LUNC Burn Update: Binance, Validators Burn Over 1.5 Billion Terra Classic ($LUNC)

Binance, the world’s largest crypto exchange, has burned over 1.26 billion Terra Classic (LUNC) tokens in the fifth batch of Binance burn mechanism on trading fees. It is the first burn after passing Proposal 5234 that effectively reduced the tax burn from 1.2% to 0.2%. In total, Binance has now burned over 13.5 billion LUNC tokens for the Terra Classic community.

Binance Burns Over 13.5 Billion Terra Classic (LUNC) Tokens

According to the latest burn transaction, crypto exchange Binance sends over 1.26 billion Terra Classic (LUNC) tokens. The Binance burn mechanism is part of burning all trading fees on LUNC spot and margin trading pairs by sending them to the LUNC burn address. The transaction also shows a fee of 2.51 million LUNC.

The crypto exchange has now burned over 13.5 billion Terra Classic tokens in total for on-chain transactions. Meanwhile, Binance and other exchanges also revised the tax burn from 1.2% to 0.2% for off-chain transactions such as deposits and withdrawals. The community passed Proposal 5234 in an effort to increase LUNC trading volume. However, the LUNC burned by Binance dropped from 1.34 billion tokens last week.

Initially, Binance burned over 5.5 billion LUNC, which declined to 3 billion and 2.5 billion in the subsequent weeks. However, the Terra Classic community remains optimistic about burning more LUNC tokens with time.

The Terra Rebels and other projects are working to bring back utility to the Terra Classic blockchain. Former congressional candidate David Gokhshtein promises to invest in LUNC if he projects and utility comes back on the chain.

Meanwhile, validators Allnodes and LUNC DAO have also burned 28.82 million and 9.36 million LUNC tokens. The community has burned over 26 billion LUNC tokens in total.

LUNC Price Trades Sideways

Terra Classic (LUNC) price continues to trade sideways and fails to touch the $0.00030 mark. In the last 24 hours, the LUNC price has hit a high of $0.000255. At the time of writing, the LUNC price is trading at $0.000245, down nearly 2%.

The community aims to hit the $0.0005 target again. Moreover, it actively seeks Robinhood and Coinbase to list the LUNC token.