Terra Classic The total LUNC burned by the community reached 76 billion. In this context, the community has reached another milestone in its efforts to reduce the circulating supply of LUNC since May 18, 2022. Binance, the world’s largest crypto exchange, burned approximately 38.81 billion LUNC, contributing over 50% to the total amount of LUNC burned so far.
The circulating supply of LUNC tokens is 5.80 trillion and the total supply is 6.83 trillion LUNC. However, the community still needs to increase the benefit to increase the LUNC burn rate.
Terra Classic Burn Reached 76 Billion
Terra Classic burning campaign, crypto- It reached the 76 billion LUNC milestone as exchanges, validators, projects and members burned LUNC by sending it to the burn address. While the community burns an average of 400 million LUNC per week, Binance also sends billions of LUNC to the burn address as part of its monthly LUNC burn mechanism.
Binance burned more than 1 billion LUNC tokens in the 14th batch of the LUNC burn mechanism on October 1. Moreover, the LUNC burned by the crypto exchange to date has exceeded 38.81 billion.
The Terra Classic L1 Task Force (L1TF) developer group and the Quant USTC repeg team aim to focus on reducing LUNC and USTC circulating supply in Q4. The developers aim to redeploy USTC to $1 by working with exchanges for its successful completion.
Meanwhile, the Terra Luna Classic community now has a community-owned Galaxy Station wallet and Galaxy Finder blockchain explorer.
LUNC and USTC Under Pressure
LUNC price fell 3% in the last 24 hours. The price is currently trading at $0.000056. The 24-hour low and high price are $0.0000556 and $0.0000583 respectively. Terra Luna Classic failed to hold above the $0.000060 support level last week and fell further amid uncertainty.
Meanwhile, USTC price is trading at $0.011, down over 4% in the last 24 hours and down 12% in a week. Trading volume also decreased significantly within 24 hours.