In a show of continued support for the Terra Classic ecosystem, Binance, the world’s largest crypto exchange by trading volume, conducted its batch 12 LUNC burn on August 1. The burn resulted in the permanent removal of over 1.41 billion LUNC tokens from circulation in a single transaction. This move successfully reduced Terra Classic’s total supply below 6.84 trillion tokens.
Binance conducts 12 LUNC Burn
On-chain data revealed that Binance burned exactly 1,412,760,563 LUNC at I:36 PM UTC on Tuesday. The burned amount accounted for 50% of Binance’s trading fees on LUNC spot and margin trading pairs, which were accumulated between June 30 and July 30. During this period, the total trading fees were equivalent to 121,850.96 USDT.
Binance announced that the next LUNC burn event would take place in September. However, it is important to note that the latest LUNC burn by Binance was considerably lower than the previous burn. In the 11th burn campaign, Binance incarcerated 2.6 billion LUNC tokens, and in June, it burned approximately 1.044 billion LUNC.
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Since May 2022, Binance has established itself as the leading contributor to LUNC burns, accounting for 51.7% of the total tokens burned. The cumulative number of tokens destroyed since May 2022 now stands at 71.60 billion, with Binance responsible for destroying 36,997,501,286 LUNC tokens. Notably, the exchange suspended LUNC burning between December 2022 and February 2023 after the Terra Classic community decided to remint the burned LUNC.
However, Binance resumed LUNC burns in March 2023, burning 8.8 billion tokens, and since then, the total burns executed by the exchange have surpassed 16.5 billion LUNC tokens.
In light of these consistent burns and the anticipated USTC repeg, the Terra Classic community members are hopeful that these measures will have a positive impact on SHIB’s price. Investors and users of Terra Classic will be closely observing the effects of these token burns on the ecosystem and its native cryptocurrency’s value.