Binance, the world’s largest cryptocurrency exchange, has burned 2.65 billion Terra Classic (LUNC) tokens in its 11th burning round.
The total LUNC token burned by Binance has now surpassed 35.5 billion, with community burns surpassing 68 billion. Traders reacted positively to the burn, with LUNC seeing a 3% price increase.
Based on a practical On July 1, Binance transferred 2.65 billion LUNC tokens to burn addresses, reducing the circulating supply. The transaction also included a transaction fee of 13.25 million LUNC.
Terra Classic’s burning mechanism automatically burns tokens when a transaction occurs on the network. The number of tokens burned is related to the number in circulation. This ensures that the total supply of tokens is constantly decreasing, hypothetically increasing their value over time.
We thank you binance for 2.65B #far Burn!
We appreciate your support in helping us burn off our over-inflated supplies!
I voted yes to support #11582, to burn money wrongfully re-mined by the community.
We hope we can come to an agreement in our community to do the right thing… pic.twitter.com/c9YWEj3oKt
– Jesus (@ForTheCross_CH) July 2, 2023
As reported by Coingape, Binance go run 1.04 billion LUNC tokens burned in June. Although Binance reduced its contribution to LUNC spot and margin trading fees from 100% to 50%, the community expressed its gratitude for the support of the cryptocurrency exchange and its CEO, Changpeng Zhao.
Over the past two months, the rate of LUNC burn has improved, thanks to initiatives from projects like DFLunc, Terra Casino, and Cremation Coin, which burn millions of LUNC tokens per week. As a result, the community has successfully burned 68 billion LUNC tokens.
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Following the successful completion of its largest upgrade in May, which aims to align the chain with Terra 2.0 and other Cosmos chains, the community’s current focus is on reducing the supply of LUNC and TerraClassicUSD (USTC) tokens. In addition, the L1 Joint Task Force and Quantum Team will collaborate on the USTC Reset Initiative.
In June, LUN struggled to clear the $0.0001 mark and fell below the $0.000090 support. Despite the burns on Binance, the LUNC price is still under pressure, which indicates a continuation of the bearish move.
according As per CoinMarketCap, LUNC price has jumped 3% in the past 24 hours and is trading at $0.000087 at the time of writing.
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