Binance Fuels Terra Ecosystem by Burning LUNC Tokens

Last Updated August 3rd 2023
3 Min Read

Key Takeaways -

  • Binance is supporting the growth of the Terra ecosystem by consistently reducing the number of Terra Classic (LUNC) tokens in circulation, a process known as a token burn.
  • Another exchange platform, OPNX, has launched a new meme coin, FatManTerra Justice Tokens, in response to alleged false information spread about the Terra project. This coin will be distributed to Terra (LUNA) and LUNC holders.
  • The Terra ecosystem's total market value and trading volume have significantly increased. At the same time, the controversy surrounding OPNX's airdrop campaign and the lack of transparency of its founders have raised questions within the cryptocurrency community.

The Terra ecosystem, a network of digital currencies, has been experiencing a surge in growth. This growth is largely attributed to Binance, a leading cryptocurrency exchange platform, steadily reducing the number of Terra Classic (LUNC) tokens in circulation.

This process, known as a token burn, helps to manage the number of tokens available and can potentially boost their value.

OPNX Launches Meme Coin

In recent updates, OPNX, an exchange platform, has made an exciting announcement. They are now introducing a brand new meme coin known as FatManTerra Justice Tokens. This development adds another layer of intrigue to the ever-evolving cryptocurrency landscape.

This coin is a direct response to FatMan, who has been accused of disseminating inaccurate information about the Terra project, leading to disruptions within the ecosystem. As compensation, the new coin will be distributed to holders of Terra (LUNA) and LUNC tokens.

Terra Ecosystem's Market Value on the Rise

The Terra ecosystem's total market value has increased by 2.82% in the last 24 hours, reaching a total of $643,548,184. The trading volume, or the amount of trading activity, has also increased by more than 75%, reaching over $51 million.

Price Changes in the Terra Ecosystem

Price Changes in the Terra Ecosystem

  • The prices of LUNC and another coin, TerraClassicUSD (USTC), have also increased.
  • However, the price of another coin, TerraKRW (KRT), has decreased slightly.
  • Two other projects, Anchor Protocol (ANC) and Mirror Protocol (MIR), have increased prices.

Binance's Continued Support for Terra Ecosystem

Binance has further bolstered the Terra ecosystem by executing a significant burn of LUNC tokens. This strategic move effectively reduces the total supply of LUNC tokens, thereby potentially enhancing their intrinsic value.

Binance's Latest LUNC Burn

Binance has recently completed its 12th LUNC burn, eliminating over 1.41 billion LUNC from circulation. This strategic move has the total supply of LUNC tokens to less than 6.84 trillion.

Starting from May of last year, Binance has diligently carried out the process of burning LUNC tokens, leading to the elimination of a staggering 71.60 billion LUNC tokens from circulation.

USTC Repegging and Market Speculations

In other developments, the USTC Quant Team has communicated with Binance about the pegging of the USTC coin. Speculation has arisen regarding the potential impact on the market and the price of LUNC. This has sparked curiosity about the ensuing consequences and implications.

OPNX's Airdrop Campaign

OPNX's Airdrop Campaign

OPNX has also been in the news for launching an airdrop campaign for Terra (LUNA) and Terra Classic (LUNC) holders. The campaign involves distributing FatManTerra Justice Tokens, a type of meme coin. However, this move has been criticized due to legal concerns and questions about the transparency of the exchange's founders.

Controversy Surrounding OPNX

The OPNX controversy stemmed from Twitter messages allegedly posted by FatMan Terra. These messages were accused of spreading false information, which further aggravated the issues within the Terra ecosystem.

In response, OPNX introduced the FatManTerra Justice Tokens and opted to distribute them among LUNA and LUNC holders. Nevertheless, these tokens hold no inherent value and are commonly created as humor or meme, casting doubt on the airdrop campaign.

With the imminent distribution of the FatManTerra Justice Tokens, the community is anxiously anticipating additional information regarding OPNX's strategies and the potential impact on supporters of the Terra ecosystem.

The lack of transparency and legal uncertainties surrounding the founders of OPNX have raised doubts about the credibility of this airdrop campaign. There are concerns about its effectiveness in addressing the alleged harm caused to the Terra ecosystem.

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