Checkout the information of the Crypto exchange Binance has burned 2.65 billion terra classic tokens
The largest cryptocurrency exchange in the world, Binance, has completed its 11th burn cycle by burning 2.65 billion Terra Classic (LUNC) tokens.
Over 35.5 billion LUNC tokens have been burnt by Binance, while over 68 billion have been burned by the community. The burn received a favorable response from investors, as seen by a 3% price gain for LUNC.
Based on a transaction on July 1, Binance sent 2.65 billion LUNC tokens to the burn address, lowering the total quantity in circulation. A transaction fee of 13.25 million LUNC was also charged for the transaction.
The Terra Classic burn mechanism instantly destroys tokens whenever a transaction occurs on the network. The number of tokens burned is proportional to the total number in use. Because of the ongoing reduction in the number of tokens in circulation, their value should rise with time.
Coingape reported that Binance burned 1.04 billion LUNC tokens in June. The crypto exchange and its CEO, Changpeng Zhao, received gratitude from the community for their support, even though Binance lowered its contribution from LUNC spot and margin trading fees from 100% to 50%.
The LUNC burn rate has increased over the previous two months due to activities by companies like DFLunc, Terra Casino, and Cremation Coin, which burn millions of LUNC tokens each week. The community has successfully burnt 68 billion LUNC tokens as a consequence.
The community has been concentrating on reducing the number of LUNC and TerraClassicUSD (USTC) tokens since the successful completion of its most significant update in May, which attempts to link the chain with Terra 2.0 and other Cosmos networks. On the USTC repeg project, the Joint L1 Task Force and the “quant” team will also collaborate.
LUN had trouble overcoming the US$0.0001 barrier in June and fell below the US$0.000090 level of support. Despite Binance’s fire, the price of LUNC is under pressure and is falling.
