Crypto News

Binance Conducts 11th LUNC Burn, Removes 2.65 Billion Token

Binance has just completed its Terra Classic (LUNC) burn 11th, with 2.65 billion tokens.

Based on a transaction made on 01/07, Binance moved 2.65 billion LUNC to the burn address, in an effort to reduce maximum circulating supply of more than 6.7 trillion LUNC created from last year's LUNA-UST "trauma". Delivery fee this is 13.25 million LUNC. Up to now, Binance has actively removed 35.5 from circulation billion LUNC, while the community burn rate is more than 68 billion. The community has reacted quite positively to the move this.

Instead of accepting to burn 1.2% of the value of each LUNC transaction like Terra Classic community proposes, Binance has "broken its promise", to burn the transaction fees they receive from the spot and margin pairs with LUNC. Initially, it was a full contribution from 100% of this transaction fee, but then adjusted to only 50%. However, according to estimates, with the current coin burning rate of Binance, it will take decades for Terra Classic to completing the goal of bringing the total supply of LUNC to only 10 billion.

In the past two months, the LUNC burn rate has improved significantly obviously, thanks to the initiative of projects such as DFLunc, Terra Casino and Cremation Coin, which removes millions of LUNC weekly. As a result, the community successfully burned 68 billion LUNC. After the successful implementation of the largest upgrade on last month, aiming to link the chain with Terra 2.0 and other Cosmos chains, the current focus of the community is reduced the supply of LUNC and USTC in the third quarter. Also The Joint L1 Task Force and Quant's team will collaborate on USTC's repeg initiative. LUNC price has risen slightly in the last 24 hours and is currently delivering translated at 0.0000875 USD at the time of writing.

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