The Terra Classic ecosystem is a blockchain platform that stands out for its decentralized finance (DeFi) applications. However, lately, various disagreements have emerged within the community and there have been some discussions. Despite these disagreements, leading exchange Binance held the 11th LUNC burn event to highlight its commitment to the Terra Classic ecosystem.
Binance removed 2,651,321,806 (2,651 billion) LUNC tokens from circulation. The data obtained shows that the burning took place on July 1 at 15:12 (UTC). The last burn, carried out by Binance for the seventh time, covers the period from May 31 to June 29. The LUNCs burned represent 50% of the Terra Classic transaction fees handled by the exchange during this period.
Following Binance’s last burn, the total amount of LUNC burned has now reached 65.3 billion. On the other hand, with this latest burn, the amount of tokens that Binance removed from circulation reached 35.53 billion, which represents over 54% of the total tokens burned. The exchange remains the single largest contributor to the LUNC incineration initiative.
The last Binance burn came exactly one month after the exchange burned 1.044 billion LUNC in May. This increase in June can be attributed to the increase in the exchange’s LUNC spot and margin trading volumes.
LUNC Faces Internal Conflicts
There is another noteworthy aspect of the Binance burn: the final burn came despite the internal conflicts facing the Terra Classic community. The underlying cause of the conflict is the Terraport attack.
TerraCVita continues to make efforts to restart Terraport. However, the Terra Classic community is split between supporters of the development group and those who believe the group doesn’t deserve a second chance, as it claims it was negligent in tracking down stolen funds.
Moreover, a proposal from Redline Drifter for a team to work on the idea of re-fixing USTC was met with mixed backlash, with validators like JESUSisLORD fiercely opposed to the idea.
Additionally, pseudonymous LUNC developers Bilbo Baggins and Solid Snake submitted a proposal to create a parallel team of engineers dubbed the “Six Samurai.” The team requested a budget of $116,000 for the work they plan to perform on Terra Classic. This proposal also drew criticism from community members, although it received support from others. The community eventually rejected the offer.
There are several other similar discussions. However, Binance’s continued support of the Terra Classic ecosystem and continuing token burns despite disagreements within the community will contribute to the platform’s long-term growth and success.
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Source : the crypto basic