Binance Burns More Than 2.5 Billion Terra Classic ($LUNC) Tokens

Binance Burns More Than 2.5 Billion Terra Classic ($LUNC) Tokens

In the third batch of the Binance burn mechanism, the world’s largest crypto exchange Binance burned over 2.5 billion Terra Classic (LUNC) tokens. Binance has sent nearly 11 billion LUNC tokens to the burn address with the completion of the third batch. As a result, the Terra Classic price increased by nearly 1% following the burn.

Binance Burns 2.5 Billion Terra Classic (LUNC)

On October 17 at 12:38 PM UTC, Binance sent over 2.5 billion Terra Classic (LUNC) tokens worth over $650k to the burn address. In addition, the transaction fee for the burn is 30 million LUNC tokens. The third batch consists of LUNC trading fees from spot and margin trades made between October 9 and October 15.

The crypto exchange has already burned nearly 11 billion LUNC Tokens. On October 3, Binance burned over 5.59 billion LUNC tokens, and on October 10, it burned over 2.99 billion LUNC tokens.

Binance CEO “CZ” promised to assist the Terra Classic community in meeting a goal of 10 billion fixed Terra Classic supply. Furthermore, he believes that the 1.2% burn tax on LUNC should be reduced in order to encourage more off-chain and on-chain transactions.

Recently, the community proposed Proposal 5234, which would reduce the burn tax to 0.2% and impose a 10% tax to fund Terra Classic blockchain development and contributors. The proposal received a majority of votes, with validators in favor of the changes.

Proposal 5234 has been supported by Terra Rebels’ lead developers Edward Kim and Alex Foreshaw. However, developers are unsure whether the tax cut will increase LUNC trading. In the meantime, Edward Kim proposed the Terra Classic Grants Program in order to attract new utilities to the Terra Classic (LUNC) chain. Furthermore, the program will ensure that funds are distributed in a transparent and efficient manner to new activities.

LUNC Price After Burn

After the third batch of Binance burn, the Terra Classic (LUNC) price has failed to attract significant price momentum. Terra Classic’s 24-hour low and high are $0.0002571 and $0.0002702. Furthermore, trading volume has increased by 22% in the last 24 hours. The Terra Classic Revival Roadmap’s next developments are eagerly anticipated by the community.

Binance has burned over 2.5 billion Terra Classic tokens, bringing the total burned to over 22 billion LUNC. The total supply is 6.86 trillion tokens, with a daily burn rate of 704 million LUNC.

The community is currently urging Coinbase and Robinhood to relist Terra Classic (LUNC).