world’s largest cryptocurrency exchange Binance is in the fifth group of the burning mechanism in transaction fees, with more than 1.26 billion Terra Classic (LUNC) ($300k) token burned.
This was the first burn since the adoption of Proposition 5234, which reduced the tax burn from 1.2% to 0.2%. Binance has burned a total of over 13.5 billion LUNC tokens for the Terra Classic community.
Binance Burns Over 13.5 Billion Terra Classic (LUNC) Tokens
According to the latest burn, crypto exchange Binance has sent over 1.26 billion Terra Classic (LUNC) tokens.
The Binance burn mechanism is part of the burn by sending all trading fees on LUNC spot and margin trading pairs to the LUNC burn address. The transaction also sees a fee of 2.51 million LUNC.
However, the amount of LUNC burned by Binance has dropped from 1.34 billion tokens last week.
Initially, Binance burned more than 5.5 billion LUNCs, this number dropping to 3 billion and 2.5 billion in the following weeks. However, the LUNC community remains optimistic about burning more LUNC tokens over time.
Terra Rebels and other projects are working to re-benefit the Terra Classic blockchain. Former congressional candidate David Gokhshtein has pledged to invest in LUNC if he projects it and the public service gets back on the chain.
Meanwhile, validators Allnodes and LUNC DAO also burned 28.82 million and 9.36 million LUNC tokens. The community has burned more than 26 billion LUNC tokens in total.
Binance and top validators Allnodes and LUNC DAO have burned a total of more than 1.5 billion Terra Classic tokens this week.
*Not investment advice.
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