- Binance launches Thai subsidiary “LUNC: From collapse to resurrection?”
- The program aims to engage UST and LUNA crash victims from May 2022.
- Through mutual community efforts, the remaining supply of LUNC will be reduced to 5.51T.
Binance, the world’s leading cryptocurrency exchange, has decided to take its Terra Luna Classic (LUNC) recovery efforts to the next level. Binance TH, a joint venture between Binance and Gulf Binance, listed both Terra Luna Classic (LUNC) and Terra Classic USD (USTC) last week.
Additionally, Binance’s Thai subsidiary has launched a sweepstakes campaign and other reward activities related to Terra Classic’s gaming test tokens. First, Binance TH issued a gift package of 100,000 LUNC tokens to customers trading LUNC for the first time.
To engage in these trading activities, Binance TH customers must first complete Know Your Customer (KYC). Second, cryptocurrency enthusiasts can deposit 500,000 LUNC tokens to their verified Binance TH account or make their first Terra Classic (LUNC) trade with a minimum of 50 Tether USD (USDT).
Although this offer is only available to the first 200 people, Binance TH asks you to complete a short survey as a third step. After successfully filling out the form, cryptocurrency enthusiasts will have to wait up to 14 business days to receive the special Terra Luna Classic (LUNC) gift to their account.
Here’s how Binance Thailand plans to revive LUNC.
In addition to the ongoing LUNC sweepstakes, Binance Thailand has promised to be in touch. “Invite those who have suffered the most from LUNC to participate in the discussion and share their experiences.”. Binance’s Thailand branch is referring to UST depegging, which occurred in May 2022 when the algorithmic stablecoin UST was shattered and the original LUNA token collapsed as well.
As a consolation prize, Binance Thai offers Binance’s official branded merchandise called “Binance TH Swag” and special cryptocurrency offers are also available. The elaborate LUNC rejuvenation campaign has been run by Binance’s former CEO Changpeng since mid-2022. ‘CZ’ Zhao announced that the exchange will begin regularly burning Terra Luna Classic (LUNC) tokens from monthly aggregated trading fees.
As of press time, the remaining circulating supply has decreased to 5.51T, with Binance accounting for over 50% of all LUNC burns. According to on-chain burn records, Binance’s cumulative fee burn recently surpassed 59 billion LUNC coins, and the Terra Classic community is requesting the same burn for the malfunctioning stablecoin Terra Classic USD (USTC). Despite a 3% rally over the past 24 hours, USTC is still trading below 2 cents.
On the flip side
- While LUNC’s rejuvenation is a long-term process, Terra Classic has fallen below $500 million in global market capitalization and is still far from returning to the TOP 100.
- A $1 refund of USTC will depend on several factors, including coordinated plans with major central exchanges to burn a portion of the remaining USTC supply.
Why This Matters
Terra Luna’s rebrand after its 2022 failure helped the layer 1 chain restore some of its initial functionality, while cryptocurrency investors are still seeking closure for the massive losses suffered in 2022.
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