NFT investor accidentally burns $135k CryptoPunk trying to borrow money
While going through the unfamiliar process of wrapping NFTs, Riley accidentally sent the asset to a burn address, permanently deleting the NFT from circulation.
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Značka: burn
Ethereum price at $1.4K was a bargain, and a rally toward $2K looks like the next step
ETH’s correlation with tech stocks, its increasing total value locked and its deflationary token economics all suggest that the path to $2,000 is programmed.
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Binance burns $1.8M in LUNC trading fees following community proposal
Cryptocurrency exchange Binance has announced it completed the first burn of Terra Classic tokens’ trading fees in response to a community proposal from September.In an Oct. 3 update, Binance CEO Changpeng Zhao said the exchange had burned roughly $1.8 million worth of Terra Classic (LUNC) — formerly Terra (LUNA) — trading fees for LUNC/BUSD and LUNC/USDT spot and margin trading pairs. According to Binance, the burn included the equivalent of 1,863,213.47 Tether (USDT) — roughly 5.5 million LUNC. First LUNC burn, $1.8 million ish.https://t.co/b86RlCYqe3— CZ Binance (@cz_binance) October 3, 2022The exchange’s original announcement from Sept. 26 said the burns would be completed every Monday — making the next event on Oct. 10 — sending trading fees to a LUNC burn address. Many in the Terra community proposed the burn strategy as part of efforts to revive LUNC, whose price had dropped to almost zero in May and briefly surged by more than 250% in September. Related: Do Kwon shares LUNA burn address but warns ‘LUNAtics’ against using itTerraform Labs co-founder Do Kwon, whom many in the crypto space want held to account for his role in Terra’s collapse, has been targeted by South Korean authorities for allegedly violating the country’s capital markets laws. A warrant has been issued for his arrest and Interpol added Kwon’s name to its Red Notice list, requesting that local law enforcement — many have suggested he may be in Singapore — detain the Terra co-founder. At the time of publication, Kwon’s whereabouts are unknown, but he said on Twitter on Sept. 26 that he was “making zero effort to hide.”
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LUNC investors react to CZ's 1.2% trading tax recommendation on Binance
The infamous collapse of the Terra ecosystem, which erased market prices of TerraUSD (UST) and LUNA tokens, continues to trouble anxious investors as co-founder Do Kwon, crypto exchanges and the community together tries to identify the best route for a sustainable price recovery.Most recently, Changpeng ‘CZ’ Zhao, the CEO of crypto exchange Binance, recommended a flat 1.2% trading tax on LUNC trades that could be burned to reduce the token’s total supply and improve its price performance. Addressing the community, CZ stated:“We will implement an opt-in button (on the Binance exchange), for people to opt-in to pay a 1.2% tax for their LUNC trading.”However, the exchange would begin the taxation for opt-in traders following the consensus of 25% of the LUNC investors, making sure that early adopters “are not the only few paying an extra 1.2%.”A blanket trading tax of 1.2% will be implemented for all LUNC trading only after opt-in traders reach 50% of the total LUNC trading volume on the exchange.I answered the question about LUNC in my Twitter Space AMA just now.Another option is to implement a feature to let users opt-in for a 1.2% trading fee themselves for burn. And see how many of the voting community do that first. Vote with your fees.— CZ Binance (@cz_binance) September 23, 2022The recommendation split up the LUNA community as some supported CZ’s decision to implement the opt-in button while others interpreted it as market manipulation from a centralized entity.CZ backed LUNC burning but believes in community voting, allowing traders on the platform to finalize the suggestion, adding, “We listen to and protect our users.” However, the entrepreneur is aware that unless the change is implemented across all exchanges and on-chain, LUNC traders would prefer moving assets to other exchanges that don’t have the burn.Related: South Korean authorities ask Interpol to issue ‘Red Notice’ for Do Kwon: ReportOn the other end of the spectrum, South Korean authorities are trying to track down and arrest Kwon for the Terra collapse. On Sept. 14, a court in Seoul, South Korea, issued an arrest warrant for Kwon and five other people for violating the country’s capital markets law.
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Do Kwon shares LUNA burn address but warns 'LUNAtics' against using it
The recent Terra revival plan announced by Do Kwon, the co-founder and CEO of Terraform Labs, received mixed reactions as many questioned the effectiveness of a hard fork in reviving the fallen prices of LUNA and UST tokens. Instead, the part of the community recommended burning LUNA tokens as the most plausible way to achieve a comeback.Kwon’s proposal to preserve the Terra ecosystem involves hard forking the existing Terra blockchain without the algorithmic stablecoin and redistributing a new version of the LUNA tokens to investors based on a historical snapshot before the death spiral. However, several crypto entrepreneurs, including Changpeng “CZ” Zhao, opined that:“Reducing supply should be done via burn, not fork at an old date, and abandon everyone who tried to rescue the coin.”Upon a persistent request from the crypto community, Kwon went against his initial plan and publicly shared a burn address for LUNA on May 21. Every LUNA token sent to this address will be burned immediately, effectively reducing the circulating supply of LUNA tokens.To clarify, as I’ve noted multiple times i dont think sending tokens to this address to burn tokens is a good idea – nothing happens except that you lose your tokensWant there to be no confusion whatsoever https://t.co/GrzG9cclAr— Do Kwon (@stablekwon) May 23, 2022Two days after sharing the LUNA burn address, Kwon reiterated his point of view that reducing the circulating supply of LUNA tokens will have no impact on the market price, stating, “nothing happens except that you lose your tokens.”The Terra co-founder clarified that the burn address was shared with users only for information purposes and warned against using it:“Happy to provide for information purposes but want to clarify that you should not burn tokens unless you know what you are doing – I for one cannot understand.”However, the revelation resulted in more confusion among investors. As Cointelegraph previously reported, LUNA’s insane volatility serves as a lucrative opportunity for investors as many try to recoup their losses and others eye profitable trades.Kwon has previously confirmed that Terra is no longer minting new LUNA tokens, which is one of the main reasons why investors believe a burning mechanism will improve LUNA price owing to scarcity. Amid an unclear roadmap for a resolution, investors are advised to refrain from making abrupt financial decisions as the master plan for Terra revival continues to be under public scrutiny.Related: Near Protocol picks up slack, onboards Tracer following Terra’s downfallAs a direct consequence of Terra’s collapse, numerous projects sought to migrate to different blockchain ecosystems fighting for survival. Near Foundation, too, played its part by recently onboarding Tracer, a Web3 fitness and lifestyle app.Speaking to Cointelegraph, Near Foundation’s (NEAR) Nicky Chalabi highlighted that projects like Tracer seek alignment with the ecosystem’s core values and that:“Projects must watch the interests of their community and users because, in the end, that’s the most valuable thing you have.”Chalabi further advised Terra projects to migrate only after considering the interests of their users and communities, stating “That can actually define your success.”
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Terra to burn $1.4B UST and stake 240M LUNA to ‘stop the bleeding’
The Terra rescue story continues to unravel. In a tweet thread, the Terra Money Twitter account went into greater detail regarding the CEO of Terraform Labs, Do Kwon’s rescue plan for UST. The thread sheds light on Proposal 1164, Do Kwon’s initial strategy for Terra from May 11. The proposal would better balance the algorithmic stablecoin UST by expanding the base pool for the currency. The proposal has received 220,000 votes, at over 50%. The tweet thread also explains that there is a “supply overhang” of UST which explains LUNA’s “dilution” (or price depreciation). As a result, now they must burn more UST:“The primary obstacle is expelling the bad debt from UST circulation at a clip fast enough for the system to restore the health of on-chain spreads.”Consequently, there are three emergency measures to be implemented, one of which focuses on burning more UST:3/ TFL is also initiating three more emergency actions: 1. Proposal to burn the remaining UST in the community pool. 2. TFL will burn the remaining 371 million UST cross-chain on Ethereum. 3. TFL just staked 240 million $LUNA to defend from network governance attacks.— Terra (UST) Powered by LUNA (@terra_money) May 12, 2022The so-called Agora Proposal vote is imminent, shared by user “The Intern” on the Terra Research forum. In total, the burn should take the total amount of UST burned to 1.4 billion UST, or “11% of the outstanding UST liabilities,” the site details.In summary, the team hopes that expanding the base pool for the coin and burning more should save UST. Point three, concerning the staking of 240 million LUNA, will reportedly strengthen the network governance of the TERRA ecosystem.However, for some observers, staking 240 million LUNA, (roughly equivalent to $200 million dollars) is not enough to save the project:Regarding 3, the way things are going you would need to stake a lot more than 240 million $LUNA to ensure the safety of the network. $LUNA crashing in price and having the peg not restored is also a problem, the longer it takes the more $LUNA gets minted.— Meto (,️) (@hodlmastermeto) May 12, 2022
Other commentators have suggested that Proposal 1164 will actually accelerate the ongoing “death spiral” of LUNA and UST. Related: Bitcoin falls below $27K to December 2020 lows as Tether stablecoin peg slips under 99 centsCointelegraph previously reported that the crypto community was quick to call out Do Kwon’s algorithmic stablecoin. Plus, out-of-the-ordinary theories have also been shared regarding a planned “attack” on the ecosystem orchestrated by competing players.
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LUNA drops 20% in a day as whale dumps Terra's UST stablecoin — selloff risks ahead?
Terra (LUNA) has plunged significantly after witnessing a FUD attack on its native stablecoin TerraUSD (UST).The LUNA/USD pair dropped 20% between May 7 and May 8, hitting $61, its worst level in three months, after a whale mass-dumped $285 million worth of UST. As a result of this selloff, UST briefly lost its U.S. dollar peg, falling to as low as $0.98.UST daily price chart. Source: TradingViewExcessive LUNA supplyLUNA serves as a collateral asset to maintain UST’s dollar peg, according to Terra’s elastic monetary policy. Therefore, when the value of UST is above $1, the Terra protocol incentivizes users to burn LUNA and mint UST. Conversely, when UST’s price drops below $1, the protocol rewards users for burning UST and minting LUNA.Therefore, during UST supply reduction, LUNA’s valuation should decrease. Similarly, when UST’s supply expands, LUNA’s valuation increases, notes Will Comyns, a researcher at Messari.The chart below shows an ongoing downtrend in the daily UST supply, coinciding with a relative increase in daily LUNA supply. On May 8, UST’s market underwent contraction for the first time in two months, dropping by 28.1 million below zero. Simultaneously, LUNA’s supply expanded by over 436.75 million above zero.Daily change in LUNA and UST supply. Source: SmartStake.ioThe excessive daily supply against what appears to be a lowering or stable market demand may have pushed LUNA’s price lower.More pain for Terra ahead?Terra’s ongoing price decline prompted LUNA to retest a support confluence consisting of its 50-day exponential moving average (50-day EMA; the red wave) near $56 and a multi-month upward sloping trendline.Interestingly, the ascending trendline constitutes a rising wedge pattern in conjugation with another upward trending line above. Rising wedges are bearish reversal setups, so their occurrence on Terra’s weekly chart suggests more downside is probable.LUNA/USD weekly price chart featuring ‘rising wedge’ setup. Source: TradingViewAs a rule of technical analysis, a rising wedge breakdown pushes the price lower by as much as the maximum distance between the structure’s upper and lower trendline. Related: Luna Foundation Guard acquires additional 37,863 BTC as part of reserve strategyThus, if LUNA breaks below its wedge from its current support confluence, accompanied by an increase in volumes, its price would risk falling to around $22.50, down over 60% from today’s price.Conversely, a rebound from the support confluence would have LUNA positioned for a run-up toward the wedge’s upper trendline — above $130, a new record high.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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Shiba Inu has a new use case — Buying land in SHIB: The Metaverse
Holders of the popular memecoin Shiba Inu (SHIB), will now be able to use the cryptocurrency to purchase land in the Shiba metaverse. On Wednesday, the Shiba Inu team took to Twitter to reveal that the SHIB token could now be used to mint parcels of land in the recently unveiled virtual reality project “SHIB: The Metaverse.”New minting option has been released on https://t.co/f2oLn05qWk!Mint lands with $SHIB! Minting with $SHIB Details:0.2 ETH equivalents in $SHIB0.3 ETH equivalents in $SHIB0.5 ETH equivalents in $SHIB1 ETH equivalents in $SHIB#ShibTheMetaverse #ShibMV pic.twitter.com/mOrpwDSkDK— SHIB: The Metaverse (@ShibTheMV) May 4, 2022There are 100,595 different pieces of land on offer in the SHIB: The Metaverse. Initially it was only possible to purchase land using ETH. Now, SHIB’s integration into the metaverse project makes it possible to not only purchase land, but grants users added customisation options for their virtual land as well. Landowners in the SHIB: The Metaverse will be able to generate passive income, gather in-game resources, and generate rewards, although these are yet to be revealed.Land plots in the SHIB metaverse are set to be released in phases. The introductory stage saw 36,431 plots become unlocked on April 13 with the land being divided into four categories: Silver Fur, Gold Tail, Platinum Paw and Diamond Teeth, priced between 0.2 ETH to 1 ETH.Despite the popular narrative that paints SHIB out to be a simple memecoin, solely driven by hype and Elon Musk tweets, the SHIB ecosystem has grown to support include NFTs and the Defi-platform ShibaSwap. The SHIB ecosystem is additionally comprised of subsidiary tokens, including LEASH and BONE, which developers say will play more of a significant role as the metaverse project is developed. At present, holders that lock their LEASH are given priority access to land bids, while BONE is a governance token that allows holders to vote on decisions concerning the development of the metaverse.According to a recent Medium post from the Unification Foundation, SHIB: The Metaverse will be developed in Shibarium, a forthcoming Layer-2 scaling solution for SHIB. A public test for Shibarium is set to go live over the next few months with a public beta to follow soon afterwards. At the time of writing, SHIB has experienced a brief recovery gaining roughly 6% in the last 12 hours. Overall, price action concerning the token remains sluggish, with SHIB currently down 12.3% over the past two weeks. The token is now trading at $0.0000218, down over 74% from its all-time high on October 28 last year.On April 23rd, developers launched SHIB burning portal, ShibBurn, which has seen more than 22.5 billion SHIB tokens (approx. $500,000) removed from circulation. Since SHIB’s inception approximately 410.32 trillion SHIB — 41% of the total supply — have now been burned.
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Binance introduces BNB Auto-Burn to replace quarterly burn protocol
Binance officially announced the implementation of a new BNB Auto-Burn protocol to replace their current quarterly burn mechanism. In response to the requests of the BNB community, Binance changed its quarterly burning protocol for BNB tokens. According to Binance, this will provide more “transparency and predictability” to its community. With this, BNB will be burned automatically based on a formula consisting of on-chain data of total blocks generated and the average price of BNB. At the moment, there are two burning mechanisms for BNB. One is the real-time burning of a percentage of gas fees on the Binance Smart Chain. The second is the quarterly burn based on Binance’s Accelerated Burn Program, which the BNB Auto-Burn mechanism would replace.Since the launch of BNB, Binance has committed to burning 100 million BNB which is half of the original total supply. When the total circulating supply of BNB goes below 100 million, the Auto-Burn will be discontinued. In the last quarterly burn, the company took 1,335,888 BNB, approximately $639,462,868 at the time, out of circulation. Earlier this year, the team destroyed $400 million worth of BNB tokens in the 16th quarterly burn event. At the time of writing, BNB trades down less than 10% on the month at $528. It’s down 23.65% from its all-time high of $690.93 back on May 10, 2021, but is still up by 1295% since the start of 2021. Related: Binance VC arm leads $60M round in cross-chain protocol MultichainMeanwhile, Binance became one of the first to join the crypto hub established by the United Arab Emirates government in Dubai. The news came a day after the Dubai government announced the launch of its crypto hub.
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