Nueng Handsome

I finally got my hardcover copy of Freedom of Money by CZ Binance after importing it from Amazon. It is still hard to find in Thailand. 📘
I bought it mainly to read the Luna and UST chapter on pages 229-232.
More than four hours later, I was still reading.
This was also my first time reading a physical book again in many years. It was a very good feeling. Here is my honest review of the book from my view.
My review in one sentence: this book made CZ feel more human than the person we usually see behind a screen, on stage, or in a short post on X.
I came for the Terra story, then got pulled in by the life stories, decision-making, and the mindset behind building Binance.
It is the kind of book I want to read slowly by the sea, with a good drink nearby. Maybe more than one drink. 🍻
What I enjoyed most was the feeling that this was written by someone who has made difficult decisions under real pressure.
The book talks about growth, risk, people, users, and the consequences behind decisions. It made me think about my own experience inside the Terra Classic community.
That is why the Luna and UST chapter felt personal to me. I did not read it only as history. I lived through part of what came after.
I agree with one key point from the book, that was referred from his tweet.
The Luna and UST collapse had two major problems:
The risk in an algorithmic stablecoin model based on mint and burn mechanicsThe way Terraform Labs responded during the crisis
A crisis is where leadership gets tested. When communication disappears, trust disappears even faster.
https://x.com/cz_binance/status/1525060769771048960
I was part of the Terra Classic community team that held an AMA with @cz_binance in late 2022.
We asked Binance to apply the 1.2% off-chain burn tax to LUNC trading.
The outcome became a 100% burn of Binance LUNC trading fees each month instead. For a community coming out of a collapse, that support meant a lot. 🔥
Soon after the 1.2% on-chain burn tax launched, governance voted to reduce it to 0.2% and split the tax between burn, Community Pool, and Oracle Pool.
I felt the change came too early. We had not gathered enough data on how the 1.2% tax affected on-chain activity.
Governance made its decision, and I respected it. This is part of being a community-led chain.
The first execution had a problem.
The tax split was not processed in real time. Funds were burned first, then re-minted into the Community Pool and Oracle Pool through seigniorage in later epochs.
Binance paused its fee burn for a period, then restarted at 50% of trading fees.
The lesson was clear: passing governance is only the first step. Execution must be correct too.
That implementation has since been fixed. The tax split now happens on-the-fly in real time.
Binance has continued burning 50% of LUNC trading fees.
This history matters because it shows what Terra Classic has done since the collapse: we made decisions, faced implementation problems, accepted feedback, and fixed the system.
That is what rebuilding looks like in real life. 🛠️
Many people outside our community only remember May 2022.
They do not know that Terra Classic continued through community governance, validators, developers, and builders who kept working after Terraform Labs moved on.
There are still teams creating utility for the chain, and there have been many efforts to find safer collateral-backed paths for USTC.
UST1 from the CL8Y Ecosystem is one current example of this work.
Terra Classic's active governance: https://validator.info/terra-classic/governance/passed
CL8Y Ecosystem: https://cl8y.com/pdfs/CL8Y_WHITEPAPER_V3.pdf
I also learned from this book that Terra was one of the early investments of Binance Labs, now YZi Labs.
That history makes the Terra Classic story feel even more meaningful to me.
The community cannot erase the past. We can only keep proving what we learned from it: protect users, improve execution, stay transparent, and keep building useful things.
I hope you and the Binance team can see not only how Terra collapsed, but also what its community chose to do afterward. 🌕
#freedomofmoney #CZ #Binance
Original post:
https://x.com/nuenghandsome/status/2107054371691479230

มาทำความรู้จักกับ Justin Sun Prize รางวัลที่จะจ่ายให้กับผู้ที่สามารถแก้ปัญหาโจทย์คณิตศาสตร์ระดับโลกกันครับ 🏆
ลองนึกภาพว่าโจทย์คณิตศาสตร์ยากๆ ถูกนำมาลงในทะเบียนสาธารณะ พร้อมเงินรางวัลที่ล็อกไว้บน Blockchain ใครพิสูจน์ได้ก็รับเครดิต ใครแปลงบทพิสูจน์ให้เป็นโค้ดที่เครื่องตรวจสอบได้ก็รับรางวัลอีกส่วนหนึ่ง 🧮
Justin Sun Prize แบ่งผู้มีส่วนร่วมเป็น 2 บทบาท คือผู้สร้างบทพิสูจน์และผู้ทำ Formalization ทั้งมนุษย์ AI และทีมผสมสามารถเข้าร่วมได้ เงินจะจ่ายเมื่อเครื่องตรวจสอบบทพิสูจน์ผ่านครบทุกบรรทัด
แนวคิดนี้ต่อยอดจากวิธีของ Paul Erdős ซึ่งเคยตั้งเงินรางวัลให้โจทย์คณิตศาสตร์ด้วยตัวเอง และนำมาปรับให้เข้ากับยุคที่ AI ช่วยสำรวจแนวทางการพิสูจน์ได้เร็วขึ้นมาก
เรื่องนี้ยังเชื่อมกับที่มาของความมั่งคั่งของ Justin โดยตรงครับ อุตสาหกรรม Blockchain เติบโตขึ้นจากคณิตศาสตร์อย่าง Elliptic Curve และ Hash Function การตั้งรางวัลจึงเป็นการส่งทรัพยากรกลับไปสนับสนุนรากฐานที่สร้างอุตสาหกรรมนี้ขึ้นมา
ส่วนที่น่าสนใจที่สุดคือรายชื่อบทพิสูจน์ที่วงการยอมรับแล้วและกำลังรอ Formalization รายการนี้อาจพัฒนาเป็นแผนที่สาธารณะขององค์ความรู้ที่มนุษย์ค้นพบ แต่เครื่องยังตรวจสอบไม่ได้ พร้อมเงินรางวัลที่ชวนให้คนทั่วโลกเข้ามาช่วยทำงานต่อ
ในมุมมองของผม ความโปร่งใสจะเป็นตัวตัดสินอนาคตของรางวัลนี้ครับ ถ้าทุกคนตรวจสอบโจทย์ กติกา ผลการพิสูจน์ และเงินที่ล็อกบนเชนได้ ระบบนี้อาจกลายเป็นโครงสร้างพื้นฐานใหม่ที่เชื่อมเงินทุนจากคริปโตเข้ากับงานวิจัยพื้นฐานได้จริง 🔥
#TGF #TronGlobalFriends @justinsuntron @TRON DAO @trondao_tha
https://x.com/justinsuntron/status/2100132601424232711

CL8Y DEX has started its live phase, pair by pair. The core pieces are now visible: UST1 conversion, wrapped LUNC and USTC assets, on-chain limit orders, and a liquidity plan that can support future rewards.
For the Terra Classic community, this is a practical update. The next question is whether users, liquidity providers, traders, and market makers will actually use the system.
UST1 Is Already Live
UST1 can now be minted and redeemed using vFDUSD at a live oracle rate.
An oracle is an on-chain price feed. It gives the protocol a current reference price so the system can calculate how much UST1 should be created or redeemed.
This means the first UST1 mechanism is already operating. The focus from here is liquidity, adoption, and steady usage.
cLUNC and cUSTC Are Live Inside the DEX
CL8Y DEX also supports cLUNC and cUSTC, which are wrapped versions of native LUNC and USTC made for the DEX trading layer.
Users bring native assets into the system, then use the wrapped versions for trading inside CL8Y DEX. This structure can reduce repeated exposure to the 1.5% on-chain tax during internal trading activity.
That matters for active traders, trading bots, and market makers. Market makers are users or systems that keep buy and sell orders available so others can trade more smoothly. ⚙️
How CL8Y DEX Works
CL8Y DEX uses an on-chain limit-order system with hybrid routing.
A limit order lets users choose their own target price and wait for a matching order. Hybrid routing helps the system find a suitable path for that trade.
Ceramic has explained that this model is difficult to operate efficiently on many EVM networks because transaction fees can become expensive. CL8Y DEX is built around Terra Classic, where its current community and asset base already live. ⛓️
Liquidity Is the Next Big Test
Liquidity is the capital available for trading. More liquidity helps users trade with less price movement and makes the market more usable.
Small amounts of liquidity controlled by the CMM are beginning for USTC, USTR, and UST1. The daily amount is planned to grow over time. Once CMM-controlled liquidity reaches US$100,000, the plan is to use community voting for future liquidity-provider token minting.
This liquidity belongs to the CMM treasury. Trading fees generated from it can support development, operations, future USTR burns, and eventually USTR and UST1 staking. 💧
Liquidity pools also carry impermanent-loss risk. This happens when the prices of assets inside a pool move far apart, which can leave the pool with a weaker outcome than simply holding both assets separately.
When Will USTR Holders Receive UST1?
There is still no confirmed distribution date.
The planned model is for users to stake USTR with the CMM and receive UST1 rewards after the collateral level is strong enough. Collateral means the assets supporting the system compared with the value it needs to cover.
The important milestones are clear: grow liquidity, build backing, generate sustainable fees, then activate rewards under conditions the system can support. 🔐
And Wen $LUNC Moon? 🌕
Nobody has a calendar for that. What CL8Y DEX provides is real infrastructure: working UST1 conversion, wrapped LUNC and USTC for trading, an order-based DEX, and a plan to build liquidity and fee revenue.
Usage will be the next proof. If the ecosystem uses these tools, liquidity and fees can start creating a stronger foundation for future development.
The parts are connecting. Now the market gets to vote with activity. 🚀
#LUNC #USTC #USTR #UST1 #CL8Y #TerraClassic
Resources:
https://x.com/nuenghandsome/status/2087884870945210751
https://coinmarketcap.com/community/articles/6a34fc50a7980474d6758afc/
https://coinmarketcap.com/community/articles/6a1c1ccdd56b736c1d60abc3/
https://cl8y.com/
https://cl8y.com/cl8y_whitepaper
https://t.me/ceramicliberty