The original chain Luna Classic, left behind by fugitive founder Do Kwon, remains one of the most traded cryptos in the last few weeks. It has a strong community and finds support from giants such as Binance, which burns 100% of all trading fees related to LUNC.
As a result, nearly $1M coins were burned this week by Binance in a mission to get back to somewhere near the original supply, which was diluted by the Terralabs team proceeding with the hard fork.
Binance alone has wiped out a total of 8.5B coins, costing the exchange a staggering $3M of revenue. However, analysts assume that the positive PR for Binance outweighs the costs.
LUNA or LUNC – which will it be?
The community is split in half, with the new chain LUNA also seeing positive news, even though the disaster wiped out more than $60B from investors. In addition, a senior developer of Bitcoin Suisse AG recently proposed to re-peg Terra Luna’s stablecoin USTC, resulting in a positive price trend for both assets.
On the other hand, Luna Classic declined following the good news for its sibling, with heated comments from both camps. In other news, a new DeFi platform has started to make waves with increasing interest within the Luna Classic community.
Oryen Network – New Kid on the Blockchain
Oryen Network is a staking platform offering its holders a proprietary auto-staking and auto-compounding mechanic. As a result, ORY holders can sit back and let Oryen’s Autostaking Technic (OAT) stake their tokens and payout dividends of 0.177% every hour. Amazingly, the dividend is guaranteed and accumulates to a staggering 90% annual percentage yield (APY).
However, the real drive for its popularity stems from the OAT technology, which makes human interaction obsolete. To round the offering up, the platform maintains a backup treasure and risk-free-value wallet to balance volatile market situations and maintain a guaranteed yield forever.
Interestingly, data suggests that many investors of its currently started presale also hold Luna Classic, looking to diversify. Early backers of ORY also get a 15% bonus, which sweetens the deal.
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