The world’s largest crypto exchange Binance has successfully completed six years of operations. Binance CEO Changpeng “CZ” Zhao shared the crypto exchange’s key events and challenges in an official statement.
In the statement, the CEO disclosed that Binance invested $3 million in Terra, now Terra Classic (LUNC), and never moved or sold any of the holdings.
Binance CEO’s statement reads in part as follows:
“So, we saw our initial $3M investment back in 2018 turn into $1.6bn at Terra’s 2021 peak, and then down to close to $0 in 2022. Until today, the LUNA (now LUNC) tokens we received still sit on the address we originally received them on, never moved and never sold.’’
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CZ’s Statement Renews Community Sentiment
CZ’s statement that Binance has not sold its LUNC holdings has renewed sentiment among the Terra Classic community. Many community members are now hopeful that Binance’s support will help to revive the LUNC and USTC tokens.
It’s worth noting that Binance currently supports the Terra Luna Classic community with monthly LUNC burns and committing to the revival roadmap.
The crypto exchange has burned 35.58 billion LUNC in total, while the community has burned 69 billion LUNC.
Joint L1 Task Force, Community, Developers Working to Repeg USTC
The Joint L1 Task Force (L1TF) and Quant developer teams are working with Binance and other exchanges to repeg USTC to $1.
As recently reported by TimesTabloid, the Quant team is in direct discussion with Binance, on TerraClassic USD (USTC) repeg initiative.
— Bilbo Baggins (@OhhBilboBaggins) July 15, 2023
The community and developer groups are also focusing on reducing the circulating supply of LUNC and USTC. L1TF has revealed its plan of action for Q3, which includes burning more LUNC tokens and attracting new developers to the Terra Luna Classic chain.
Terra Classic (LUNC) in the Market
Terra Classic (LUNC) has been trading in a range between $0.000083 and $0.000089 in recent days, but it is now beginning to show signs of strength. At the time of filing this report, LUNC is trading at $0.00009123. The crypto asset is now up over 11% in the last seven days.
Binance’s support for the project is a major positive, and the community’s focus on reducing the circulating supply is also encouraging. If the project can continue to make progress, there is a chance that LUNC and USTC could one day regain their previous value.