As per a notice made by the cryptocurrency exchange, the images were captured on May 7, before the implosion of Terra, and on May 26, following the breakdown of the cryptocurrency’s environment. At the moment of Terra’s collapse, the worth of its native crypto tokens plummeted, resulting in a considerable difference between the quantum of $LUNA given prior to and following the collapse.
The initial Terra environment broke early this year and was subsequently renamed as Terra Classic, while a newly split blockchain adopted the Terra name. As a consequence of the failure of Terra’s network, its floating quantity increased from 340 million crypto tokens to 6.9 trillion. To curb the inflationary pressure, $LUNC supporters have implemented a 1.2% tax burn on all network trades. In its third set of crypto token burns, Binance burnt 2.5 billion $LUNC tokens in a single transaction, eliminating them forever from existence. The $LUNC crypto tokens were burnt as a reaction to the $LUNC community’s suggestion to burn trade fees on-chain, as per data from Binance’s website. While burning, the tokens were valued almost $660,000.
As previously reported, Binance CEO Changpeng Zhao said the cryptocurrency exchange burnt approximately 5.6 billion LUNC tokens during its initial burn, which had a value of roughly $1.8 million at that time. Tobias Andersen, a blockchain expert and senior programmer at Bitcoin Suisse AG, has proposed an answer to the uncollateralized TerraClassicUSD token issue. The developer’s approach would refinance USTC with the help of quantitative easing and quantitative tightening, “partitioned pools,” and other options.
The crypto exchange also said it would distribute the rest of the $LUNA airdrops to customers between December 2022 and June 2023, if appropriate, with the whole distribution scheduled to happen over a period of 24 to 48 months. Nevertheless, the crypto exchange will not publish any more statements about these airdrops. The crypto exchange stated that users in the United States and sanctioned companies are ineligible for the airdrop.
The Terra Classic community has fought for increasing popularity and even launched a campaign for inclusion on Coinbase.