Breaking: Binance Burns 8.85 Billion Terra Luna Classic ($LUNC) Tokens

The world’s largest crypto exchange Binance has burned massive amounts of LUNC tokens in the 7th batch of the LUNC burn mechanism. This marks the official return of Binance LUNC burns back to the Terra Luna Classic community.

According to the burn transaction, Binance sent 8.85 billion Terra Luna Classic (LUNC) tokens to the burn address, contributing to reducing the LUNC circulating supply. With the latest burn, Binance has burned almost 29 billion Terra Classic tokens in total from spot and margin trading fees.

CoinGape earlier shared why Binance burn will be below 10 billion, despite burning for almost 3 months.

The 7th batch of the LUNC burn mechanism is for the period November 30, 2022 to February 27, 2023. The crypto exchange switched from weekly burn to monthly burn in November to better organize burn and reduce costs. The crypto exchange is the largest burner of LUNC tokens, contributing more than 50%.

The decline in Binance LUNC burn contribution is due to burning 50% of the LUNC spot and margin trading fees instead of 100%. It happened after the community passed Proposal 10983 to fund the community pool with 50% of the 0.2% burn tax instead of 10% for on-chain development.

Binance requested necessary changes including a new burn wallet to prevent LUNC re-mints from burns and exempt the burn tax from internal movement between Binance-owned wallets. The community passed all proposals and successfully implemented the v1.10 network upgrade to continue Binance burns.

In the last burn on December 1, Binance burned 6.39 billion Terra Luna Classic (LUNC) tokens. While the community was waiting for the first burn of the year 2023, the exchange suspended its LUNC burn mechanism on December 28.

The total burn by the Terra Luna Classic community has now reached over 48.5 billion LUNC. Moreover, the total LUNC staked has reached 949.17 billion LUNC.

Also Read: Binance Applying for Crypto Services License In Singapore

Terra Luna Classic Price Amid Binance LUNC Burn

With Binance’s latest burn, the Terra Classic price has jumped over 4% in the last 24 hours. The LUNC price is currently trading at $0.00017. The 24-hour low and high are $0.000162 and $0.000178, respectively.

Furthermore, the trading volume has increased by 100% in the last 24 hours, indicating an increase in interest among traders. Binance reinstating its LUNC burn mechanism is the key moment for the Terra Luna Classic community.

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