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3 Years Ago Today: Binance Began Burning $LUNC Monthly đ„ On this day, 3 years ago, Binance stepped up for the Terra Luna Classic (LUNC) community - agreeing to support monthly burns using trading fees. Letâs rewind the clock and remember how we got here. 𧔠1. The Collapse: May 2022 Terra's algorithmic stablecoin $UST lost its peg. A death spiral began: đ» $UST depegged đ Users burned $UST to mint more $LUNA to save their investments. đ„ LUNC supply exploded from 380M to 6.5T+ Value vanished. Confidence shattered. Crypto market crashed around the globe. 2. The Aftermath Out of the ashes, a new goal emerged: restore value by reducing LUNC supply. The community rallied around one word: burn. Two main burn types were introduced: đ„ Manual Burns (sent to burn wallet) đ„ Burn Tax (auto-burn from every on-chain Send tx) 3. The 1.2% Burn Tax (Sep 20, 2022) A bold experiment. â
Community governance passed the 1.2% burn tax proposal, led by Vegas Morph đ All on-chain send...
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