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Crypto Exchange Binance Burns 760 Million LUNC in 15th Batch

  • The overall number of LUNC burned by the crypto exchange currently exceeds 40 billion.
  • In the last month, 1.01 billion Terra Luna Classic (LUNC) tokens were burned by Binance.

Binance has burned around 760 million Terra Luna Classic (LUNC) tokens, making this the 15th batch of LUNC tokens to be burned. The overall number of LUNC burned by the cryptocurrency exchange currently exceeds 40 billion, while the total number of LUNC destroyed by the community has surpassed 76 billion.

The cryptocurrency exchange reportedly contributed to a community-led effort to limit the circulating quantity of Terra Luna Classic (LUNC) tokens by sending 760.42 million LUNC tokens to a burn address on November 1.

The 15th batch of the LUNC burn mechanism is from September 30th, 2023, until October 30th, 2023. After this latest burn, Binance will have burned roughly 40 billion Terra Classic tokens in total from LUNC trading fees.

Slowing of Burn Rate

In the last month, 1.01 billion Terra Luna Classic (LUNC) tokens were burned by Binance. Reduced activity from developers and a drop in LUNC trade volumes on the market have all contributed to a considerable slowing of the burn rate. Moreover, Binance decreased their burn contribution of LUNC spot and margin trading fees to 50% last year.

Community members responded to a dip in Binance LUNC burn below 1 billion for the second time. The majority of the community, however, has expressed gratitude to Binance and its CEO, Changpeng Zhao, for their ongoing support of the burn initiative.

Meanwhile, thereā€™s talk of getting the community to request Binance to burn USTC with LUNC. At the time of writing, LUNC is trading at $0.00006221, down 4.82% in the last 24 hours as per data from CoinMarketCap.

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