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.

Read Also: Terra Classic (LUNC) Price Set for July 31 by Machine Learning Algorithm

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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— TimesTabloid (@TimesTabloid1) July 15, 2023

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.

The $USTC Team Weekly Update #2 is up on Commonwealth! https://t.co/R8qYolgeJM

We've also released an early alpha version of a backtesting report on the divergence protocol that the community can take a look at here: https://t.co/U10G2c9WMc#LUNC #LUNCcommunity #LuncArmy

— 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.

Read Also: Terraport Rugger Steals Additional 590 Million LUNC Tokens: Details

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.

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The post Binance CEO’s Disclosure of LUNC Holdings Revives Hope of Terra Classic Recovery and USTC Repeg appeared first on Times Tabloid.

Recall that USTC, formerly known as UST, lost parity with the dollar in May 2022 and since then several proposals have been brought forward by members of the LUNC community.

In a recent development, the USTC re-peg proposal submitted for voting by the leader of the L1 Task Force LuncBurnArmy (LBA) last week, received tremendous support from the Terra Classic community. This support comes as USTC achieving parity with a dollar would increase interest in the once-broken blockchain, leading to a considerable increase in the value of LUNC. 

Notably, Proposal 11548 which seeks to simulate a USTC test environment passed governance voting in the early hours of today with 40 validators, including Allnodes and Orion ticking “Yes.” While nine validators abstained from voting on the proposal, it bears noting that no validator voted “No.” In total, 49 validators voted on the proposal.

As stated in the proposal’s Agora text, the L1 Task Force would use part of the already provisioned development funds to build a test environment for USTC. In doing so, the team will be able to recreate a simulation of the USTC depeg and repeg event while also testing strategies for maintaining the USTC peg.

Among the repeg ideas to be put to trial in the planned USTC test environment is the one proposed by the user Redline Drifter. The LUNC community member proposed the use of a divergent fee protocol and buy & burn mechanism to peg USTC with $1. 

It’s worth noting that this anticipated development would only take place after the L1 Task Force completes the Terra Classic mainnet upgrade to v2.1.0, which is slated for June 14. This upgrade aims to bring the LUNC blockchain to parity with the Luna 2.0 and other Cosmos networks.

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The post Terra Classic Proposal to Bring USTC to $1 Passes. Here’s How LUNC would Benefit appeared first on Times Tabloid.

Following this position taken by the Terra Classic community, Alex Forshaw, an ex-Terra Rebels Quant Team Lead, has reviewed his previously published proposal to re-peg USTC, which suggested the minting of new LUNC tokens. Tobias Andersen, another developer is also on the course of releasing a competing proposal on the same matter.

On October 3, Alex Forshaw published an updated Terra Classic re-peg proposal alongside two Terra Rebels developers Edward Kim and Maximilian Bryan.

In the proposal, the idea of minting 500 billion Terra Classic (LUNC) tokens was put forward. Even though the new tokens were to be used in purchasing Bitcoin (BTC) as collateral for a new algorithmic fungible token (AFT) called USTN, members of the Terra Classic community opposed the proposal. 

Remember that the teeming community’s top priority is to burn and reduce the total supply of LUNC to just 10 billion units. Interestingly, the initiative is progressing as Binance, the leading blockchain ecosystem and largest digital assets exchange by trading volume burned LUNC tokens worth $1.8 million in its first burn execution. 

Earlier today, Alex Forshaw commented that he has yielded to the voice of the community saying, “my plan doesn’t involve minting new LUNC anymore.” Notably, this disclosure from the popular developer in the LUNC ecosystem came in response to an announcement shared by Classy Crypto, a LUNC validator. 

Read Also: Terra Classic (LUNC) “Great Comeback” Discussed On First French Business News TV Station

The top LUNC validator wrote, “New LUNC plan to be released in “under 2 weeks'” by ZaradarTR. Let’s See! For those against minting more Lunc. This is your plan.”

NEW $LUNC PLAN to be RELEASED in "under 2 weeks" by @ZaradarTR.

LET'S SEE! FOR THOSE AGAINST MINTING MORE #LUNC THIS IS YOUR PLAN!

Retweet to spread the news pic.twitter.com/OlX8oSTEoI

— Classy (@ClassyCrypto_) October 5, 2022

It is worth noting that Tobias Andersen with the Twitter username ZaradarTR, is a known developer in the Terra Classic ecosystem. According to him, he plans to submit a Terra Classic re-peg proposal soon which is devoid of the idea of minting new LUNC tokens into circulation considering that he is also not in support of the proposal by Alex Forshaw.

It’s being worked on. Should be ready in a week or two

— Tobias Andersen (@ZaradarTR) October 5, 2022

Highlighting what will be included in the planned proposal, Tobias Andersen listed the following points: “Implement ‘partitioned pools’, enable swaps with 10B cap on LUNC, implement ABS keeper, build value adding 2nd layer dapps to grow network, use taxes to recapitalize community pool, establish USTC as “reserve currency” for all ‘partitioned pools’.”

Related: Here’s Why Terra Classic Community Is Kicking against This New LUNC Revival Proposal: Details

This planned development comes a few days after Tobias Forshaw commented, “We can fix USTC without minting more LUNC. Don’t make other people’s bad ideas my personal problem and trust me when I say that as long as I’m in charge of the code no one will be minting additional LUNC tokens.” 

“I am not holding the code hostage, I am simply saying I will not be part of building a feature that will create additional LUNC. If you can find other people to do it, then by all means, but those people have yet to arrive and till they do your stuck with the devs that you have,” he also noted. 

We can fix USTC without minting more LUNC. Don’t make other peoples bad ideas my personal problem and trust me when I say that as long as I’m in charge of the code no one will be minting additional LUNC tokens pic.twitter.com/oG2zFREvOO

— Tobias Andersen (@ZaradarTR) October 4, 2022

Terra Rebels Group Says LUNC Code Fully Controlled by the Community

Terra Rebels, the community-formed group focused on revitalizing the LUNC project has cleared the air on the topic of the Terra Classic project still being controlled by Do Kwon’s TerraForm Labs. The group stated that no one is in charge of LUNC code citing that the community ruled out dictatorship and centralized control from the start of the new era. 

“Just for clarity, no ‘one’ is in charge of #LUNC code. Terra Classic community is in charge of the code. When we became a community blockchain and established community governance we voted ‘NO’ to centralized control and ‘NO’ to dictatorship,” Terra Rebels Group wrote on Thursday. 

Just for clarity no 'one' is in charge of #LUNC code.

#terraclassiccommunity is in charge of the code…

When we became a community block chain, and established community governance we voted 'NO' to centralised control and 'NO' to dictatorship.

— TerraRebel (@RexYellerBelly) October 5, 2022

Read Also: Top Analyst Michaël van de Poppe is Bullish on Terra Classic (LUNC). Here’s His Price Target

However, a community member with the identity FatMan disclosed with data that only three validators on the Terra Classic network have maximum power over governance and network code. 

In response to Terra Rebels, Fatman wrote, “This is nice rhetoric, but the reality is that three validators have complete veto power over governance and network code. Terra Classic is far from decentralized.”

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The post Developer Says No More LUNC Minting As Terra Rebel Affirms That LUNC Code is Now Fully Controlled by the Community appeared first on Times Tabloid.

1.388 Billion UST To Be Destroyed

Terraform Labs, the firm behind the Terra blockchain project led by Do Kwon, has recently announced that the governance voting for its proposal to burn the excess TerraUSD (UST) has ended.

Read Also: Do Kwon’s Proposal to Rebirth Terra Blockchain Gains Approval: Here’s When LUNA 2.0 Tokens Will Be Airdropped

The proposal 1747 titled, “Burn The Remaining UST in the Community Pool + Cross-Chain Liquidity Incentive UST 2” was submitted about a week ago in the Terra governance platform to determine whether to burn the excess UST in circulation.

How the Terra Community Voted

According to the data found on Terra Station, the proposal attracted a total of 154,583,349 votes, representing 42.1% of those eligible to vote.

Based on the data, out of the total votes, 153.64 million votes went in favor of the proposal, representing 99% of the total votes. This indicates that the Terra community is fully in support of the enormous burn.

Now that the vote has ended in favor of the burn, the Terra team will not hesitate to implement the community’s decision by destroying the remaining UST in the community pool, including the stablecoin in the cross-chain and liquidity incentive protocol.

Read Also: CZ Explains Why Binance Resumes Terra (LUNA) Trading Despite Collapse

The total amount of tokens to be burned is 1.388 UST. 1.017 billion of these tokens are held in the community pool, while about 370 million tokens are in Ethereum.

It should also be noted that the amount of tokens to be burned is 11% of TerraUSD (UST) total supply. This burn is urgently needed to help restore the value of the depegged stablecoin, to give UST holders a reason to smile again.

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The post Terra Team Set To Burn 1.388 Billion TerraUSD (UST) to Save the Depegged Stablecoin appeared first on Times Tabloid.