Binance Burns 2.6B LUNC Despite Internal Conflicts Among Terra Classic Community

Binance Burns 2.6B LUNC Despite Internal Conflicts Among Terra Classic Community

Binance recently completed its 11th burn of Terra Classic (LUNC) tokens, with an impressive total of 2.65 billion LUNC tokens being burned. This burn occurred amidst ongoing disputes within the Terra Classic community, stemming from disagreements over the project’s rejuvenation plan.

According to on-chain data, the burn involved 2,651,321,806 (2.651 billion) LUNC tokens, valued at $236.6K during the transaction. The burn occurred on July 1 at 15:12 (UTC). Binance’s burn initiative destroyed 50% of LUNC spot and margin trading fees collected between May 31 and June 29.

After Binance’s recent burn, the combined total of Terra Classic (LUNC) tokens burned by all parties has reached 65.3 billion LUNC. Binance’s contribution to this cumulative burn amounts to 35.53 billion tokens, which accounts for over 54% of the total burned tokens.

The most recent burn conducted by Binance occurred precisely one month after they burned 1.044 billion LUNC tokens in May. The increase in the burn amount for June can be attributed to the higher volumes of LUNC spot and margin trading observed on the Binance exchange.

Related article: Terraport Accused of Incompetence as Stolen Terra Classic Funds Moves to Tornado Cash

Binance has conducted its fifth burn exercise since it resumed burning Terra Classic (LUNC) tokens after a suspension that lasted from December 2022 to February 2023. The total number of LUNC tokens burned since Binance resumed its support now amounts to 15.1 billion LUNC.

Terra Community Experiencing Internal Disputes

Despite the ongoing internal conflicts within the Terra Classic community, Binance proceeded with its latest burn. The community has faced various challenges, including a significant conflict arising from the Terraport attack. This attack resulted in the unfortunate loss of billions of LUNC tokens from user funds.

Within the Terra Classic community, divisions have emerged regarding the relaunch of Terraport by TerraCVita. Some community members, including reXx, believe that the development group does not deserve a second chance due to alleged negligence in monitoring the stolen funds and taking responsibility.

A proposal to form a USTC team to work on the USTC re-peg idea from Redline Drifter has generated mixed responses. Validators like JESUSisLORD strongly oppose the idea.

Pseudonymous LUNC developers Bilbo Baggins and Solid Snake put forward a proposal to create a parallel team of engineers called the “Six Samurai.” They requested a budget of $116K for their planned work on Terra Classic in Q3. While the proposal gained support from some community members, it also faced criticism and was ultimately rejected.

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The latest Q3 proposal from the L1 Joint Task Force (L1JTF), submitted by LuncBurnArmy (LBA), the team’s manager, also divided the community. The proposal sought a budget of over $116K for the team but was rejected.

Disputes arose when community members accused LBA of leaking confidential information during negotiations with centralized exchanges regarding the USTC re-peg plan. As a result, a proposal was made to remove LBA as the manager of L1JTF and disband the team. However, this proposal was rejected by the community.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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