Crypto News

Binance Burns 3.9 Billion $LUNC As It Surges to 8-Month High

Recently, Binance, the world’s leading cryptocurrency exchange, executed the 16th batch of Terra Classic ($LUNC) burning. This resulted in the incineration of a staggering notable 3.9 billion LUNC tokens. This event, the first burn since the departure of former CEO Changpeng Zhao, has triggered remarkable shifts in the $LUNC market. Of course, as seen in the price reaction.

Notably, post the burn event, the market value and trading activity of LUNC experienced a notable surge. Of course, over the past 24 hours, the price rallied impressively by over 18%. This resulted in achieving an 8-month high at $0.0001446. This surge reflects a renewed vigor and investor confidence in $LUNC’s trajectory. Not just $LUNC but every other token in the family, such as $LUNA and $USTC.

In tandem with the burn, Terra Forms Labs (TFL) announced a strategic liquidity deployment. Notably, TFL has injected $2.65 million of liquidity into various pairs, showcasing commitment to specific Terra ecosystem projects. This funds distribution includes: 

  • $1.5 million in LUNA/axlUSDC
  • $1 million in wBTC/LUNA
  • $150,000 in LUNA/WHALE

Of course, TFL’s cumulative capital deployment on Terra in the past 16 days has now reached $17.65 million. This is a notable statement to its ongoing support for Terra ecosystem projects.

Additionally, Terra took a pioneering step by establishing the first Terra Delegation Committee (TDC). This committee, functioning as an independent community entity, plays a pivotal role in staking a portion of the $LUNA received from the TFL Community Grant. The selection of Terra validators is based on predefined criteria, ensuring a transparent and community-driven approach.

Finally, through the Terra Delegation Committee, a dedicated staking program will be implemented to achieve its objectives. Also, and to foster the growth of the Terra ecosystem. Conclusively, this multifaceted development marks a transformative phase for $LUNC and investors, reflecting a strategic initiatives shaping its ecosystem.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency.

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