Breaking: Binance Burns Over 2.5 Billion Terra Classic ($LUNC) Tokens

The world’s largest crypto exchange Binance burned over 2.5 billion Terra Classic (LUNC) tokens in the third batch of the Binance burn mechanism. With the completion of 3rd batch, Binance has sent nearly 11 billion LUNC tokens in total to the burn address. As a result, the Terra Classic price saw a marginal increase of nearly 1% after the burn.

Binance Burns Another 2.5 Billion Terra Classic (LUNC)

Binance sent over 2.5 billion Terra Classic (LUNC) tokens worth over $650k to the burn address on October 17 at 12:38 PM UTC. Also, the transaction fee for the burn transaction is 30 million LUNC tokens. The 3rd batch comprises LUNC trading fees from spot and margin trades between October 9-15.

Until now, the crypto exchange has burned nearly 11 billion LUNC Tokens. Binance burned over 5.59 billion LUNC tokens on October 3 and over 2.99 billion LUNC tokens on October 10.

Binance CEO “CZ” promised to help the Terra Classic community reach a target of 10 billion fixed Terra Classic supply. Moreover, he believes the 1.2% burn tax on LUNC should be reduced to promote more off-chain and on-chain transactions.

Recently, the community has come up with Proposal 5234 to reduce burn tax to 0.2% and set a 10% tax to finance Terra Classic blockchain developments and contributors. The proposal received votes in the majority, with validators supporting the changes.

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Terra Rebels lead developers Edward Kim and Alex Foreshaw have supported Proposal 5234. However, the developers are unsure if the tax reduction will increase LUNC trading. Meanwhile, Edward Kim proposed the Terra Classic Grants Program to attract new utility to Terra Classic (LUNC) chain. Also, the program will ensure transparent and efficient distribution of funds to new activities.

LUNC Price After Burn

Terra Classic (LUNC) price fails to attract major price momentum after the third batch of Binance burn. The 24-hour low and high for Terra Classic are $0.0002571 and $0.0002702. Moreover, the trading volume is up 22% in the last 24 hours. The community members await the next developments in the Terra Classic Revival Roadmap.

With Binance burning over 2.5 billion Terra Classic tokens, the total burned jumps over 22 billion LUNC. The total supply is 6.86 trillion tokens, with the burn rate skyrocketing to 704 million LUNC per day.

Currently, the community urges Coinbase and Robinhood to relist Terra Classic (LUNC).

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.