Binance, the world's largest cryptocurrency exchange, has burned 2.65 billion Terra Classic (LUNC) tokens in its 11th round of burns.
The total LUNC tokens burned by Binance now exceeds 35.5 billion, and the community burn exceeds 68 billion. Traders have reacted positively to the burn, with LUNC seeing a 3% price increase.
Based on transaction executed on July 1, Binance transferred 2.65 billion LUNC tokens to the recording address, reducing the circulating supply. The transaction also involved a transaction fee of 13.25 million LUNC.
Terra Classic's burning mechanism burns tokens automatically every time a transaction occurs on the network. The number of tokens burned is relative to the number in circulation. This ensures that the total supply of tokens is constantly decreasing, hypothetically increasing in value over time.
We appreciate @binance for the 2.65B #FAR burn!
We appreciate your support in helping us burn through our hyperinflated supply!
I voted YES on proposition #11582, to burn the funds that were mistakenly re-minted by the community.
Hopefully we can come to an agreement in our community to do the right thing... pic.twitter.com/c9YWEj3oKt
โ JESUSisLORD (@ForTheCross_CH) July 2, 2023
As reported by Coingape, Binance done a burn of 1.04 billion LUNC tokens in June. Although Binance lowered its contribution of LUNC spot and margin trading fees from 100% to 50%, the community expressed gratitude for the support provided by the crypto exchange and its CEO, chang peng zhao.
In the past two months, the consumption rate of LUNC has improved thanks to initiatives from projects like DFLunc, Terra Casino, and Cremation Coin, which burn millions of LUNC tokens weekly. As a result, the community has successfully burned 68 billion LUNC tokens.
Related: Terra Allies' Six Samurai team aims to revive the ecosystem
After successfully completing its biggest update in May, which aims to align the chain with Terra 2.0 and other Cosmos chains, the community's current focus is on decreasing the supply of LUNC and TerraClassicUSD (USTC) tokens. In addition, Joint Task Force L1 and the "quant" team will collaborate on the USTC repeg initiative.
In June, LUN struggled to break above the $0.0001 mark and fell below the $0.000090 support level. Despite the Binance burn, the LUNC price remains under pressure, showing a continuous downward movement.
According According to CoinMarketCap, the LUNC price is up 3% in the last 24 hours, trading at $0.000087 at the time of writing.
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