey as the third step. After the form is successfully filled out, users will need to wait up to 14 business days to receive their special LUNC gift in their account.
Hereโs How Binance Thailand Aims to Revive LUNC
Additionally to the ongoing LUNC sweepstakes, Binance Thailand pledged to contact โthose who suffered from LUNC the most to invite them to join the discussion and share their experiences.โ The Thai branch of Binance is referring to the UST de-pegging back in May 2022, when the algorithmic stablecoin UST crumbled to pieces, taking the original LUNA token down as well.
As a consolation prize, Binance TH offers officially branded merchandise called the โBinance TH Swag,โ and special crypto prizes are also on the table. The elaborate LUNC rejuvenation campaign has been going on since mid-2022 when Binanceโs ex-CEO Changpeng โCZโ Zhao announced that the exchange would start periodically burning LUNC tokens out of compiled trading fees every month.
As of press time, the remaining circulating supply has been reduced to 5.51T, with Binance accounting for over 50% of all-time LUNC burns. According to on-chain burning records, Binanceโs cumulative fee burns recently surpassed 59 billion LUNC coins, while the Terra Classic community is asking to do the same with USTC. Despite a 3% upswing over the past 24 hours, USTC still trades below 2 cents.
On the Flipside
- Whilst LUNC rejuvenation is a long-term process, Terra Classic dropped below a $500 million global market cap and is far away from returning to the TOP 100.
- USTCโs repeg to $1 depends on multiple factors, including a coordinated plan with major centralized exchanges to burn a part of the remaining USTC supply.
Why This Matters
Terra Lunaโs rebranding since the 2022 fiasco has helped the Layer-1 chain restore some of its initial functions, while crypto investors are still seeking closure for the massive losses incurred in 2022.
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