Binance Burns 3.9 Billion LUNC to Increase Terra Luna Classic Price
Binance, a prominent cryptocurrency exchange, has carried out a significant token burn operation with the goal of fortifying the Terra Luna Classic (LUNC) ecosystem. As part of its 16th round of LUNC burns, Binance delivered 3.90 billion tokens to the burn address on December 1st.
After Changpeng “CZ” Zhao stepped down as CEO of Binance, a campaign was launched to ensure the digital asset’s long-term viability by decreasing the supply of LUNC tokens in circulation. Binance has burned 43 billion Terra Classic tokens, a substantial contribution to the community’s efforts to decrease supply, as a result of trading fees on LUNC spot and margin trading pairings.
At the same time, Terra Luna Classic has shown incredible unity and community-driven governance by passing an important upgrade proposal to fix a sequence mismatch problem that some validators have been experiencing. “Proposal 11890: Upgrade to v2.3.2 (Sequence Mismatch Issue Resolution)” was unanimously approved by the community, demonstrating their strong determination to resolve technical issues inside the ecosystem.
The proposal was originally intended to fix the sequence mismatch problem, but it has been repurposed as an upgrade to make the implementation easier and guarantee a smooth transition when the chain is briefly stopped for the update. The unanimous adoption of this proposal shows how committed the Terra Luna Classic community is to promoting innovation and stability in the project.
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Reaching 43 Billion, Binance’s Net LUNC Burn Indicates Revitalised Strength
With a substantial token burn transaction sent to the burn address on December 1st, Binance demonstrated its resolve to decrease the amount of Terra Luna LUNC tokens in circulation. The burn address received 3.90 billion LUNC tokens. The 16th batch of the LUNC burn mechanism, covering the period from October 31 to November 29, has been released. An important milestone in the continuous effort to increase the digital asset’s scarcity has been reached with the recent burn by Binance, which has increased the total number of LUNC tokens burned to an astounding 43 billion.
After Changpeng “CZ” Zhao left Binance as CEO, it became even more important to reduce the amount of LUNC tokens in circulation. Binance, already renowned for its innovative goods and services, became an even more formidable global cryptocurrency powerhouse under CZ’s leadership. With CZ out of the picture, the LUNC ecosystem is recommitting itself to community-driven projects like token burning to secure its future.
There has been a lot of community involvement in the LUNC burn campaign; almost 83 billion LUNC tokens have been burned so far. Many things have contributed to the current uptick in burn activity, including as changes in market sentiment and trade volumes.
With 760,000,000 LUNC tokens burned in November, Binance achieved the lowest burn rate in recent memory. This reduction was caused by a number of things, such as the general crypto market FUD, less development activity among LUNC developers, and lower trading volumes for LUNC on the Binance exchange.
A dramatic change happened, nevertheless, in the weeks that followed, mostly as a result of a huge spike in Binance trade volumes. At the end of this comeback, 3.90 billion LUNC coins were delivered to the burn address, which shocked the community.
The introduction of numerous new programmes by Binance is responsible for the upturn in trade volumes. The USTC perpetual contract was one of these endeavours, created to meet the demands of merchants interested in the Terra Luna Classic ecology. Binance also introduced new USTC trading pairs, such as FDUSD and TRY, which increased trading activity and boosted the exchange’s trading volume.
Burning a lot of LUNC tokens recently shows how dedicated Binance is to its users and the sustainability of the Terra Luna Classic network as a whole. By reviving LUNC through strategic initiatives and community participation, the exchange has shown the crypto world that it is still a strong contender in the dynamic digital asset market.
Binance confirms its position as a world leader in the cryptocurrency arena with its proactive approach to token burns and ecosystem development, as the industry adapts to shifting market conditions and continues to innovate. The dedication to continuously decreasing the LUNC token supply is encouraging for the future of this groundbreaking blockchain technology.
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With Full Community Backing, Terra Luna Classic Fixes Sequence Mismatch
As a testament to the strength and solidarity of its community, the blockchain project Terra Luna Classic—which has been making waves in the cryptocurrency industry—has just passed an important upgrade request to fix a sequence mismatch problem that has been plaguing some of its validators. The community had to respond swiftly because the issue had prevented some accounts from future interaction with the chain.
The first step towards a remedy was the initial approval of a request to address the Sequence Mismatch Issue by the Terra Luna Classic community. Nevertheless, validators and core developer L1TF ultimately decided that this method ought to be upgraded. Making sure that validators and node operators may easily execute the required changes while the chain automatically halts was the primary motivation for this change, which was designed to simplify the implementation process.
In a show of solidarity, the Terra Luna Classic community rallied around the upgrade request known as “Proposal 11890: Upgrade to v2.3.2 (Sequence Mismatch Issue Resolution).” The goal of the proposal was to get everyone on board with terrad client v2.3.1 being deployed on the blockchain.
In order to meet the standards of this all-inclusive upgrade proposal, the binary version was updated to v2.3.2 (v6_1). Everyone in the community is counting down the minutes until the chain halt at block 15751600, which is expected to happen at 1:18 pm on December 8th.
Astonishingly, every single vote in the Terra Luna Classic community was in favour of adopting this idea, demonstrating its overwhelming success. It is the first proposal in several months to receive a unanimous 100% acceptance score, which is very extraordinary and makes history in terms of unity and consensus-making.
Each and every one of the 46 validators who took part in the vote voted in support of the idea. A long list of validators—including Allnodes, Interstellar Lounge, Interstake One, StakeBin, JESUSisLORD, and countless more—attests to the widespread backing and dedication to the development and sustainability of the Terra Luna Classic ecosystem.
The recent price performance of Terra Luna Classic reflects the favourable developments within its ecosystem. Terra Luna Classic’s value increased by an astounding 88% in just one week, and by 115% in the preceding month. This extraordinary surge was set in motion by the spectacular performance of TerraClassicUSD (USTC), whose value surged by an amazing 400% in just one month.
The price of Terra Luna Classic has risen dramatically for a number of reasons. The current price spike has been driven in large part by the announcement of Mint Cash and Binance’s launch of the USTC perpetual contract, as well as the release of additional USTC trading pairs. Thanks to these updates, the project is now more visible and appealing to investors, which opens up exciting prospects for the next few months.
Terra Luna Classic is firmly established as a leading participant in the blockchain arena, because to its steadfast community support and dedication to fixing important problems. It is constantly adapting to the changing cryptocurrency business. Proposal 11890’s approval marks a watershed moment in the project’s history, showing that the blockchain technology community can triumph over adversity and propel innovation when they work together.
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