Binance has returned to LUNC burns after a short hiatus. The world’s largest crypto exchange by trading volume Binance he burned large quantities of LUNC in his seventh burning event.
According to the data, Binance has contributed to reducing the circulating supply of LUNC by sending 8.85 billion Terra Luna Classic tokens to the burn address. With this, Binance LUNC burn events are officially back.
In the most recent burn, Binance burned a total of approximately 29 billion Terra Classic tokens from spot and margin transaction fees.
Sending a token to an unused-dead cryptocurrency wallet is called “burning” it. This reduces the number of coins in circulation to accelerate price action. Also, for victims of the collapse of the Terra ecosystem, burning a large percentage of LUNC’s total supply is the best way to revive the token’s value.
Koinfinans.com As we have reported, the last burn, carried out by Binance for the seventh time, covers the period from November 30, 2022 to February 27, 2023. The crypto exchange switched from a weekly burn to a monthly burn in November to better organize the burn and reduce costs. In its last burn on December 1, Binance removed 6.39 billion Terra Luna Classic (LUNC) from circulation. While the community awaits the first burn of 2023, the stock market suspended the LUNC burn mechanism on December 28.
As you can see, there is a gap of about 3 months, but the amount of burning is not very high. This decrease is due to the burning of 50% instead of 100% of LUNC spot and margin trading fees. The change in question occurred after the community passed Proposal 10983.
The total burn by the Terra Luna Classic community has now reached 48.5 billion LUNC. Also, the total amount of LUNC staked reached 949.17 billion.
You can follow the current price action here.