A transaction charge of 13.25 million LUNC is also part of the deal.

1.04 billion LUNC tokens were destroyed by Binance in June.

Binance has completed the eleventh batch of the LUNC burn mechanism, burning 2.65 billion Terra Classic (LUNC) coins. So far, the crypto exchange has burnt over 35.5 billion LUNC, while the community as a whole has burned over 68 billion LUNC. The recent burn by Binance instantly elicits a 3% increase in LUNC price as investors react.

Binance, in an effort to reduce the circulating quantity of Terra Classic (LUNC) tokens, transferred 2.65 billion LUNC tokens to the burn address in a transaction on July 1. A transaction charge of 13.25 million LUNC is also part of the deal.

LUNC Burn Doubled

This is the eleventh batch of LUNC burn mechanisms, and covers from May 31st, 2023, through June 29th, 2023. Nearly 35.5 billion Terra Classic tokens have been burnt by Binance so far, all from LUNC trading fees on spot and margin trading pairings.

1.04 billion LUNC tokens were destroyed by Binance in June. This month’s burn is more than double last month by Binance. Despite Binance’s reduction of its contribution to the LUNC spot and margin trading fees from 100% to 50%, the community still greatly values the exchange’s continued support.

After a significant update was finished last month, bringing the chain to par with Terra 2.0 and the other Cosmos chains, the community-focused in Q3 on lowering the supply of LUNC and USTC. The USTC repeg will also get attention from the Joint L1 Task Force and the Quant team.

The Terra Luna Classic (LUNC) cryptocurrency is being considered for inclusion in a digital asset index maintained by the Hong Kong Virtual Asset Consortium (HKVAC), a reputable rating agency located in Hong Kong.

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Filed under: Bitcoin - @ July 1, 2023 6:56 pm