Leading cryptocurrency Exchange Binance has announced it completed the distribution Terra’s ($LUNA) second airdrop to eligible users who held Terra Classic ($LUNC) and TerraClassicUSD ($USTC) at the time of the snapshots both before and after the collapse of the Terra ecosystem in May.
According to an announcement the exchange published, the snapshots were on May 7, before the collapse of Terra, and on May 26, after the cryptocurrency’s ecosystem collapsed. The amount of $LUNA being distributed to users who held before and after the collapse differs significantly, as Terra’s fall from grace saw the value of its ecosystem tokens plunge at the time.
The original Terra ecosystem collapsed earlier this year and later rebranded to Terra Classic, while a new, forked blockchain took the Terra brand with it. When Terra’s ecosystem collapsed, its circulating supply jumped from 340 million tokens to 6.9 trillion, and to combat the inflation $LUNC supporters have added a 1.2% tax burn on all transactions conducted on the network.
Binance has been supporting these token burns, and in its third batch of burns it destroyed 2.5 billion tokens, permanently removing them from circulation in a single transaction. According to information from Binance’s pages, at the time of the burn, the $LUNC tokens were worth nearly $660,000 and were burned as a response to the $LUNC community’s proposal on burning trading fees on-chain.
As reported, Binance CEO Changpeng Zhao noted the exchange burned around 5.6 billion LUNC tokens on its first burn, at the time worth over $1.8 million.
Tobias Andersen, a blockchain engineer and senior developer at Bitcoin Suisse AG, has submitted a proposal that outlines a solution to the problem of the uncollateralized TerraClassicUSD token. The developer’s proposal would recapitalize USTC via quantitative easing and quantitative tightening, with the use of “partitioned pools” and other solutions.
The exchange also revealed it will carry out the remaining $LUNA airdrop distributions to users from December 2022 to June 2023 when applicable, with the entirety of the distributions expected to occur over a 24 to 48-month period.
The exchange, however, won’t publish any other announcements on these airdrops. Users in the U.S. and sanctioned entities aren’t eligible for the airdrop, the exchange said.
The Terra Classic community, has been battling for increased adoption and even created a petition to get listed on cryptocurrency exchange Coinbase.
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