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Binance Pay Adds Support for Cardano Stablecoin Issuer COTI

Mark Brennan
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Binance Pay Adds Support for Cardano Stablecoin Issuer COTI

Binance Pay users can now send, receive, and make payments using COTI. 


Binance Pay, a cryptocurrency payment solution designed by Binance, has added support for COTI. The announcement was made today by COTI Network, a DAG-based Layer 1 platform. With Binance adding support for COTI, users of Binance Pay can now send, receive, and make payments using the popular cryptocurrency.

“We are happy to announce that Binance Pay now supports COTI to enable borderless crypto payments! This will allow millions of Binance users to send, receive and make payments in COTI,” COTI said in a statement.

The announcement had a slight impact on the price of COTI. According to Coingecko data, moments after the announcement was made, the price of COTI spiked 4%. At press time, COTI is changing hands around $0.106.

Widespread Adoption of Binance Pay

Investors see the integration of COTI into the Binance Pay platform as a positive development for the cryptocurrency. Binance Pay has enjoyed widespread adoption from various businesses across the world.

TheCryptoBasic reported last month that a top Ukrainian supermarket partnered with Binance to accept cryptocurrency payments through Binance Pay. Similarly, a top Dubai-based retail conglomerate, Majid Al Futtaim, inked a partnership deal with Binance earlier this year to enable 29 shopping malls and 13 hotels to accept payments in cryptos.

Other major companies partnered with Binance to use the service include Travala.com, ShopDutyFree, Shopping.io, Egycards, Alchemy Pay, etc.

Binance Pay supports over 50 cryptocurrencies, such as ADA, BNB, BTC, DOGE, DOT, ETH, LINK, LTC, MANA, MATIC, NEO, TRX, TUSD, UNI, USDC, etc. 

Adding COTI to the Binance Pay list of supported cryptocurrencies will increase the coin’s adoption for payment purposes. Aside from using COTI for payments, users of Binance Pay can also send crypto assets to their loved ones.

COTI’s Prowess in the Financial Space  

COTI Network is a DAG-based Layer-1 network specifically designed for enterprises. COTI has been developing useful solutions to contribute positively to the global financial system. Its efforts in the financial sector have not gone unnoticed.

The company was chosen by the IOG to become the official issuer of Cardano stablecoin, Djed. Since the announcement was made, COTI has collaborated with top companies to foster the adoption of Djed.

Whales Going Mad At Shiba Inu, Another Wallet Adds 3.37 Trillion SHIB, Trading Volume Up 102%

Zabi
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Whales Going Mad At Shiba Inu, Another Wallet Adds 3.37 Trillion SHIB, Trading Volume Up 102%

What’s Happening? Whales are swallowing Shiba Inu at a rapid pace.


Interest in Shiba Inu (SHIB) revived, and Shiba Inu accumulation has no stopping. Another 3.37 Trillion SHIB, worth $37.46 Million, has been gobbled up by a nascent whale.

Whale Alert recently reported that a brand new Whale scooped up a whopping 3,377,867,790,724 (3.37T) SHIB, worth $37,460,553 ($37.46M) in one robust transaction.

Etherscan.io confirms the balance of the new wallet.

Nascent Shiba Inu Whale Scooped Up 3.37 Trillion SHIB
Nascent Shiba Inu Whale Scooped Up 3.37 Trillion SHIB

This is recognized as the second biggest transaction of the day. As reported earlier by TheCryptoBasic, an anonymous wallet acquired an incredible 3,940,596,883,112 (3.94T), worth ,188,941 (.18M) in two gigantic transactions.

In this way, a total of 7,318,464,673,836 (7.31T) SHIB, worth $80,649,494 ($80.64M) has been accumulated by Shiba Inu whales through two separate transactions within the past few hours.

The reason behind such inconceivable SHIB accumulation is unknown, but it signals some development behind the scenes. This can be the potential launch of the much-awaited Shibarium – Layer 2 launch or the start of a new bull run. However, only time will tell what has activated Shiba Inu Whales.

Moreover, Shiba Inu 24-hour volume is on the moon up by 102.79% to $710,664,376 ($710.66M). At press time, Shiba Inu is showing a change of 4.71% over the last day and is trading at the price of $0.00001077.

CZ Reveals Google Displays Phishing Links When Users Search for CoinMarketCap

Albert Brown
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CZ Reveals Google Displays Phishing Links When Users Search for CoinMarketCap

Google Displays Phishing Links When Users Search for CoinMarketCap, Binance’s CZ Reveals.


Binance’s Changpeng Zhao “CZ” Zhao has revealed a worrisome Google search of displaying phishing sites when users search for CoinMarketCap (CMC).

Being the most dominant search engine around, Google remains the go-to option for users looking to make searches on the world wide web; this includes cryptocurrency proponents. Due to its reputation, several users tend to place a certain amount of trust in the search engine.

Recent data suggests such trust might be misplaced, as CEO of Binance, Changpeng “CZ” Zhao, disclosed that Google tends to display phishing links whenever users do searches for top crypto price tracker CoinMarketCap (CMC).

“Google displays phishing sites when users search CMC. This affects users adding smart contract addresses to MetaMask using these phishing sites,” CZ disclosed in a tweet today. 

image source: https://twitter.com/cz_binance/status/1585603140182753281

 

The 45-year-old Chinese-Canadian business executive shared a screenshot to corroborate his claim. The screenshot features a search for CoinMarketCap on Google, with the first two results from Google leading to phishing sites.

This trend poses a danger to unsuspecting users who might patronize these links in attempts to add smart contract addresses to MetaMask, amongst other risks. As the cryptocurrency scene sees massive growth, so do scam efforts increase.

CZ further mentioned that he and his team are looking to resolve the issue by contacting Google about the worrisome trend. Additionally, he noted that they are forewarning users about the issue to create more vigilance pending a resolution from Google.

The trend has been met with bitter condemnation from several proponents. In addition to Google displaying phishing sites, some individuals highlighted the growing concern of what appears to be a bot invasion on Crypto Twitter, as several tweets from top crypto personalities have been riddled with bot comments linking to phishing sites.

As The Crypto Basic previously reported, the founder of Cardano, Charles Hoskinson, August, lamented the increasing rate of bot activity in the comment section of tweets on Crypto Twitter. Recall that Elon Musk’s initial Twitter buyout deal was prompted by his concerns about bots contributing massively to Twitter’s user base as he wanted to eliminate Twitter bots.

Google and Twitter are two tech giants that expose the community to several crypto-related contents. If scam artists leverage these platforms to defraud unsuspecting users, it raises a serious concern, as crypto-related scams have recently seen a massive surge.

A recent report from Solidus Labs revealed the growing rate of cryptocurrency scams, as it flagged close to 200,000 rug pulls and smart contract scams, with 15 newly-deployed scams detected every hour.

Cardano Ranks Second In Terms Of Money Inflow In Layer 1 Blockchains

Mark Brennan
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Cardano Ranks Second In Terms Of Money Inflow In Layer 1 Blockchains

Cardano sees over $2.3 billion in money inflow.


In a tweet moments ago, Cardano Daily, an account dedicated to sharing daily ADA news, disclosed that Cardano had been second only to Ethereum in network growth as the crypto markets rallied.

The data showed that Cardano saw a market cap growth of about $2.3 billion, representing a 16% growth. Ethereum Classic and Avalanche were not far behind, with 14% and 13.4% growth, respectively.

Furthermore, as reported by The Crypto Basic today, Cardano led a recent LunarCrush ranking of 3,954 tokens in terms of social and market activity. It is worth noting that the network saw over half a billion social engagements in the past week.

Notably, tweets from Cardano founder Charles Hoskinson last Saturday caused a lot of excitement within the community. According to Hoskinson, “something special is coming in November.” So it will be unsurprising to see the juicy details disclosed at the Cardano Summit coming in mid-November. Till then, supporters of the network can only speculate with warranted excitement.

It bears mentioning that the network’s Total Value Locked (TVL) has also seen a boost. With the TVL at over $71 million, it represents a $3 million gain over the last two weeks since The Crypto Basic last reported on the figure. Notably, at least 6 of the top 10 decentralized apps (DApps) by TVL have seen low to mid-level double-digit percentage gains in the last seven days, with others posting more modest gains.

Miniswap continues its dominance with over $36.5 million locked, representing 51.41% of the total TVL on the network. It also represents a nearly $2 million increase over the last two weeks. 

Despite the challenging year that crypto assets have had in terms of valuation, Cardano has achieved some of its most significant developmental feats in recent months. For example, in September, the network’s long-anticipated Vasil hard fork upgrade went live. In addition, a recent demo from SundaeSwap indicates that Hydra, one of the critical elements of Cardano’s scalability plan, is nearing completion.

It is worth noting that the crypto markets enjoyed a relief rally on Tuesday that continued into most of Wednesday that saw prices surge after an extended period of consolidation and weakness. 

Cardano’s ADA is fighting to hold above the $0.4 price point. Recent gains have ensured it is up 13.84% in the last seven days, with a market capitalization of $13.84 billion, the 8th largest among crypto projects.

Leading Research Firm Says Most Crypto Scams Are on Binance Chain

Mark Brennan
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Leading Research Firm Says Most Crypto Scams Are on Binance Chain

Leading Research Firm Says Most Crypto Scams Are on Binance Chain.



The company disclosed that the vast majority of these scams are not reported.

Solidus Labs, a cryptocurrency risk monitoring platform, released shocking details about the hike in crypto scams. According to a research report published by Solidus Labs, at least 12% of all BEP-20 tokens (tokens on Binance Chain), exhibit scam features. Solidus Labs noted that 8% of ERC-20 tokens, built on the Ethereum network, are also tied to scams.

The research company did not disclose why crypto scammers prefer the Binance chain as their favorite network. It is worth mentioning that it is easier for scammers to launch fraudulent tokens on BNB Chain because it is a public permissionless blockchain. The other thing is that scammers mostly use the Binance name in their partner list when the tokens are based on the Binance chain.

More Shocking Details

Interestingly, the research firm said an average of 15 new crypto scams are deployed hourly on different blockchains. The recent research aligns with comments made by Dogecoin co-founder Billy Marcus, who said 95% of all cryptocurrencies are scams.

Solidus said as of October 10, 2022; it spotted a total of 188,525 smart contract-related scams across 12 blockchains, including Polygon, BNB Chain, Ethereum, etc.

Unfortunately, most of these scams are not reported, as only the significant ones make the news, Solidus added. Furthermore, the cryptocurrency monitoring platform said since August 2020; it has flagged nearly 200,000 rug pulls and decentralized finance (DeFi) scams.

Kathy Kraninger, Solidus’ Vice President of Regulatory Affairs, said:

“While some of the big rug pulls and scams make the news, like the famous Squid Games Token that’s estimated to have cost users around $3 million in lost funds, the full picture stemming from our data shows the vast majority of these scams go unnoticed.” 

Malefactors Move Over $910M Stolen Funds to Centralized Exchange 

Since many of these scams are perpetrated without making the news, these malefactors find it easy to move the ill-gotten funds to centralized exchanges without being caught. The research firm estimates that at least $910 million of cryptocurrencies stolen from the Ethereum network are transferred to centralized exchanges. 

Although not all crypto scams are reported, the few that make it to the news reveal how scammers cart away hundreds of millions of dollars via digital currency heists. Earlier this month, hackers exploited the BNB Chain and stole a whopping $100 million.

VISA Files Trademark Applications For Crypto Transactions, Wallets, NFTs And More

Albert Brown
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VISA Files Trademark Applications For Crypto Transactions, Wallets, NFTs And More

Visa Files Trademark Applications to Manage Crypto and NFT Transactions and Wallets.


Visa aims to delve fully into the cryptocurrency and NFT space, as it files two trademark applications with plans to establish a platform for crypto and NFT services.

The NFT scene and the broader cryptocurrency industry have witnessed massive growth in recent years. This growth has been complemented by several top guns developing an interest in penetrating the industry. 

Shortly after Western Union’s crypto-focused trademark applications, California-based multinational financial services corporation Visa has filed two trademark applications with intentions to offer crypto-related and NFT services, as disclosed by USPTO-licensed trademark attorney Mike Kondoudis.

“VISA has filed two trademark applications claiming plans for:

  • Managing Digital, Virtual, and Cryptocurrency transactions
  • Digital currency + Cryptocurrency wallets
  • NFTs + Virtual goods
  • Providing virtual environments 

…and more,” Kondoudis revealed in a tweet Thursday.

 

The accomplished trademark attorney and astrophysicist further shared an image disclosing details on the applications filed by Visa. Per information from the shot, the two trademark applications with serial numbers 97643605 and 97643607 were filed on October 22.

The trademarks reveal Visa’s intentions to offer services relating to the cryptocurrency, NFT, and Metaverse scenes. Visa provided five points of service offerings related to the trademarks. These five points concern the financial services provider’s plans to manage cryptocurrency transactions and provide virtual environments and digital wallets.

The five points include the following:

  • Providing temporary use of non-downloadable software for users to view, access, store, monitor, manage, trade, send, receive, transmit, and exchange digital currency, virtual currency, cryptocurrency, digital and blockchain assets, and non-fungible tokens (NFTs). 
  • Non-downloadable virtual goods; non-downloadable virtual goods, namely, a collectible series of non-fungible tokens.
  • Software for: management of digital transactions; use as a digital currency wallet and storage services software; use as a cryptocurrency wallet, and managing and verifying cryptocurrency transactions using blockchain technology.
  • Software used in auditing digital currency, virtual currency, cryptocurrency, digital and blockchain assets, digitized assets, digital tokens, crypto tokens, and utility tokens.
  • Providing virtual environments in which users can interact for recreational, leisure, or entertainment purposes is accessible in the virtual world.

Reports of Visa’s trademark applications come two days after money transfer service Western Union’s plans to delve into cryptocurrency were brought to public light. As The Crypto Basic recently reported, Western Union filed three trademark applications to penetrate the Crypto, Web3, and Metaverse scene on October 18.

Visa’s plans to head into the crypto market are not unexpected, as the firm remains one of the most crypto-friendly financial services companies. Several crypto entities have partnered with Visa to launch crypto cards, including FTX, which revealed its plans to launch the card in February.

Furthermore, prominent exchange Blockchain.com recently launched its crypto card in partnership with Visa. The Visa card will allow customers to spend from their crypto balances with no fees and a 1% cashback. The service is exclusive to U.S. customers at launch.

CoinInn Sticking To Terra Classic 1.2% Burn On Trading Launches Poll To Reduce It

Albert Brown
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CoinInn Sticking To Terra Classic 1.2% Burn On Trading Launches Poll To Reduce It

 

CoinInn Launches a Poll to Determine Whether Terra Classic (LUNC) Off-Chain Burn Rate Should be Reduced to 0.2%.


CoinInn has launched a public poll, asking the LUNC community to decide whether the off-chain burn rate should be revised from 1.2% to 0.2%.

Following the implementation of the 1.2% tax burn for LUNC transactions, the community witnessed a drastic decrease in the asset’s trading volume. This prompted a revision of the burn rate from 1.2% to 0.2% in a new proposal from the Terra Classic community.

Several top exchanges, including Binance, Kucoin, and Crypto.com, implemented the burn rate review, setting on-chain burns at a rate of 0.2%. Notwithstanding, CoinInn, which also implemented off-chain or LUNC trading burns, is seeking the community’s opinion on whether to revise its off-chain burn rate to 0.2%.

CoinInn launched the poll on Twitter, giving the community three options: a revision of the current 1.2% off-chain rate to 0.2%, sticking to the current 1.2% off-chain burn rate, and an opportunity to decide on a custom burn rate besides 1.2% and 0.2%.

 

As of press time, 6,107 respondents have shared their views. Of these votes, 53% of respondents think CoinInn should stick to the 1.2% off-chain burn rate, while 44% would like to see the off-chain burn rate reduced to 0.2%. 3% chose neither option and introduced a different burn rate besides the highlighted two.

Prominent Terra Rebels official, ReXx, quoted the poll as a way to bring it the needed attention. ReXx, who chose not to make any comments aimed at swaying the decision of any community member, asked proponents to vote “accordingly and logically.”

 

Recall that, despite the support from several top exchanges, most of these platforms only implemented on-chain burns. CoinInn was one of the first platforms to implement off-chain burns. Binance, which needed a certain level of persuasion, also joined in much later.

Following the proposal to reduce the on-chain burn rate to 0.2%, Binance swiftly declared its decision to comply with the revision. Shortly after, several other exchanges, including OKX, KuCoin, and Crypto.com, also decided to comply with the review, as The Crypto Basic previously reported.

It bears mentioning that the LUNC community has started witnessing an improvement in LUNC on-chain trading volume following the tax burn rate review. The Crypto Basic recently noted that on-chain LUNC volume doubled shortly after the implementation of the reduction of the burn rate.

New Metaverse Game Platform, Metacade, Set to Beat Shiba Inu Despite Shiba Eternity Game Launch

Andrew MacGill
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New Metaverse Game Platform, Metacade, Set to Beat Shiba Inu Despite Shiba Eternity Game Launch

Metaverse games have been one of the hottest topics in crypto circles this year. After the launch of the hyped Shiba Eternity game in early October, investors are now searching for up-and-coming projects in the hopes of finding something outstanding in the world of blockchain and metaverse gaming. One of these projects could well be Metacade.

In this article, we will discuss what Metacade is and why it could soon overtake Shiba Inu as one of the most talked about platforms in the metaverse.

What is Shiba Inu?

Shiba Inu is a spinoff of the popular meme token, Dogecoin. It’s widely considered one of the leading competitors to Dogecoin and has attracted nearly 500,000 members to its Reddit community despite having little real utility. This loyal following was the catalyst for a gain of almost 9,100,000% from its launch in 2020, to its peak in October 2021.

According to Shiba Inu’s whitepaper, the project was developed to answer one question: what would happen if a cryptocurrency project was 100% run by its community? Its anonymous founder Ryoshi has been open about their belief that a decentralized community can build something better than a centralized team ever could, and Shiba Inu has so far embodied that vision.

What is Shiba Eternity?

Shiba Eternity is a hotly anticipated turn-based game that aims to bring some form of utility to the Shiba Inu ecosystem. It features collectible cards that players use in battle to win and earn in-game XP points that in turn are used to buy more cards.

The game is actually split into two: a mobile game and an NFT game that uses Shiboshi NFTs during battle. It’s unknown whether the game will adopt a Play2Earn model at this point, but it’s expected that the game will increase the exclusivity of these Shiboshi NFTs. It’s another step in growing the Shiba Inu ecosystem further, which already has one of the most hyped metaverse games, SHIB: The Metaverse, on its roster.

Despite features like a SHIB supply burn mechanism built into Shiba Eternity, SHIB has declined almost 10% from the game’s launch on October 6th at the time of writing.

What is Metacade?

Shiba Inu did, in fact, prove Ryoshi’s belief: a decentralized community that managed to produce something from the ground up and still remains loyal to this day. More importantly, if Shiba’s model is anything to go off, then Metacade could be even bigger. Metacade plans to be a community-run platform for everything to do with Play2Earn, Web3, and metaverse games. But unlike Shiba Inu, Metacade offers utility to its users at every step.

It’s a space for like-minded individuals to connect, earn more from Play2Earn, and shape the future of gaming. To grow its platform, Metacade is incentivizing users to share their thoughts on the latest games, post industry-leading GameFi alpha, and participate in game testing for its developer community. As more players find value in Metacade’s community and begin contributing to the platform – it creates a positive feedback loop, drawing in further players. In time, this will lead to Metacade becoming the ultimate destination to find, learn about, and earn more from the best metaverse games.

Why Will Metacade Be the Best Platform for Metaverse Games?

This reward system is just at the edge of Metacade’s vision. The platform plans to become an all-in-one, self-sufficient ecosystem that grants everyone equal access to the world of GameFi and metaverse games, no matter their background. This doesn’t just mean allowing anyone to find an advantage in their gaming; it means creating a community-run environment where users can directly influence the future of gaming and earn more doing what they already love to do.

Part of this plan is the introduction of Metagrants, where developers enter their game ideas into a popularity competition for the Metacade community to vote on. The winner receives funding to produce their dream and launch their metaverse games within Metacade’s virtual arcade. Developers will even be able to receive direct feedback on their prototypes as part of the testing system that Metacade intends to build.

As explained, users will be able to earn more from Play2Earn by contributing to the community. But this is just scratching the surface of the earning potential that Metacade aims to provide. For example, users can collect some extra pocket money by testing games or winning exclusive tournaments.

Perhaps Metacade’s most ambitious idea is to introduce a job and gig board to the platform, allowing anyone to get their foot in the door of the gaming industry. Whether you want to find a part-time gig finding bugs for an indie developer or kickstart your own development career with some of the hottest names in Web3 doesn’t matter: Metacade plans to have it all.

Eventually, Metacade intends to live up to its self-sufficient goal. That’s why they’re proposing to turn Metacade into a decentralized autonomous organization (DAO) in 2024, where MCADE holders can vote on the future direction of the world’s largest virtual arcade, including new features, potential partnerships, leadership positions, and more.

Metacade (MCADE) is a Better Investment Than Shiba Inu (SHIB) – Here’s Why

While Shiba Inu currently has the community advantage, it falls short of offering anything like the utility of Metacade. Given the number of metaverse games expected to hit the market over the coming years, Metacade is perfectly positioned to take advantage of this growth. If we predict that Metacade’s community has the potential to grow just like Shiba Inu’s has, then factoring in the value the platform provides its users builds the picture of an incredible investment opportunity.

If you want to get in early on a project with as much potential as Shiba Inu, if not more, then Metacade is your answer.

You can buy Shiba Inu at eToro here.

You can participate in the Metacade pre-sale here.

Mysterious Whale Adds 3.94 Trillion Shiba Inu

Zabi
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Mysterious Whale Adds 3.94 Trillion Shiba Inu

Mysterious Whale Scooped Up $42.90 Million Worth of Shiba Inu in the Past Hour.


The Mysterious Whale added a staggering 3.94 Trillion Shiba Inu (SHIB) to her portfolio in the past hour as Shiba Inu returns to retest the recently broken critical resistance level at $0.00001080 as support on the 4-hour chart.

Upon investigation, we found that the mysterious whale executed its first transaction about an hour in which she scooped up 26,333,275,694 (26.33B) SHIB, worth $288,612.

Later on the anonymous whale purchased a herculean 3,940,596,883,112 (3.94T) SHIB, worth $43,188,941 ($43.18M) in her second transaction.

Mysterious Whale Scooped Up 42.90 Million Worth of Shiba Inu in the Past Hour
Mysterious Whale Scooped Up 42.90 Million Worth of Shiba Inu in the Past Hour

The anonymous whale now holds 3,954,770,701,153 (3.95T) SHIB, worth $43,304,739 ($43.30M).

As of now Anonymous Whale Holds 43.30 Million Worth of Shiba Inu
Anonymous Whale Holds 43.30 Million Worth of Shiba Inu

Shiba Inu conquered the most crucial resistance level at $0.00001080 on the 4-hour chart yesterday. Following the breakout, SHIB registered an intraday high of $0.00001183 and retreated sharply to retest the recently broken level as support. At this point, the anonymous whale jumped in and grabbed a gigantic amount of canine-themed cryptocurrency.

Breakout and Retest of Most Crucial Resistance Level
Breakout and Retest of Most Crucial Resistance Level

At press time, Shiba Inu is trading at the price of $0.00001089, up 2.95% over the last day, with a 24-hour trading volume of $678,524,977 ($678.52M).

Binance Survey Shows Terra Classic (LUNC) 2nd Most Supported Crypto on Twitter 

Lele Jima
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0
Binance Survey Shows Terra Classic (LUNC) 2nd Most Supported Crypto on Twitter 

 

Terra Classic (LUNC) ranks ahead of BNB and CAKE in the new Binance survey.


Terra Classic is ranked among the most supported cryptocurrency projects on Twitter. According to an ongoing survey created by Binance, the crypto community was asked to disclose their favorite cryptocurrency project.

Participants must post, comment, or retweet the Binance hashtag alongside their favorite cryptocurrency project’s ticker. The rationale behind the survey is to determine which cryptocurrency has the most support on Twitter.

From the results, LUNC is currently ranked as the second cryptocurrency with the most support on Twitter. Per data published by Binance, LUNC currently has a total vote of 3.5k, putting the cryptocurrency ahead of Binance Coin (BNB), PancakeSwap (CAKE), eCash (XEC), and Galxe (GAL). However, Bitcoin ranked in the top spot after recording a total vote of 12.8k.

 

Following the collapse of the Terra ecosystem in May, LUNC transitioned into a community-driven project. Holders of LUNC have shown support for the coin on various social media platforms to lure more people into adopting the cryptocurrency.

Earlier this week, David Gokhshtein, the founder of Gokhshtein Media, knocked Terra Classic investors for making the cryptocurrency trend on Twitter for no reason. Gokhshtein said he was tempted to buy the cryptocurrency after seeing it trend on the microblogging platform. However, he stopped at the last minute. To counter Gokhshtein, Terra Rebels replied that they were working on something massive.

Victims of Terra’s crash have sought ways to revive the cryptocurrency from the dust. For LUNC holders, the best way to boost the token’s value is to reduce the token’s total supply via burns. A total of 24.16 billion LUNC worth around $5.95 million have been incinerated from the Terra Classic total supply.

It is worth noting that Binance has played an integral role in the ongoing LUNC burn. The exchange has supported the community’s efforts to revive cryptocurrency. Last month, Binance implemented a mechanism to collect and burn all fees obtained via LUNC trading activities. So far, the exchange has burnt over 12.2 billion LUNC through the initiative.

In recent developments, TerraCVita member hints at developing a Terra Classic DEX soon. Also, The LUNC Chain is one step closer to full Cosmos interoperability as developers reveal code to Re-Open IBC on Terra Classic.

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