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Terra Classic Community Launches $1 LUNC Burn Campaign to Destroy Millions Of Coins

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Terra Classic investors want to accelerate the token burn via a new campaign.


Despite the progress recorded in the ongoing Luna Classic (LUNC) burn, the Terra classic community has been pushing for new ways to accelerate the incineration of the token’s total supply.

In a recent tweet by LUNC DAO, Twitter account followers were urged to burn up to 333.7 million LUNC via a new campaign. LUNC DAO called on the account’s 95,342 followers, who he referred to as CEOs, to send at least $1 worth of LUNC to the burn wallet.

At the time of the post, $1 was equivalent to 3,500 Luna Classic, thus implying that if all the 95,342 followers participate in the campaign, a total of 333.7 million LUNC will be incinerated.

LUNC DAO urged the community to join the campaign by sending at least 3,500 LUNC to the burn wallet using the memo “CEO Burn”. 

Early Success

The campaign started on a good note, with many so-called CEOs complying with the directive. LUNC DAO shared a screenshot of the wallet’s blockchain data, showing the number of Luna Classic tokens sent to the burn address. 

 

Meanwhile, the number of Luna Classic tokens burnt from the total supply has surpassed 14 billion, with Binance leading the ongoing burn initiative for the cryptocurrency. 

Peter Brandt Says Every Bitcoin Purchase in 2021 Is In Loss, Bollinger And Saylor Respond

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Brandt trolls the laser eye movement once again.


In a tweet on Friday, veteran trader Peter Brandt called out people who donned the famous laser eyes, wondering if any of them would have expected all purchases in 2021 to be in the loss by this time.

“OK, let’s be honest,” tweeted Brandt. “How many ppl who sprouted laser eyes in 2021 would have believed that every BTC purchase the entire year would presently be a losing trade?”

Following up on the tweet, Brandt concedes that he would never have believed at the time that the asset would trade below $20k again.

John Bollinger And Michael Saylor Respond

Unsurprisingly, Brandt’s scathing tweets have attracted various responses from crypto Twitter. For example, fellow veteran trader and contributor to the field of technical analysis John Bollinger disclosed that he felt Brandt’s comments were a little harsh, as according to the analyst, people learn from mistakes, not from being scolded.

Meanwhile, MicroStrategy’s Michael Saylor asserted that the laser eyes represented a long-term belief in Bitcoin based on its ethical, technical, and economic value proposition. Furthermore, the Bitcoin evangelist noted that other major financial assets are also underwater. 

A Bit Of Background On The Laser Eyes

While Saylor’s assertions may be what the laser eyes have come to represent, it bears mentioning that its original intent is nothing so sophisticated.

The iconic symbolism was created in February 2021 by a Bitcoin memer known only as CHAIRFORCE. The meme creator and his group were simply lovers of Bitcoin who loved Bitcoin and, maybe more so, loved trolling others who did not, as per a Bitcoin Magazine piece written by the creator.

Notably, CHAIRFORCE and his friends rolled out the profile pictures following a spark of inspiration when Bitcoin clinched the $50k price point with the hashtag #LaserRayUntil100K.

Brandt’s Bitcoin Outlook

It bears mentioning that Bitcoin is yet to clinch the long-desired $100k price point. However, the asset has remained constrained by increasingly complicated macroeconomic conditions that have made investors risk off.

Notably, Brandt, who has a history of accurately predicting the price action of the leading asset in June, expressed the belief that Bitcoin could drop to $12k.

Despite asserting that he is a long-term bull and Bitcoin holder, the veteran trader has continued to caution that the leading asset has as much chance of going to zero as it has of going to the moon. According to Brandt, it is very likely that human ingenuity will, in the future, provide us with something that surpasses Bitcoin and makes the asset obsolete in the future.

Brandt once donned a mild version of the laser eyes as an expression of his skepticism.

XRP Up 70% In 30 Days, David Gokhshtein Says It’s the “Only Legitimate Asset Doing Well” 

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XRP rally continues to gain momentum.


Following the filings of summary judgment motions by Ripple and the SEC, holders of XRP regained confidence in the crypto asset, contributing to the coin’s recent rally. 

Ripple (XRP) has recorded strong gains since the summary judgment motions were filed publicly in the past few weeks. Investors are purchasing the cryptocurrency in large quantities, hoping that the lawsuit’s outcome will be in favor of the blockchain company. 

According to data from Coingecko, XRP has been up 70.2% in the past 30 days; on Sep 10th XRP was trading around $ 0.3183, while the current XRP price is  $0.52, XRP is up 70%, which reflects investors’ confidence in the crypto asset.

XRP’s Current Performance

Over the past 24 hours, XRP has been the best-performing crypto among the top 70 digital currencies by market capitalization.

While the top 70 biggest cryptocurrencies by market capitalization have shredded significant amounts of their values in the past 24 hours, XRP is up 8%. The cryptocurrency is currently changing hands at $0.52, with investors hopeful that the coin’s price will rally further.

Gokhshtein’s Reaction

Reacting to the development, David Gokhshtein, a crypto influencer and the founder of Gokhshtein Media, said XRP is the only “legitimate” asset with a good performance today.

“XRP [is] probably the only legitimate asset [doing] well today,” Gokhshtein said. 

Gokhshtein has shown his love and support for XRP many times. Recently he said that he should have bought more XRP instead of memecoins. To haters, he said that the more u despise XRP, the bigger it grows.

Mt. Gox Trustee Sets Registration Deadline for Creditors to Receive Their Bitcoin (BTC) 

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Creditors of the defunct cryptocurrency exchange Mt. Gox take another step closer toward receiving their funds. 

The trustee handling Mt. Gox bankruptcy proceedings, Nobuaki Kobayashi, noted in a recent announcement that creditors of the defunct exchange are required to register their information and select repayment methods on an online claim filing system. 

Mt. Gox creditors have until January 10, 2023, to complete the process, the exchange’s trustee stated. According to the announcement, payments will be made through any of the supported methods, including a cryptocurrency exchange or custodian, fund transfer service provider, as well as bank remittance. 

Requirements for Repayment

Creditors are also required to draft a note of several explanatory materials indicated in the notice. Some of these include filing information on the financial status of the defunct exchange, a notice of the trustee’s rehabilitation plan, the exchange’s income and expenditure statement, etc. 

To provide the required details, creditors will have to log on to the Mt. Gox “claims” platform and carry out the registration themselves. Failure to comply with the requirements will result in the creditor not receiving the due repayment. 

“If you do not complete the necessary Selection and Registration, you will not be able to receive any of the Repayments below, and you will need to bring the required documents to the MTGOX Co., Ltd. head office or other place designated by the Rehabilitation Trustee and receive Repayment in Japanese yen (cash),” an excerpt of the notice read. 

Kobayashi said his company, as well as other parties related to the repayment, will confirm all claims from the registration to ensure that malefactors do not hijack the process. 

Meanwhile, Bitstamp stated earlier that it will be among the crypto trading platforms that will support the repayment plan. 

The Mt. Gox Crisis

Victims of the Mt. Gox collapse suffered losses of up to billions of dollars. The crisis shook the cryptocurrency space at the time, with many people keeping watch over new developments from the Mt. Gox case. 

This is because a whopping 140,000 Bitcoins were released to the trustee to repay creditors after they approved a draft rehabilitation plan late last year. 

A Tokyo court also confirmed the rehabilitation plan, prompting Mt. Gox’s trustee to consider the plan as final and binding. It is expected that it will take a while before Kobayashi will transfer the funds to all creditors. 

Cardano Founder Says XRP Holders’ Claim About Hinman’s Conflict of Interest With Ethereum Is A “Grand Conspiracy”

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Hoskinson’s recent podcast provokes XRP holders.



Ripple (XRP) enthusiasts have maintained that there was a conflict of interest involving William Hinman, former SEC’s Director of Corporation Finance, during his time at the agency. As reported, aside from Hinman’s affiliations with the Ethereum project, he still had meetings with officials of Simpson Thacher & Bartlett, a member of Enterprise Ethereum Alliance (EEA).

Hinman’s calendar during his time at the SEC revealed that he scheduled meetings with Ethereum officials more than other crypto companies, even when he declared ETH as a non-security.

These developments prompted members of the Ripple community to assert that Hinman had a serious conflict of interest with Ethereum officials at the time, which saw him receive over $9 million as profit from Simpson Thacher.

Hoskinson Thinks Otherwise

However, Charles Hoskinson, the founder of Cardano (ADA), does not think the accusation is correct. Hoskinson made this known in a podcast with Tony Edward, the founder of Thinking Crypto. The Cardano founder described the claims as a grand conspiracy.

“The XRP community tried to invent this grand conspiracy that there was blatant corruption between the insiders at the SEC and Ethereum. I don’t honestly think that that’s the issue here,” Hoskinson, who co-founded Ethereum, was quoted as saying. 

SEC and CFTC Are Ill-Equipped to Regulate Crypto

According to Hoskinson, the major issue is that the SEC and the Commodity Futures Trading Commission (CFTC) are not properly equipped with the relevant laws to regulate the cryptocurrency industry.

Hoskinson said the United States legislature had not done its job effectively in passing new laws that would create new standards for effective cryptocurrency regulations. In the absence of effective regulations, Hoskinson said the SEC would only try to regulate the emerging market in the best way possible given the limited rules available.

“Both the CFTC and the SEC are ill-equipped from law and policy to regulate the cryptocurrency space properly, so what they’re doing is they’re just trying to do it the way they think they can with the framework they have.”

XRP Holders Slam Hoskinson

The comments made by Cardano’s founder about a possible conflict of interest involving Hinman and Ethereum will not shock Ripple stakeholders. This is because Hoskinson is also affiliated with Ethereum.

Earlier this year, Vitalik Buterin, the co-founder of Ethereum, said Ripple lost its right to protect the moment the Silicon Valley tech company tried to throw ETH under the bus. 

Meanwhile, Ripple enthusiasts have slammed Hoskinson for making such a comment about Ripple. 

@MarketsMickle said: “Apparently, IOHK_Charles disagrees with both the SEC ethics office and former chair William Gundfest that there were “serious conflicts of interest” going on at the SEC during the ETH free pass. Weird. Watch him cry wolf when the SEC comes for ADA.”

@Zerpillion said: “I have been saying this forever. Charles fu.king Hoskinson is a tool! He licks SEC boots every now and then and bashes XRPCommunity whenever he sees fit. Dump more ADA.”
@besatree said: “For a smart dude, this is some dumb shit. I honestly am baffled that he is giving the SEC and Gensler credit as if they are just “doing their best” but are ill-equipped… Perhaps they are ill-equipped but if you think they’re doing their best us, you’re being dishonest 100%”

LFG Says No Timeline To Compensate Affected Terra USD (UST) Users, as Allocation not possible Currently

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LFG is not compensating users soon.



The Luna Foundation Guard has mentioned that the dispersion of its remaining assets to affected investors is impossible now, noting that there is no distribution timeline yet.

The Terra collapse, fueled by the de-pegging of the algorithmic stablecoin UST, led to the loss of investor funds to tens of billions. Amidst the crash, the Luna Foundation Guard promised investors affected by the de-pegging of UST a distribution of its remaining assets as compensation for the losses.

Since May, investors have been anticipating the promised distribution with no timeline. LFG recently aggravated the tension felt by expecting proponents, noting that the distribution will not commence anytime soon.

The official Twitter account of the Luna Foundation Guard revealed the depressing news Friday in a thread of three tweets. LFG acknowledged investor interest in the nature and timeline of the distribution. It then reiterated its aim of distributing to the smallest holders first.

 

Notwithstanding, LFG revealed that the distribution of the assets is not particularly possible at this time. The entity cited the legal emerging issues surrounding the Terra collapse as reasons for the delay. Terraform Labs has faced litigation for the losses investors incurred from its debacle, with further lawsuits in sight.

“Unfortunately, due to ongoing and threatened litigation, distribution is not possible at this time. While these matters are outstanding, there can be no timeline established for resolution,” LFG said.

Additionally, LFG assured the community of the Terra team’s commitment to ensuring aggrieved investors are compensated, notwithstanding an emphasis on “small UST holders”. The organization also noted that people in anticipation would be the first to know of any new development.

“Our goal remains to distribute LFG’s remaining assets to small $UST holders. We will not stop advocating for our ability to follow through on these initial plans, and those waiting will be the first to know of new developments,” it concluded.

Recall that the Terra ecosystem collapsed with its algorithmic stablecoin UST sometime in May, leading to billions of dollars in losses for UST and LUNA holders. The Terra team’s attempts at repegging UST and salvaging whatever they can prove futile.

Having accepted its fate of an absolute debacle, LFG promised distribution of its remaining assets to affected holders of UST on May 11. Nevertheless, investors have had to wait up to 6 months for the distribution, with some already forgetting about it. Those in anticipation would have to keep waiting, as it appears the distribution will not be affected anytime soon.

Most Staked Crypto Assets: Ethereum And Solana, Upcomings DAO Also In Race Now!

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Cryptocurrency staking is already showing the hit and fun game traction overcoming the dilemma of the last few years because of the attractive yields. Recently, Ethereum wins the trophy to be one of the most staked crypto assets.

This news is whirling around after the successful Merge event of the Beacon Chain consensus layer incorporated with the Ethereum execution layer. Many new portals and reporters are encouraging this victory of Ethereum to be at the head in terms of market capitalization.

This announcement is yet another achievement specifically for the smart contract compatible with the blockchain network.

Since the whole digital space has witnessed the successful event of the Merge upgrade that occurred on 15th September 2022. During this blockchain transition, the protocol from proof-of-work was transited to a proof-of-stake consensus mechanism.

As per the data from reliable crypto staking data aggregator- “Staking Rewards”; Ethereum (ETH) currently carries 20 percent of the market share and also holds the top position being declared as the most value staked in terms of USD. The number counts to more than $19.69 billion USD worth of Ether.

Meanwhile, Solana (SOL) takes the second position with a staked market cap worth $13.4 billion USD. At the same time, Cardano (ADA) is one step down from Solana stepping in the third position with its $11. 9 billion USD worth of staked market cap.

The list of staked crypto has BNB Chain (BNB) holding over 5.4 billion USD, followed by Avalanche (AVAX) having worth 4.5 billion USD, followed by Polkadot (DOT), Cosmos Hub (ATOM), Tron (TRX), Polygon (MATIC) and Near Protocol (NEAR) as top ten in staking market cap.

Approximately at the time of writing, Cosmos (ATOM) has the highest staking rewards around 18.07% while Cardano (ADA) is offering lowest of 3.59%. There’s more to come in the headlines regarding crypto staking and mining as the trend is fluctuating with waves.

Looking at the crypto shuffle, many influencers see Upcomings DAO coming next in line with the above ten mentioned crypto staking platforms. The Upcomings DAO is new yet covers a much larger scope for all sorts of investors to get a section hold of UPCG tokens.

Since a huge momentum is taking place in the crypto industry, you need to keep a close eye on Upcomings DAO crypto platform for what’s coming.

Join the Upcomings DAO at the early stage for amazing UPCG token rewards and be an early bird!

What’s Next?

After the Ethereum Merge, the U.S. Securities and Exchange Commission has grounded its eyes on the aspects of the crypto-staking market. Looking at the effects of the event Gary Gensler, the SEC chief pointed out the securities laws that might become applicable to Ethereum as well. Chief says that proof-of-stake digital assets have the ability to pass the Howey test.

Although from the perspective of an asset, it seems another indicium under the Howey test where the investing audience is anticipating profits gained on the efforts of others. Though all are waiting with greater interest to see whether the SEC takes this issue seriously and hound regulation to improve its stronghold on the staking crypto.

Projects like Upcmomngs DAO will take over the global crypto staking market by giving elevation to Proof-of-stake algorithms and high volume stable staking and passive earning.

 

Grayscale Adds Polygon (MATIC) To Its Digital Large Cap Fund (GDLC)

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Polygon (MATIC) receives more exposure as Grayscale Investments adds the asset to its Grayscale Digital Large Cap Fund (GDLC).



Grayscale Investments seeks to maintain its position as the world’s largest digital asset management firm, as it continuously introduces new investment products and updates offerings on existing products. In a recent highlight of events, Grayscale has added Polygon to its GDLC fund.

The recent development from Grayscale comes as a part of the asset manager’s rebalancing of three of its products for the Q3 2022 review exercise. 

In addition to the Grayscale Digital Large Cap Fund (GDLC), Grayscale announced the rebalancing of its Grayscale DeFi Fund (DeFi Fund) and Grayscale Smart Contract Platform Ex-Ethereum Fund (GSCPxE Fund).

Grayscale revealed the changes via a press release and through its official Twitter handle in the late hours of Thursday. According to the announcement, MATIC will take a 1.26% share of the GDLC fund, above Avalanche (AVAX) with a 0.86% share.

“Polygon (MATIC) has been added to Grayscale Digital Large Cap Fund (GDLC).”

 

Polygon Joins Crypto Market Leaders

Other digital assets found in the fund include Bitcoin (65.32% share), Ethereum (28.03% share), Cardano (ADA) (2.49% share), and Solana (2.04% share). Grayscale’s inclusion of MATIC in the GDLC fund marks the second time the firm is adding the asset to a multi-asset fund, following the addition of MATIC to the GSCPxE fund launched in March of this year. 

The decision to add MATIC to the GDLC fund gives investors of the fund extra exposure to the asset. Despite its inclusion of MATIC in the GDLC fund, Grayscale did not add nor remove any asset from the DeFi Fund and the GSCPxE fund in the recent quarterly review.

Other Funds

The GSCPxE fund still contains ADA, SOL, MATIC, DOT, AVAX, ATOM, and ALGO in the respective market share ratio of 28.17%, 22.84%, 13.82%, 13.71%, 9.72%, 7.06% and 4.68%.

Additionally, the DeFi Fund contains Uniswap (UNI), with a share of 64.10%; Aave (AAVE), having a share of 13.91%; MakerDAO (MKR), with a market share of 10.45%; Curve (CRV), with a share of 6.06%; and Compound Finance (COMP) which has a market share of 5.48%. The data represents the compositions of both funds as of October 5.

Grayscale remains on an expansion path despite the bearish condition of the crypto market. The Crypto Basic previously reported the firm’s decision to launch a Bitcoin mining-focused investment vehicle aimed at leveraging the failing costs of mining equipment. The investment vehicle, dubbed the Grayscale Digital Infrastructure Opportunities (GDIO), was launched as a co-investment product in partnership with Grayscale’s affiliate Foundry Digital. As a mining and staking firm, Foundry Digital will oversee the day-to-day operations of the product.

Flare Network Releases Map Detailing Launch process, as FLR Distribution for XRP Holders Draw Closer

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The Flare Network team seeks to demystify its launch process by releasing a simplified flowchart map.



XRP holders have been in constant anticipation of the FLR airdrop. The community has recently witnessed reasons to be hopeful, as the Flare team confirmed previous rumors of a distribution period, as the airdrop is slated to occur before long.

Nevertheless, the Flare launch remains an enigma amongst the majority of proponents. Consequently, the team looks to address that with the recent map release detailing the launch process phases.

On Friday, Xavi Artigas, Head of Documentation at Flare Network, first published the document containing the map through his Twitter handle. The official Flare network, quoting it, referred the community to the document.

“The Flare launch involves a series of sequential phases with defined triggers for each transition. We have created a detailed document to help the #Flare community navigate the process.

Check it out here,” the handle noted.

 

The map shows that the community is currently in the first phase, the Private Observation Node stage. The Flare mainnet launch process combines five Flare Beta phases and three regular phases, including the Private Observation Node phase.

According to the flowchart, several detailed trigger actions will lead to the development of each beta or regular phase. This is the general process:

  • The network launch will trigger the Private Observation Node phase, which is the current phase.
  • When the validator source code is made publicly available, this will trigger the Public Observation Node beta phase.
  • Afterward, confirmation of 66% validator power being independent of the Flare team will give rise to the Initial Distribution Period beta phase. This is the token distribution event (TDE) that most XRP holders are interested in.
  • When 75% of the distribution reaches the appropriate recipients, the FIP01 Notice Period beta phase will commence. The FIP01 is a governance proposal to determine changes to the token distribution and FLR inflation.
  • One week after the FIP01 Notice Period, the FIP01 Voting Period will begin.

  • If the FIP01 is approved based on the votes, it will trigger the Regular Operation (this is the Flare beta protocol) phase.
  • Once the Flare beta ends, with all systems confirmed fully operational, the network will be fully launched in the Regular Operation phase.
  • Back to the FIP01 Voting Period; if the FIP01 is not approved based on the votes, the team will still bring up the Regular Operation phase, but it will be devoid of the FIP01 protocol changes.

This map helps to eliminate confusion arising from the Flare launch processes, as is the goal of the Flare team. Additionally, the Flare team notes that it will help the community have a tracker for the launch process.

Recall that the Flare team confirmed that the distribution period of the Flare airdrop for XRP holders is between October 24 and November 6, as The Crypto Basic previously highlighted.

The team revealed, however, that the period will depend on whether the network will attract attention from enough validators. They also noted that the network would launch in a beta stage lasting 6 to 9 months.

3 Exciting Upcoming Events for Cardano Community This Month

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Three Cardano-related events are scheduled to take place this month.


October 2022 is tipped to be an interesting month for the Cardano community. Stakeholders of the Cardano blockchain have come together to organize three consecutive events that will allow members of the Cardano community to learn and network.

According to Cardano Daily, a media outlet that shares Cardano developments on Twitter, the three Cardano-related events are cNFTcon 2022, W3BX, and Rare Bloom.

cNFTcon 2022 

The cNFTcon 2022 is a two-day event scheduled to take place in Las Vegas from October 8, 2022 to October 9, 2022. Organizers of the events have lined up several Web 3.0-related topics for beginners and experts in the niche. Some of the event’s sponsors include Cardano Foundation, jpg.store, and Atala Prism.

People who want to attend the conference must pay a General Admission fee of $25 or get a Premium Pass ticket for $60.

“Attendees will also have a chance to learn about a number of topics in the Web3 space including Artificial Intelligence, NFTs, DAOs, Staking, Blockchain, Digital IDs, Security, Metaverse and how all of these will change or impact things like business, governments, education, economies and entertainment,” the organizers of the event noted on the website.

Web 3 Expo (W3BX)

This event is scheduled to take place immediately after cNFTcon 2022. According to the organizers, the Web 3 Expo will be held at the Wynn Hotel in Las Vegas from October 10, 2022, to October 13, 2022. Web 3 Expo will create an avenue for relationship-building with private and institutional investors. “The event will feature senior executives from over 100 private and public companies all within the growing Web3 sector,” a statement on the Web 3 Expo website reads. 

Some of the speakers include the chairman of Leary Venture, Kevin O’Leary, chairman of Bitcoin Foundation Brook Pierce, and Morgan Creek founder and CEO Mark Yusko, etc. 

Attending the conference would require attendees to get a pass. There are four categories of tickets, such as Gold ($875), Platinum ($3,850), VIP ($5,850), and Alpha ($9,600).

Rare Bloom Event  

The Rare Bloom is a two-day event scheduled at Gaylord Rockies, Colorado, from October 14 – October 15, 2022. The event is tipped to have inspiring speakers, live music, digital art installations, and a host of others. According to the event’s website, the Cardano development team, Input Output Global (IOG), and the Cardano Foundation will attend. Other Cardano-related projects that will be fully represented at the event include SundaeSwap, SingularityNET, Clay Nation, VyFinance, Minswap, Rare, etc. 

Some special guests include Cardano founder Charles Hoskinson, crypto YouTuber BitBoy Crypto, etc. To access the event, you will be required to get any of the two types of tickets, General ($400) and VIP ($1,250).