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Terra (LUNA) Perpetual Contracts To Be Availed On Binance With 20x Leverage

Mark Brennan
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Terra (LUNA) Perpetual Contracts To Be Availed On Binance With 20x Leverage

Terra (LUNA) Perpetual Contracts To Be Availed On Binance With 20x Leverage.



Terra LUNA is experiencing an impressive price surge after Binance announced plans to avail perpetual contracts with the renamed token. Terra is at position 213 in the charts at the time of this writing, with a 58% price increase over the last 24 hours. It trades at $0.00013.

The surge was triggered by an announcement made by the Binance crypto exchange. According to the announcement, perpetual contracts will be launched on Binance Futures with a 20x leverage. The contracts will be BUSD-margined. In essence, the BUSD will be used as collateral and users will be able to use USDT as a margin.

“BUSD perpetual contracts are BUSD-margined futures contracts that use BUSD as collateral. Users will be able to select between 1-20x leverage.”

Binance confirms Terra 2.0 Listing: Binance will list Terra 2.0 (LUNA) in the Innovation Zone and will open trading for LUNA/USDT and LUNA/BUSD trading pairs at 2022-05-31 06:00 (UTC).

Exchanges Support Terra LUNA

Besides Binance, other crypto exchanges have expressed willingness to support Terra LUNA after the new blockchain went live on May 27. Following the launch, users who held LUNA before it experienced a price crash were treated to an airdrop of the new tokens as compensation.

The old LUNA tokens were renamed LUNA Classic while the new coins retain the original LUNA name. The new was created after a vote passed by the Terra community last week. While some members opposed the idea during preliminary voting, a majority passed the actual vote after Terra’s founder, Do Kwon, tabled an amended version of the proposal.

After the price crash that saw Terra LUNA drop from over $110 to $0.0001, Binance suspended trading of the crypto. The exchange plans to re-open LUNA deposits and withdrawals on May 31.

other than Binance following exchanges are supporting Terra 2.0 and its airdrop:

Kraken, Huobi Global, Bitrue, Bybit, HitBTC, Okcoin, OKX Gateio KuCoin, LBank, Cryptocom, FTX, Bitfinex, Bitget and MECX Global.

LUNA Trading Volume Shoots Up

Terra LUNA’s trading volume appears to have experienced a huge boost over the last 24 hours. It now totals around $278.9 million, posting a 315% surge. The tokens market cap has also jumped by 60% to reach $892 million. Meanwhile, the new TerraClassicUSD, which is meant to be a stablecoin, is trading at $0.026.

Hoskinson Says ADA Ghost Transactions Very Effective as Cardano Records 3x Transaction Volume Than Ethereum in 24 Hours 

Lele Jima
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Hoskinson Says ADA Ghost Transactions Very Effective as Cardano Records 3x Transaction Volume Than Ethereum in 24 Hours 

Cardano has continued to demonstrate its prowess as it records three times more transactions than Ethereum. 

In contrast to the criticism aimed at Cardano in recent times, the blockchain has attracted a lot of interest from members of the cryptocurrency community.

In a recent development, Cardano, which many refer to as “Ghost Chain” due to its limited utility, has surpassed Ethereum in terms of transaction volume over the past 24 hours.

Cardano Edge Ethereum Transaction Volume

According to data shared by an ADA enthusiast, which was later retweeted by Charles Hoskinson, the CEO of Input Output Global, the firm responsible for research and development of the blockchain, Cardano edged Ethereum in terms of transaction volume in 24 hours.

Per the data, a total of $9.57 billion worth of transaction volume was recorded on Cardano while $3.01 billion transaction volume was recorded for Ethereum.

Meanwhile, Cardano also surpassed Ethereum in terms of adjusted transaction volume in the past 24 hours as seen in the data. Cardano recorded $9.49 billion in adjusted transaction volume compared to Ethereum’s $2.31 billion.

The data suggests that Cardano completed over 3X more transactions compared to Ethereum within the timeframe.

Commenting on the development, Hoskinson took to his Twitter page to share the image with the caption: “Cardano uses Ghost Transaction: it is super effective!”

Cardano Criticism

His comments come in response to critics, who have slammed Cardano as a ghost chain. According to critics, despite the fact that Cardano is worth millions of dollars, the blockchain has very limited utility, compared to what it is built for.

Critics made derogatory comments about Cardano following the delay experienced in supporting smart contract functionality.

However, Cardano has shown that it has what it takes to rival top decentralized networks like Ethereum and Solana as it proceeded to integrate smart contracts into the network last year.

At the moment, there are prominent decentralized applications (dApps) running on the network, including CNFT.IO, a non-fungible token (NFT) marketplace, and Ardana, among others.

Cardano does not seem likely to stop making progress in its bid to lure more users to the network. The Cardano community is eagerly anticipating the launch of Vasil Hard Fork, which is slated to go live by the end of next month.

Hoskinson disclosed that once the hard fork is implemented, more developers will flock to the blockchain, thus boosting the price of ADA as well as the total value locked (TVL) across various protocols.

Terra 2.0 Chrome Extension Live Now

Albert Brown
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Terra 2.0 Chrome Extension Live Now

The leading Chrome extension wallet has become one of the first external wallets to support Terra 2.0.


Leading non-custodial cryptocurrency web wallet for the Terra ecosystem Leap Wallet has announced that it has added support for the Terra 2.0 network.

Following the support of Terra 2.0, Leap users can now view the value of their airdropped LUNA tokens, including the vesting and liquid tokens, from their wallets.

“@terra_money 2.0 now LIVE on Leap wallet. View airdropped LUNA balance (liquid + vesting), Send & receive assets, View transaction history, View custom token balances & NFTs, Next up: In-wallet staking & swaps. Install the browser extension here,” Leap Wallet said in an announcement.

Leap released a new upgrade of its Chrome wallet extension yesterday as part of efforts to support the rebirth of the Terra network.

Leap Joins Exchanges to Support Terra 2.0

Recall that Terra commenced the distribution of the LUNA airdrop on cryptocurrency exchanges over the weekend. The airdropped tokens are distributed to replace the old LUNA tokens now referred to as Luna Classic (LUNC).

While Terra investors who held their LUNA tokens on cryptocurrency exchanges like Binance, KuCoin, Coinbase, and Gemini among others had already received the airdropped tokens, other investors who stored the cryptocurrency in different external wallets were yet to receive the tokens.

However, Leap took relevant steps to ensure it is among the first external wallets to support Terra 2.0, making it easy for its users to view the balance of their airdropped LUNA.

Leap Wallet on the Terra Network

While Metamask is specifically designed for the Ethereum network, Leap Wallet is a non-custodial wallet for the Terra blockchain.

Leap is baked by TerraForm Labs (TFL) and provides Terra users with the ability to send, receive, stake, and swap various tokens on the Terra blockchain.

Aside from allowing Terra investors to view their airdropped LUNA tokens, Leap developers also added exciting features in the new version of the chrome wallet extension launched yesterday.

Users can now send and receive assets from other wallets, manage customized CW20 tokens, connect the extension to their Ledger wallet, conduct non-fungible token (NFT)-related transactions, gain access to Anchor protocol from the wallet, etc.

Do Kwon, Terra’s CEO and founder, also announced the development on the microblogging platform Twitter today, saying:

Meanwhile, other Terra investors who held their LUNC tokens in other external wallets like Metamask, Trust Wallet, and others are yet to receive the new tokens airdrop.

Venture Capitalists That Made Massive Gains Before Terra (LUNA) Crashed

Mark Brennan
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Venture Capitalists That Made Massive Gains Before Terra (LUNA) Crashed

Panthera Capital, Hack VC, and Others Made Massive Gains Trading LUNA Before It Crashed.


Panthera, alongside other venture capitalists, were lucky to close their positions before the token dipped.

It is no longer new that Terra ecosystem tokens LUNA and UST suffered one of the most devastating collapses since the inception of the cryptocurrency industry that leading to losses worth over $60 billion.

Although Terra had above $3 billion worth of bitcoin to sustain the UST peg with the dollar (1:1) in reserves, when UST started to lose its $1 peg LUNA foundation tried to save it by disbursing almost all of the bitcoin in its reserve but it never worked as a result of such instability investors rushed to get rid of both UST and LUNA, sending prices off a cliff.

While early investors like Binance did not get lucky enough to pull out of the project on time, several others did, as they reported that they made a fortune investing in the project. Binance’s CEO confirmed that Binance invested $3M in Terra (LUNA) in 2018 as Binance Labs invested in hundreds of projects. The 15M coins that cost Binance $3M in 2018 could have been sold at 560x returns when Luna was trading at an all-time high of $119, but the exchange Never moved those coins nor sold them while still holding them.

Delphi Digital, Seoul-based Hashed Ventures disclosed that they have lost over $3.5 billion.

Lucky LUNA Investors 

According to a recent CNBC report, Terra’s investors such as venture capital firm Panthera Capital, Hack VC, and CMCC Global were among the lucky investors that got out early before the UST and LUNA crashed into the dust.

Notably, Panthera Capital disclosed that its $1.7 million investment in LUNA saw it record a 100-fold profit, as it sold before the unfortunate incident that rocked the project earlier this month.

Joey Krug, the fund’s co-chief investment officer, said the company sold 87% of its LUNA holding between January 2021 and April 2022.

Krug added that the company also sold another 8% of its LUNA holdings this month when it became evident that UST has lost its peg to the dollar.

Panthera Capital had to hold on to the remaining LUNA tokens with the hope that they would surge back.

“For the large portion which we sold over 2021 and part of 2022, it was a really simple risk management reason. It kept becoming a larger and larger part of the fund and so we had to de-risk it since you can’t really run a liquid hedge fund with one position being a super large portion of the fund,” Krug said.

Commenting on the amount of profit the company made via its LUNA investment, Krug said $171 million returns were made from the $1.7M initial investment.

Other Lucky Investors 

Similarly, Hack VC and CMCC Global also made huge gains. However, they failed to disclose how much profit they made from their investments in LUNA.

Per the report, Hack VC noted that it sold its LUNA holdings in December 2021 while CMCC Global disclosed that it sold the tokens in March, less than two months before the coins dipped drastically.

CMCC Global founder Martin Baumann noted that the company decided to sell based on its concerns about Terra’s tech as well as regulations.

“As opposed to asset backed stablecoins, which are derivatives of existing USD in circulation, UST was effectively increasing the money supply of USD in existence,” Braumann told CNBC.

Meanwhile, not too many investors got lucky. Some saw their holdings in investments become worthless at the time the cryptocurrencies crashed.

96 Million Shiba Inu Burnt In 24 Hours, 2.41 Billion in 7 Days: Contribution Details

Zabi
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96 Million Shiba Inu Burnt In 24 Hours, 2.41 Billion in 7 Days: Contribution Details

 

Over 96.95 Billion Shiba Inu (SHIB) Burnt within the Past 24 Hours and 2.41 Billion in the Past 7 Days.



Data from the tracking platform Shibburn shows that past week over 2.41 Billion tokens of the dog-inspired cryptocurrency Shiba Inu (SHIB) was burned with nearly 236 separate transactions. 1Cent token and Travis Johnson’s SHIB Burn Games are among the major SHIB Burn contributors of the Week.

As per a recent tweet from Shibaburn.com, the SHIB Army has permanently removed a whopping total of 2,417,015,301 (2.41B) SHIB tokens from circulation in the last seven days through 236 separate transactions.

1CENT Weekly BURN EVENT:

Among prominent SHIB Burners, the SHIB-inspired token, “1Cent,” organized its Weekly Burn Event on Tuesday. In two separate transactions, the 1Cent token has destroyed an astounding amount of 74,450,084 (74.45M) SHIB. The team behind the token first sent 7,529,854 (7.52M) SHIB to the dead wallet in one transaction. Following the first burn transaction, the team took a gap of almost one hour and later performed another transaction through which 66,920,230 (66.92M) more of SHIB have been destroyed, Etherscan.io reports.

Soon after organizing the Weekly BURN EVENT, the team updated the total number of Burn SHIB tokens on its official website. The project claims to burn a whopping total of 2,161,207,079 (2.16B) SHIB through 11 separate transactions since March 14th, 2022.

Past 24 Hour Burn:

Besides weekly burns, a total number of 96,956,046 (96.95M) SHIB tokens have been sent to the dead wallet by Shiba Inu Community through 19 separate transactions in the last 24 hours, with the help of the SHIB Burn Portal, Shibburn.com reports

Top SHIB Burner of the Day: Travis Johnson’s SHIB Burn Games

Travis Johnson’s SHIB Burn Games, one of the prominent SHIB Burner Projects, made the single largest burn transaction in the past 24 hours while organizing its Second Weekly Burn Event. The burn transaction includes over 48.9 million Shiba Inu tokens.

The company shared a few screenshots and a transaction link via tweet as a “Proof of Burn” with the community following the Burn Event.

Before this, the developer of Brick Busters game organizes the Monthly Burn Event on the 15th of every month. Following the announcement of the distribution of the first ShibaBurn rewards, the company decided to change its burning schedule, i.e., SHIB Burn Games will now burn SHIB every week instead of once a month.

The company has been contributing to Shiba Inu Burns since November 2021. Since then, the project claimed to forever remove 2,085,102,807 (2.08B) SHIB tokens from circulation.

On May 26 (Thursday), the firm introduced a new way to burn SHIB, i.e., Burning SHIB via Amazon. The company declared the Amazon affiliate program accepted SHIB Super Store’s official website. Therefore, from now onwards, the shop intends to use from 1 to 20% of its profits to burn shib.

Terra CEO Is Now Under New Investigation of Alleged Price Manipulation of LUNA and UST 

Mark Brennan
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Terra CEO Is Now Under New Investigation of Alleged Price Manipulation of LUNA and UST 

Do Kwon continues to be the recipient of a series of investigations following the collapse of Terra. 


South Korean authorities have launched a full-scale investigation into the collapse of Terra ecosystem tokens LUNA and UST, as well as its CEO and founder Do Kwon.

Local news outlet JTBC reports recently that the authorities seek to unravel whether Terra’s CEO manipulated the prices of UST and LUNA in ways to cause their prices to soar or dip for his selfish interest.

Furthermore, the authorities are also investigating whether domestic exchanges in the country also went through the proper listing procedures and reviews before Terra tokens were made available to the public.

Complaints Against Terra Surge

The development comes as the number of investors who suffered huge losses from the Terra collapse continues to file complaints with the relevant authorities.

Since the crash of TerraForm Labs and the company’s ecosystem tokens, the total number of aggrieved investors who have filed complaints to the Seoul prosecution office has surged to 78. These investors reportedly suffered a combined loss of 6.7 billion won ($5.4 million).

South Korea Launches Series of Investigations into Terra Collapse 

Recall that following the Terra collapse, Korean authorities have made significant efforts into investigating the main cause of the UST and LUNA crash.

The authorities argued that investigations into the matter had not been properly made, thus prompting the country to rebirth its specialized crime unit called the “Yeouido Grim Reaper.”

The investigation unit consists of 40 people who are employees of different Korean enforcement agencies, including the Financial Services Commission (FSC) among others.

It is no longer new that Terra’s CEO has been under a series of investigations in Korea since the collapse of UST and LUNA. Kwon was alleged to be investigated for tax evasion charges and will be made to pay $78 million.

Similarly, the CEO of Terra was also summoned before the Korean Congress to explain the exact cause of the crash to the country’s lawmakers.

Kwon Ignored Warning of Terra’s Collapse

Apparently, Korean authorities are not through with Terra following the collapse of UST and LUNA. According to JBTC, a number of Terra employees who were recruited during the early phases of the project made shocking revelations to investigators.

The employees disclosed that prior to the launch of Terra tokens, Kwon was warned that the projects may fail in the future.

However, he refused to heed these warnings and proceeded to launch the cryptocurrencies to the public.

“Even at that time, there was a warning inside that there could be a collapse at any time, but CEO Kwon Do-hyeong forced the coin to be launched,” the employees said.

Meanwhile, Terra has already launched efforts to compensate employees for their losses. Part of the compensation plan includes the launch of new LUNA tokens and burning the excess UST reserve.

However, despite these moves, the coins’ value is far from its all-time high (ATH) of over $120 recorded last month.

At press time, the newly launched LUNA tokens are changing hands for around $6.15.

Ethereum Whale Buys 147 Billion Shiba Inu While Community Burns 508 Million Shib

Mark Brennan
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Ethereum Whale Buys 147 Billion Shiba Inu While Community Burns 508 Million Shib

Whales have continued to take advantage of the token’s price dip to increase their holdings.


Despite the underperformance of Shiba Inu (SHIB), Ethereum whales have not ceased to see the price dip as an opportunity to increase their holding of the dog-themed cryptocurrency.

In a commendable development, a popular Ethereum address owner referred to with the pseudonym BlueWhale0073 has purchased over 147.8 billion Shiba Inu.

Details of the Transaction

BlueWhale0073 paid a whopping $1.56 million to purchase the dog-themed cryptocurrency a few hours ago. Interestingly, despite the huge amount paid to acquire the cryptocurrency, the purchase only incurred a transaction fee of $2.

The development was shared by WhaleStats, a crypto data provider that tracks the activities of the top 5,000 whales on the Ethereum blockchain.

“ETH whale “BlueWhale0073” just bought 147,846,134,326 $shib ($1,562,733 USD),” WhaleStats reports.

According to WhaleStats, BlueWhale0073 currently ranks as the 312 largest Ethereum whale in its rankings.

BlueWhale0073 SHIB Accumulation

It is worth noting that BlueWhale0073 is among the top whales that have engaged in the massive accumulation of Shiba Inu.

The whale has been taking advantage of the token’s price dip to increase its holdings in the asset class.

Shiba Inu Burns Soars

At the time of writing, SHIB is trading around $0.00001067, up 3.5% in the last 24 hours. The cryptocurrency is down 68.2% on Year-to-Date (YTD), which has prompted members of the Shiba Inu community to engage in ways to boost the token’s value.

One of the community efforts aimed at increasing the value of Shiba Inu is the ongoing official burn program.

Since the initiative launched this year, trillions of SHIB have been burnt with the community hoping that it would get back the price of the cryptocurrency to its glory days.

Despite burning over 410 trillion units of Shiba Inu from the circulating supply, the community is still interested in burning more tokens.

In a recent development, over 508.8 million SHIBs were burnt in 15 transactions in the last 24 hours, thus bringing the total of burnt tokens to 410.3 trillion.

SEC Agree to Pay Ripple’s Attorney an Undisclosed Amount of Fee During Expert Testimony Deposition

Mark Brennan
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SEC Agree to Pay Ripple’s Attorney an Undisclosed Amount of Fee During Expert Testimony Deposition

Both parties have finally agreed on a fee award in connection with Dr. Metz’s supplemental report deposition. 



The Securities and Exchange Commission (SEC) and Ripple have agreed on the appropriate fee award that will cover the cost of the defendant’s attorney during the process of deposing the supplemental expert report of Dr. Albert Metz. 

The parties disclosed in a motion filed recently saying: “Pursuant to the Court’s April 19, 2022 order, Defendants Ripple Labs and Plaintiff Securities and Exchange Commission have met, conferred, and agreed upon a fee award.” 

It is noteworthy that the motion did not disclose the amount that the Securities and Exchange Commission will pay to cover the cost of Ripple’s attorney fees. 

With both parties agreeing on a fee award, the SEC noted that it is working with the Defendant’s attorney to facilitate the necessary documentation required to process the payment in due time. 

The parties added that if along the line, the federal payment process tries to confirm the court’s position on the agreed fee amount, both Ripple and the SEC will file a joint request to that effect. 

Attorney James K. Filan tweeted about the development yesterday. 

SEC Ordered to Cover Ripple Attorney Fees 

As reported, the SEC received a knock from the court last month based on the way it conducted itself during the last day of discovery. 

“The SEC has conducted itself improperly by serving an unauthorized supplemental report on the last day of discovery,” Judge Netburn ruled. 

Following its improper conduct, the Securities and Exchange Commission was ordered to cover the expenses of Ripple’s attorney throughout the deposition of Dr. Metz’s supplemental expert testimony. 

The SEC did not object to the ruling and proceeded to enter into a negotiation with Ripple to agree on the appropriate fee to cover Defendant’s attorney’s expenses during the deposition. 

The parties were originally supposed to agree on the matter earlier this month; however, they were granted a two-week extension. 

Wait Is Over: Terra 2.0 Is Live

Albert Brown
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Wait Is Over: Terra 2.0 Is Live

Terra 2.0 is live.



After almost a month-long drama, Terra 2.0 finally goes live.

Terra Team congratulates LUNA community:

According to the team Users can do multiple things with their liquid LUNA, including staking it on Terra Station to their preferred validator(s) to earn rewards & participate in governance decisions, using it on dApps upon launch, or trading it on an exchange.

Exchanges Support

So far following top exchanges have confirmed their support for Terra 2.0 and its airdrop.

Binance, Kraken, Huobi Global, Bitrue, Bybit, HitBTC, Okcoin, OKX Gateio KuCoin, LBank, Cryptocom, FTX, Bitfinex, Bitget and MECX Global.

Luna Airdrop

Terra team confirms that Luna airdrop will occur on May 28th.

Validators

Following validators have confirmed support for terra 2.0

Edge Protocol, ChainLayer, BTCSecure, Sigma, TerraBay, Nebula Protocol  Astroport, Spectrum, One Planet, Anchor, Sigma, Nexus, Nebula, Coinhall, Prism, and Random Earth.

Please remember Since Terra 2.0 is a new chain & not a fork, dApps from Terra Classic will need to relaunch on the new chain.

Dogecoin Back in Top 10 Cryptocurrency Rankings After Overtaking Polkadot (DOT) 

Lele Jima
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Dogecoin Back in Top 10 Cryptocurrency Rankings After Overtaking Polkadot (DOT) 

Dogecoin has made an impressive rally in the past 24 hours to rank as the 10th-largest cryptocurrency.  


Popular memecoin Dogecoin (DOGE) has overtaken Polkadot (DOT) to become the world’s 10th-largest cryptocurrency by market capitalization.

At press time, Dogecoin’s market value currently sits around $11 billion while Polkadot’s market cap is currently around $9.2 billion.

dogecoin in top 10

Dogecoin achieved the feat after rallying nearly 10% in the late hours of yesterday, following reports that the cryptocurrency will soon be used to purchase merchandise on SpaceX.

Both cryptocurrencies recorded slight gains in the hours leading up to press time. While Dogecoin is changing hands at around $0.82 and up 8% in the last 24 hours, DOT is trading at $9.39 with an 8.5% surge within the same time.

It is noteworthy that Dogecoin has been behind Polkadot for weeks and only made a significant move to overtake the cryptocurrency after Elon Musk, the CEO and founder of Tesla, said SpaceX will soon support DOGE payments.

Musk’s Contribution to Dogecoin’s Growth

Meanwhile, Musk has contributed immensely to the massive growth of Dogecoin in the past year. Musk is one of the pioneers who pushed the memecoin to an all-time high (ATH) of over $0.7.

Despite the cryptocurrency recording a major correction since it peaked at an all-time high of $0.7, Musk has not failed to throw his weight behind the token.

Musk’s undying love and support for the cryptocurrency recently raised concerns from one of Ripple’s attorneys, who fears that he could be charged by the SEC if Dogecoin is declared an investment contract.

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