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Top Exchange Extends Support For Terra Classic, As Binance Convert Adds LUNC and USTC

Mark Brennan
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Top Exchange Extends Support For Terra Classic, As Binance Convert Adds LUNC and USTC

The world-leading crypto exchange is looking for new ways to support Terra Classic.



According to a recent announcement, Binance adds Terra classic (LUNC) and UST classic (USTC) to Binance Convert.

Users can now easily convert LUNC and USTC to Bitcoin, Binance USD (BUSD), and Tether (USDT) without paying any fees.

Binance convert is a service where exchange users can quickly convert one crypto to another. This service is different from trading and is purely meant for converting one coin to other. Adding LUNC and USTC to Binance convert shows that the exchange is looking for more ways to support Terra classic.

To use the feature, on the Binance website, users can click “Trade” and select “Binance Convert” from the top menu. On mobile, open your mobile app and tap “Trade” to select “Convert.”

Binance Support For Terra Classic:

As reported by The Crypto Basic, Binance announced that the exchange will apply tax burn on all on-chain transactions like deposits and withdrawals.

However, the Terra classic community did not welcome Binance’s decision as LUNC supporters wanted Binance to apply burn on LUNC and USTC off-chain transactions like trading. Binance addressed the community concern by saying It May Review Its Decision To Implement Terra Luna Classic Burns On Trading.

As the trading volume of LUNC is crossing 1B on Binance, the exchange decided to add LUNC/USDT trading pair enabling large investors to trade and invest in Terra classic. Also, Binance futures launched LUNC perpetual contracts with up to 25x leverage.

Terra Luna Classic (LUNC) Staking Gains Momentum As 6 Billion Tokens Staked in 3 Days 

Lele Jima
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Terra Luna Classic (LUNC) Staking Gains Momentum As 6 Billion Tokens Staked in 3 Days 

Terra LUNA Classic (LUNC) initiative has gained momentum lately as investors continue their quest toward reviving the cryptocurrency from the dust.


According to a tweet shared by LUNC Staking, an unofficial account that keeps track of all LUNC staking, the number of tokens staked has reached 534.29 billion LUNC. This comes three days after TheCryptoBasic reported that LUNC holders had staked a total of 528 billion.

The development indicates that, over the past 72 hours, LUNC holders staked a combined 6 billion Luna Classic tokens. It is noteworthy that the staking initiative is part of an effort to reduce the total supply of LUNC from its whopping 6.9 trillion tokens. The 534.29 billion staked currently represents 8.9% of LUNC’s total supply. 

Investors’ Efforts to Revive LUNC

LUNC investors are unwilling to give up on the project as many expected. They have continued to take significant steps toward helping the cryptocurrency make a huge comeback. 

LUNC staking is not the only way Terra investors plan to revive Luna Classic tokens. Investors have been participating in a burn initiative where millions of tokens are sent to an inferno address. 

The community also voted in favor of a proposal to implement a 1.2% tax burn on all on-chain LUNC transactions. 

A New Payment App Taps Ripple’s XRP Ledger (XRPL) For Cheap and Fast Bitcoin (BTC) Transactions 

Lele Jima
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A New Payment App Taps Ripple’s XRP Ledger (XRPL) For Cheap and Fast Bitcoin (BTC) Transactions 

Users can now send fast and cheap BTC payments to merchants, thanks to Ripple tech. 

Following the delay and high fee in sending Bitcoin, a new payment platform was launched to enable users to send BTC faster and cheaper to merchants, who accept digital currency as a payment method. 

SpendTheBits (STB) is a payment solution launched on Ripple’s XRP Ledger (XRPL) to allow users to send BTC faster and at a relatively low cost to merchants. 

The developer of SpendTheBits launched the solution on Ripple in order to leverage the unending payments feature of the leading blockchain, which includes faster, cheaper, and eco-friendly transactions. 

“By deploying a user’s bitcoin onto the XRPL, Users get all of the benefits as they will be able to send fast, cheap & eco-friendly payments to merchants,” SpendTheBits said in a recent tweet. 

STB is currently available in Canada, with plans being made to roll out the service to Bitcoin-friendly country, El Salvador. The app is available for download on both Android and iOS devices. Aside from making payments with STB, users can also store their crypto assets on the platform. 

 

Ethereum (ETH) Merge Date Countdown Goes Live on Google

Mark Brennan
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Ethereum (ETH) Merge Date Countdown Goes Live on Google

Users can now keep track of the official launch date of Ethereum Merge on Google. 



There has been growing excitement over the upcoming launch of Ethereum Merge. The excitement about the upgrade has prompted Google to keep track of the event’s launch date. 

A countdown timer has been made for Ethereum Merge on the world’s largest search engine, Google. Ethereum enthusiasts can now keep track of the exact date the Merge is expected to go live when they search “Ethereum Merge” on Google. 

google on Ethereum merge
google on Ethereum merge

At the time of writing, the Merge is expected to go live in exactly four days and 20 hours.  

Aside from the countdown timer for the merge deployment, ETH investors can also see other details about the upgrade, including Ethereum hash rate and Merge difficulty. 

Ethereum Merge

The Merge is an important step toward Ethereum’s transition from a Proof-of-Work (PoW) algorithm to a Proof-of-Stake (PoS). As reported by TheCryptoBasic, the upgrade is expected to go live between September 13 and September 15, 2022. 

With Ethereum transitioning to a PoS algorithm, the network will ultimately get rid of high transaction fees and slow processing of transactions that have frustrated users for years. 

These prospects have prompted excitement among ETH enthusiasts.

Leading Decentralized Exchange Lists Bone ShibaSwap (BONE)

Zabi
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Leading Decentralized Exchange Lists Bone ShibaSwap (BONE)

Bone ShibaSwap (BONE) is now officially live on one of the leading decentralized exchange and noncustodial wallets, SaitaPro.



Saitama, a web 3.0 technology company, primarily focused on developing a decentralized finance ecosystem for everyday life, recently announced that it added support for Bone ShibaSwap, the Shiba Inu Ecosystem governance token on its non-custodial wallet and decentralized exchange (DEX), SaitaPro.

SaitaPro is both a non-custodial wallet and decentralized exchange (DEX) of the Saitama Inu Ecosystem. It allows users to easily buy, sell, and trade different digital currencies listed on the platform. The SaitaPro users can also earn from staking their digital assets on the exchange.

Founded in 2021, Saitama began its journey as a community token project led by a team of experienced professionals and industry experts. Saitama launched its native ERC-20 token, Saitama Inu (SAITAMA), in June 2021, with a maximum supply of 100 quadrillion tokens. During the Bull Run in November 2021, Saitama has grown into a multi-market, global business as its native token has achieved over $7.5 billion of market capitalization to become one of the top 40 biggest cryptocurrencies in the world based. SAITAMA token was upgraded to V2 in June 2022 with a maximum supply of 100 billion tokens. Following the upgrade, SAITAMA became a utility token rather than a meme coin as it’s now more secure, sustainable, and CEX-friendly.

With 400K Twitter followers, SAITAMA is an entire ecosystem. Following are some of the features that are already live on the Saitama network: SaitaPro, SaitaPay, SaitaSwap, SaitaMask Wallet, SaitaRealty, FANG (Beta), Saitama Edutainment, Wolfcaster Game (Saitama Studios), SaitaChain, and SaitaCity.

Do Kwon Vows to Continue Building Terra As LUNA Spike While Denying TFL Sends 435,000 LUNA To Binance

Albert Brown
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Do Kwon Vows to Continue Building Terra As LUNA Spike While Denying TFL Sends 435,000 LUNA To Binance

 

Terra’s founder does not want to give up on the quest of compensating investors.



Do Kwon, the founder of TerraForm Labs (TFL), has vowed to continue building the Terra project to ensure victims of the Terra collapse are fully compensated for their losses. 

Kwon made this known by sharing a hammer with a spanner emoji on its Twitter page. 

LUNA Soars Over 300% While LUNC Dumps

It is noteworthy that he made the tweet at a time when the price of LUNA skyrocketed over 300% to 24 hours high of nearly $7. 

LUNA moved to the 59th position of the largest market capitalization from its previous 205th position. At the time of writing, LUNA is changing hands at $5.91, up 200% in the last 24 hours.  

However, the sudden pump of LUNA also resulted in the massive plunge in Luna Classic (LUNC) price. The price of LUNC is down 15% in the hours leading up to press time, trading at $0.00042. 

Kwon Denies Fraudulent Reports

Meanwhile, Kwon has continued denying all fraudulent allegations against his company and the Terra project. 

In a recent tweet, Kwon dismissed the allegation made by FatMan, the famous Terra whistleblower, who alleged that Terraform Labs (TFL) sent 435,000 LUNA tokens received from the LUNA 2.0 airdrop to Binance for selling.

“Was eating lunch & saw LUNA 2 pump. Checked the TFL Dawn wallet. Sure enough, after months of farming rewards with the airdrop they claim they never received, they sent all 435K available LUNA 2 to Binance just days ago. That’s just one address,” FatMan said. 

Responding to the allegations, Kwon said the address does not belong to Terra. 

“Can definitely confirm it’s not a TFL wallet; how does one continue to simply make up sh.t.”

 

Cardano (ADA) Founder Praises Crypto Communities Behavior in Ongoing Market Downturn

Mark Brennan
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Cardano (ADA) Founder Praises Crypto Communities Behavior in Ongoing Market Downturn

 

Hoskinson says crypto communities have a long-term mindset.


Cardano founder Charles Hoskinson has commended investors for their loyalty and long-term mindset toward cryptocurrencies despite the market downturn.

His comment comes after LunarCrush, a cryptocurrency data analytics provider, noted that the global cryptocurrency social contributors have declined only by 0.71% in six months. The social intelligence for cryptocurrency platforms said the metric could indicate that there is little to no growth in crypto market participants. 

LunarCrush added that it could also mean that some investors have left the market or are staying quiet due to a massive decline in crypto prices. 

Reacting to the development, Hoskinson said the stat is outstanding given that engagement has been stable despite the massive downturn in the crypto market. 

According to Hoskinson, whenever there is a downturn in any marketplace, there is usually a double-digit decline in both contribution and social engagement. “When you see a massive downturn in a marketplace, you’d typically see a double-digit decline in engagement and contribution.” However, cryptocurrency investors defeated all odds to keep engagement stable. 

“The fact that it holds stable means that the crypto communities overall are loyal and have a long-term mindset,” Hoskinson said. 

Investors Still Positive Amid Massive Decline in Crypto Prices  

The entire cryptocurrency market has been affected by a series of political and economic events since the beginning of the year. Thus, causing a massive decline in prices. 

For instance, Bitcoin, which soared to an all-time high of $69,000 in November 2022, fell below $20,000 on multiple occasions this year. However, investors’ reaction to this massive downturn has not been entirely bad, as reported by LunarCrush.

Dogecoin Co-Founder Shades Twitter Scammers’ New Tactics, Elon Musk Reacts

Mark Brennan
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Dogecoin Co-Founder Shades Twitter Scammers’ New Tactics, Elon Musk Reacts

Marcus mocks Twitter scammers in a new tweet.



Billy Marcus, the co-founder of Dogecoin (DOGE), has not ceased to vent his frustration over increased scams on various social media platforms. 

With many scammers now using the identity of Binance CEO, Changpeng Zhao (CZ), to defraud unsuspecting users on Twitter, Marcus jokingly said he will dress like the founder of the world’s largest exchange on this year’s Halloween. 

“imma dress up as @cz_binance for Halloween this year,” Marcus said. 

He added that he would start every conversation with ”Why isn’t anyone talking about this” while pointing to a scam Uniswap YouTube video on his phone. 

Marcus indirectly referred to the new antic scammers have adopted to lure unsuspecting investors to a fake website. They usually change their Twitter display name to imitate Binance CZ and comment under every crypto-related tweet asking why people are not talking about a video. 

The idea is to have people click on the video link and possibly get lured into giving up their seed phrases or investing in a hoax project. 

Elon Musk’s Reaction

Meanwhile, Marcus’ joke attracted comment from Elon Musk, the CEO of Tesla, who said: 

“Nice. I’m dressing up as a sink & knocking on random doors. Once they see me, they will have no choice but to let that sink in.” 

Binance Says It May Review Its Decision To Implement Terra Luna Classic (LUNC) Burns On Trading

Lele Jima
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0
Binance Says It May Review Its Decision To Implement Terra Luna Classic (LUNC) Burns On Trading

 

The exchange could choose to implement the 1.2% tax on all LUNC spot and margin trading.


Binance, the world’s largest exchange by 24 hours trading volume, has responded to criticism over its refusal to implement the 1.2% tax burn on Terra Classic Network tokens, LUNC and USTC, for spot and margin trading.

In response to the widespread criticism, Binance said it only followed the instructions in the proposal, which requires a 1.2% tax burn for on-chain transactions like deposits and withdrawals. The world’s largest exchange noted that most of its transactions are settled off-chain, thus making it difficult to levy the 1.2% tax. 

However, Binance remarked that it would monitor the effects of the recent changes to ascertain whether to review its decision and levy the tax on spot and margin trading of the Terra Classic Network tokens. 

“Hi! We introduced a 1.2% tax burn for on-chain transactions exactly according to the proposal. We settle most transactions off the chain and this makes it difficult for the tax to be levied. Yet, we would closely monitor the effect of the change and might review the decision.”

Terra Investors Angry With Binance’s Decision

Earlier this week, As reported by The Crypto Basic Binance said it would join other cryptocurrency exchanges to implement a 1.2% tax burn for all on-chain transactions of Terra Classic tokens, including LUNC and USTC. The exchange noted that the decision would only apply to deposits and withdrawals, while spot and margin trading would be left out. 

Binance’s decision not to levy the 1.2% tax burn for spot and margin trading has brought the exchange to be criticized by aggrieved Terra investors, who want the tax to be effected on spot and margin trading. 

LUNC DAO, a Terra community Validator, expressed disappointment in Binance founder Changpeng Zhao for not implementing the 1.2% tax burn for spots and margin trading of LUNC and USTC. 

It is noteworthy that the 1.2% tax burn proposal is seen as the perfect way by LUNC and USTC holders to get compensated for the losses they incurred in May 2022. 

Shiba Inu’s BONE Rewards Officially Comes to an End As Token Reaches Maximum Supply

Zabi
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0
Shiba Inu’s BONE Rewards Officially Comes to an End As Token Reaches Maximum Supply

 

Shiba Inu’s BONE Minting and Distribution of BONE Rewards on ShibaSwap Officially Concludes as BONE’s Current Supply Reaches 230 Million.



The Twitter handle of ShibaSwapDEX recently announced that the minting of Bone ShibaSwap, the Shiba Inu ecosystem governance token, officially ends as the total supply of BONE reaches 230 million. As a result, BONE Rewards on ShibaSwap has also come to an end.

The maximum supply for Bone ShibaSwap is set at 250 million. The remaining 20E tokens are designated for Shibarium validators.

BONE minting has officially been halted, and BONE Rewards on ShibaSwap comes to an end as Bone ShibaSwap (BONE) now reaches a total supply cap of 230 million. No more BONE tokens will be minted from now onwards, except as rewards for Shibarium Validators.

It should be noted that Bone ShibaSwap was initially launched with a maximum supply limit of 250 million tokens. Since Bone ShibaSwap was selected to be utilized as ‘gas’ on the Shibarium Protocol, it is set to provide the necessary functionality to process/execute smart contracts and transactions on the Shibarium protocol.

Out of these 250 million tokens, through Doggy DAO, the Shiba Inu Community decided to stop BONE ShibaSwap rewards upon reaching 230 million so that Shiba Inu’s team can save the remaining 20 million minted token assets for Shibarium validators.

Please remember that Once the entire minting of 250M BONE tokens ends, a new ShibaSwap reward token named “TREAT” will be introduced, replacing BONE for rewards on ShibaSwap, as per the announcement released on July from the Shiba Inu lead, Shytoshi Kusama. However, not many details about the TREAT token have been known yet aside from its name and role in the Shiba ecosystem.

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