Binance Burns 11th LUNC, 2.65 Billion Tokens Destroyed

The world’s largest crypto exchange, Binance has conducted its 11th batch of Terra Classic (LUNC) burn mechanism, resulting in the burning of 2.65 billion LUNC tokens.

The total number of LUNC tokens burned by Binance now exceeds 35.5 billion, while community burns exceed 68 billion. Traders have reacted positively to Burn, which has led to a 3% increase in the price of LUNC.

based on a Exchange Executed on July 1st, Binance moved 2.65 billion Terra Classic (LUNC) tokens to burn addresses with the aim of reducing the circulating supply of LUNC. The transaction also included a transaction fee of 13.25 million LUNC.

The Luna Classic burn mechanism works by automatically burning tokens whenever a transaction occurs on the network. The number of tokens burned is related to the number of tokens in circulation. This ensures that the total supply of tokens is continuously decreasing, thus increasing their value over time.

we thank you @binance for 2.65B #LUNC burn!

We appreciate your support to help burn off our overpriced supply!

I voted YES on Proposition #11582 to destroy community money wrongfully reclaimed.

Hopefully we can come to an agreement in our community to do the right thing… pic.twitter.com/c9YWEj3oKt

– Jesus Christ Lord (@ForTheCross_CH) 2 July 2023

As reported by Coingap, Binance operated 1.04 billion LUNC tokens were burned in June. Although Binance reduced its contribution from LUNC spot and margin trading fees from 100% to 50%, the community expresses gratitude for the support provided by the crypto exchange and its CEO, Changpeng Zhao “CZ”.

The past two months have seen an improvement in the LUNC burn rate, thanks to initiatives from projects such as DFLunc, TerraCasino, and Cremation Coin, which burn millions of LUNC tokens on a weekly basis. As a result, the community has successfully burned a total of 68 billion LUNC tokens.

Following the successful completion of their major upgrade last month, the community is currently focused on reducing the supply of LUNC and USTC tokens in Q3, aiming to align the chain with Terra 2.0 and other Cosmos chains. Additionally, the joint L1 Task Force and Quant team will collaborate on the USTC Repag initiative.

In June, Terra Classic price struggled to overcome the $0.0001 mark and declined below the $0.000090 support. Despite the drop on Binance, the price of LUNC remains under pressure, showing a steady decline.

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LUNC price, according to Coinmarketcap jumping Up 3% in the last 24 hours, the price is currently trading at $0.000087. The 24-hour low and high are $0.0000820 and $0.0000889, respectively. However, there has been a decrease in the trading volume in the last 24 hours.

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