luna burning
  • Binance TH, in partnership with Gulf Energy, has launched a revival effort for LUNC and USTC tokens, aiming to restore their values to $1.
  • The initiative includes a community engagement event and support from former Binance CEO Changpeng Zhao, with recent token burns and development proposals driving optimism within the Terra Classic ecosystem.

In a bold move to rejuvenate the Terra Classic ecosystem, Binance TH, in collaboration with Gulf Energy, has launched an initiative to revive LUNC and USTC tokens, with the ambitious goal of pushing their values back to $1. This initiative marks a significant effort to restore confidence in the Terra Classic community and attract renewed interest in these tokens.

Binance TH Announces “LUNC from Collapse to Resurrection?” Event

On June 15, Binance TH took to social media to introduce their latest initiative, the “LUNC from Collapse to Resurrection?” event. This event invites crypto community members affected by the Terra-Luna crisis to share their experiences and discuss the potential revival of LUNC. Participants will have the opportunity to join live discussions hosted by Binance TH, with special prizes and Binance TH Swag available to those selected to take part.

The move comes as Binance TH, backed by Gulf Binance, makes a concerted effort to support tokens within the Terra Classic ecosystem. Earlier this week, Binance TH listed Terra Classic ecosystem tokens, prompting a surge of interest from the community.

Support From Binance and Terra Classic Community

Changpeng Zhao, former CEO of Binance, has supported the Terra Classic revival, particularly after the community and developers assumed governance responsibilities. As part of the effort, Binance has undertaken a significant token burn, removing 60.42 billion LUNC tokens from circulation to decrease supply and boost value.

Developers within the Terra Classic community are actively engaged in efforts to revive LUNC and USTC, aiming for a return to $1 valuation for both tokens. One proposal gaining traction involves implementing Tax2Gas, which would simplify the tax structure for dApp developers by incorporating it into gas fees.

Market Response and Current Prices

The recent efforts have already shown promising signs, with LUNC and USTC both experiencing slight price increases. Over the last 24 hours, LUNC has seen a modest 0.21% increase, with its current price hovering around $0.00097. Meanwhile, USTC has climbed 0.5%, reaching a trading price of $0.0183. The uptick in trading volume for USTC, which saw a 22% rise in the past 24 hours, suggests renewed investor interest following recent price adjustments.

As Binance TH continues to drive initiatives aimed at revitalizing the Terra Classic ecosystem, the community remains optimistic about the future prospects of LUNC and USTC. With ongoing support from developers and increased engagement from the community, the push to restore these tokens to $1 marks a pivotal moment in the journey of Terra Classic.

The collaborative efforts between Binance TH and the Terra Classic community signify a renewed commitment to the resilience and potential of LUNC and USTC. As stakeholders continue to come together, the path to recovery and growth for these tokens appears increasingly within reach.

By vivian

Vivian Njoroge is a seasoned crypto and blockchain news writer with a passion for decoding the complexities of the digital financial world. Armed with a keen eye for emerging trends and a knack for simplifying intricate concepts, Vivian brings a unique blend of expertise and enthusiasm to her writing. Her articles, characterized by clarity and depth, aim to keep readers abreast of the ever-evolving landscape of cryptocurrencies and blockchain technology.