Binance Completes May Terra Classic (LUNC) Burn, Despite Market Challenges

Terra Classic Community Passes Proposal for Enhanced Governance

Leading cryptocurrency exchange Binance has fulfilled its commitment to the Terra Classic (LUNC) community by burning over 1.7 billion LUNC tokens in May. This burn comes amidst a broader market downturn that has pushed LUNC’s price below a key support level.

Details of the May Burn

Data from Terra Classic block explorer Terra Finder confirms that Binance burned 1,404,956,147 LUNC, worth roughly $134,468 at current prices. This burn constitutes 50% of the LUNC trading fees Binance collected in April. While significantly lower than the March burn, it reflects decreased LUNC trading activity during that period.

Binance Remains the Top LUNC Burner

With this latest burn, Binance solidifies its position as the largest single contributor to LUNC reduction efforts. Their total contribution now stands at 58.93 billion LUNC, valued at approximately $5.6 million. Remarkably, this represents over half (52.3%) of all LUNC tokens burned since the community-driven initiative began in May 2022, aiming to revive the Terra Classic ecosystem after its 2022 collapse.

Commitment Amidst Challenges

Initially, under former CEO Changpeng “CZ” Zhao, Binance pledged to burn 100% of LUNC trading fees. However, following controversies surrounding the repurposing of burned tokens, the exchange revised its commitment to 50%. Despite ongoing regulatory hurdles and a recent leadership change with Zhao stepping down, Binance has maintained its 50% burn commitment.

Following the May burn, prominent Terra Classic community member Rexyz, leader of the TerraCVita team, commended Binance and its current CEO, Richard Teng, for their continued support.

Market Downturn and LUNC Price

This burn coincides with a broader market downturn impacting LUNC alongside other cryptocurrencies. LUNC’s price fell below the crucial $0.0001 level on April 30th and currently sits at $0.00009882, reflecting a slight increase over the past day. While the May burn represents the lowest amount for Binance this year, it brings their 2024 total to 15.75 billion LUNC. Despite the price decline, Binance’s consistent participation demonstrates its commitment to the Terra Classic ecosystem.

 


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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
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