Binance Announces: Burning Billions of Altcoins Completed!

Terra Classic Supporting the (LUNC) burn mechanism, Binance has completed phase 6. The amount of burning announced in the statement made by the exchange excited the community. Here are the details.

Completing the 6th stage in burns, Binance announced that a total of 6 billion tokens were burned. The exchange has completed the burn of a total of 20 billion tokens in LUNC spot and margin transactions.

As a result, the Terra Classic (LUNC) price increased by 2%.

Terra Classic (LUNC) Burns Advancing at Full Speed

Binance sent 6.39 billion LUNC tokens to burn addresses on December 1, 2022, at 17.30 TSI. The transaction cost 12.77 million LUNC. The sixth phase of transaction fees is for the period October 30 – November 30.

After the fifth burn, Binance switched from a weekly burn mechanism to a monthly burn mechanism. burned LUNC amount continued to decrease due to low transaction volume and the passing of Proposal No. 5234, reducing the tax burn from 1.2% to 0.2%.

Binance burned 13.712 billion LUNC tokens in October. The exchange burned 5.5 billion Terra Classic tokens in the first phase and 1.26 billion Terra Classic tokens in the fifth phase on October 31. The total amount of tokens burned by Binance has now reached 20 billion LUNC tokens.

The Terra Classic community is taking steps to strengthen the network. The network wants to bring back utilities and validators. Terra Classic developers will apply the v23 upgrade, which includes the CosmWasm upgrade. They will also re-enable inter-blockchain communication (IBC) with Cosmos blockchains at the estimated block number 10,542,500 on Dec.

Community burns were recorded as 150 million tokens in November. Allnodes burned 25,827,385 tokens as part of its weekly burn, while LUNC DAO burned 4,928,589 tokens.

The price, on the other hand, has not yet reacted significantly to these developments. You can follow the current price action here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.

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