world’s largest cryptocurrency exchange Binance, in the fourth series of the burn mechanism, more than 1.34 billion Terra Classic (LUNC) burned your token.
With the last burn, Binance sent a total of approximately 12.5 billion LUNC tokens to the burn address. However, the drop in Binance’s Terra Classic burns is of minor concern to the community.
Cryptocurrency Exchange Binance Sent More Than 1.34 Billion Billion To Burn Address
Binance announced in an official announcement on October 24 that it has burned more than 1.34 billion Terra Classic (LUNC) tokens in the fourth series of the weekly Binance burn mechanism. Also, the transaction fee for the burn was 2.68 million LUNC tokens.
The crypto exchange burned a total of approximately 12.5 billion LUNC tokens using transaction fees on spot and margin trading pairs. However, Binance’s LUNC burns have consistently dropped each week. Binance CEO “CZ” suggested lowering the burn tax rate on off-chain and on-chain transactions.
The Terra Classic community had successfully accepted proposal 5234, which aimed to reduce the burning tax to 0.2% and allocate 10% funds for the community pool. Binance reconsidered its tax burning changes last week. The next Binance LUNC burn will be crucial for the community to determine whether the reduced tax increases trading volumes.
LUNC Burn, an unofficial close follower, tweeted asking for community support for trading exclusively on Binance. The goal is to increase the burn rate by Binance.
*Not investment advice.
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