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Cryptoknowmics 2022-05-28 18:30:08

The Possible Reasons for Binance Migration Plans for Terra Projects

Binance exchange, the world’s number 1 cryptocurrency exchange, noted that it will support the migration of Terra projects to the Binance blockchain. This announcement came to some in the crypto industry as a surprise since Terra (LUNA) and Terra USD (UST) holders are counting their losses. Terra native token (LUNA) is trading at $0.0001343 while TerraUSD (UST) is trading at $0.03523. However, some of the possible reasons why Binance is driving this migration are: Big loss due to the collapse To restore investors’ confidence Binance Founders Huge Loss Binance CEO, Changpeng Zhao was among the early investors and proponents of Terra. During the launch of Terra in 2018, Binance founder, investment $3 million for 15 million LUNA tokens. This investment was worth over $1.787 billion when LUNA attained its present all-time high price of $119.18 on April 5th, 2022. Presently, the 15 million LUNA token is worth $2014.5 since LUNA is trading at $0.0001343 at the time of writing. This is about 0.000112% of its value about 47 days ago. With this migration, some projects on Terra blockchain like Anchor Protocol could be saved from further collapse. Anchor Protocol (ANC) has decreased in price by over 800%. It is presently trading at $0.024 with a 24-hour decrease in the price of 19.95%. To Restore Investors’ Confidence Most investors on different projects on the Terra blockchain have lost confidence in the Terra team. A migration to Bina...

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