Crypto Exchange Binance Burns 1.6 Billion Terra Classic (LUNC) Tokens

• Binance is responsible for 58% of the total LUNC tokens burnt by the community.
• The eighth release of the burn mechanism is for the 28 February – 30 March 2023 period.

In the eighth round of the LUNC burn mechanism, the biggest cryptocurrency exchange in the world, Binance, burned 1.6 billion LUNC tokens. Binance is responsible for 58% of the total LUNC tokens burnt by the Terra Luna Classic community, which is about 52.5 billion.

The eighth release of the LUNC burn mechanism is for the 28 February – 30 March 2023 period. In order to better coordinate burn and save expenses, the cryptocurrency exchange made the transition from weekly to monthly burn.

Massive Contribution

Binance reportedly delivered 1.612 billion Terra Luna Classic (LUNC) tokens to a burn address, a move that will help reduce the total quantity of LUNC in circulation. Via spot and margin trading fees, Binance has already burnt approximately 30.5 billion Terra Classic tokens.

As a result of just burning half of the LUNC spot and margin trading fees instead of all of them, Binance’s LUNC burn contribution has decreased. The proposal to allocate 50% of the 0.2% burn tax to the community pool instead of 10% to on-chain development was approved by the community.

Binance returned its Terra Luna Classic (LUNC) burns to the Terra Luna Classic community on March 2, following a three-month hiatus. Almost 30.5 billion LUNC tokens have been contributed by the cryptocurrency exchange, making it the largest single donor to the burn campaign.

Moreover, the most recent burn by Binance has caused a roughly 3% increase in the price of LUNC during the last day. At this time, one LUNC is worth $0.0001254 as per CMC.

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