Binance Celebrates 6th Anniversary; CZ Reveals $1.6B LUNA Stash
• Binance celebrates 6th anniversary and its CEO Changpeng Zhao disclosed that the company invested in Terra Luna’s ecosystem in 2018, acquiring three million Terra (LUNA) tokens.
• In May 2022, the algorithmic stablecoin Terra Classic USD (USTC) underwent a financial fiasco which caused $2 trillion of crypto assets to be lost.
• The rebranded $LUNC token started showing signs of life in September 2022 and the USTC Quant Team is working with major crypto exchanges to repeg USTC and implement a divergence fee.
Binance Celebrates 6th Anniversary
Investment into Terra Luna Ecosystem
Binance is celebrating the 6th anniversary of its launch. Heading into this significant milestone, Binance CEO Changpeng ‘CZ’ Zhao commemorated the joyful and difficult moments in the company’s crypto journey in an official blog post. Interestingly, CZ disclosed that Binance invested in Terra Luna’s ecosystem in 2018, acquiring three million Terra (LUNA) tokens. In 2021, this investment peaked at $1.6 billion but CZ stated that they have not sold or moved any of these tokens since then.
Financial Fiasco & Rebuilding Efforts
In May 2022, the algorithmic stablecoin Terra Classic USD (USTC) underwent a financial fiasco which caused $2 trillion of crypto assets to be lost. This led to a rebranding as Terra Luna Classic (LUNC), and a year-long rebuilding effort ensued for the community with discussions, rebound attempts and honest efforts to restore their currency’s value. In September 2022 LUNC started showing signs of life but quickly faded back down again due to internal conflicts between members of the community.
LUNC Revival & Repeg Negotiations
Recently however, LUNC has been on an upward trajectory again; indicating that loyal and caring members are looking for solutions which benefit everyone involved rather than internal conflicts—as evidenced by recently passed proposals such as repegging USTC by implementing a divergence fee across major exchanges with support from the USTC Quant Team.
High Spirits Within Community
The revived spirits within the community are palpable – with #HODL #LUNC trending on Twitter – thanks largely to CZ’s decision not to sell any of their original LUNA tokens sitting at OG address despite losing out on potential unrealized profits of $1.6 billion dollars as well as his inspirational words for other members of the LUNC community: “No let’s just hold!”
Six years after its launch Binance is now one of world’s largest crypto exchanges used around globe – 140 million active users mark platform growth as well whole industry growth too! Despite hardships faced during past year; such as financial fiasco leading LUNA token rebranding & loss capital assets worth trillions; resilient LUNC community looks brighter future & attempt revive currency its former glory once more!