In the latest token burn news, two phases of the ethic that Binance relaunched last month have been completed. This altcoin permanently removes 1.6 billion tokens from circulation.
Binance performed a billion token burn in this altcoin
The leading exchange completed the 8th phase of the LUNC burn mechanism today. In the last batch, 1.6 billion Terra Luna Classic (LUNC) was burned, bringing the total number of LUNC burned to over 30 billion. Binance has become one of the biggest contributors to the Terra Luna Classic community, accounting for 58% of the total LUNC burn.
After the last LUNC burn, the LUNC price rose 3% at one point. At the time of writing, it continues its horizontal movements with a slight rise.
In the recent LUNC cremation, 1.612 billion Terra Luna Classic (LUNC) were sent to the dead wallet for the period from February 28 to March 30, 2023. Binance burned a total of 30.5 billion LUNC with fees from spot and leveraged transactions.
LUNC token burn rate drops
Binance previously used all fees from LUNC spot and margin trading to burn LUNC. This rate has been changed from 100% to 50% at the suggestion of the community.
The decrease in Binance’s LUNC burn contribution was due to the community burning 50% LUNC spot and margin trading fees instead of 100% regarding the 0.2% burn tax to fund the community pool, instead of 10% for on-chain development.
Altcoin burning operations resumed after a 3-month hiatus
After a 3-month hiatus, Binance re-implemented the LUNC burn mechanism, burning 8.85 billion Terra Luna Classic (LUNC) on March 2. The resumption of the burn contribution comes after the v.1.1.0 upgrade, which implemented changes to the network to address the concerns that Binance expressed when it delayed token burns in September 2022. Specifically, Binance has requested parameter changes to ensure that burns are not reprinted later.
Proposals to address the concerns were put to a management vote. The community accepted the suggestions and the network changes are included in the Terra Classic v.1.1.0 upgrade, which went live on March 1. Despite continuing token burns, Binance is burning only 50% of LUNC transaction fees instead of 100%.
Although the community looked forward to a major incineration event, it rejected proposals to increase the incineration rate. Some are concerned that Binance may withdraw the LUNC burn mechanism or lower the burn contribution.
Investors are chasing new trends
With Binance’s recent burn, LUNC price has risen 3% at one point and is currently trading in the $0.000125 region, where it is moving sideways. However, the continuation of the bull market momentum in March did not come. cryptocoin.comAs you follow, artificial intelligence-AI Coins have been capturing market trends since the beginning of the year. Main developer Edward Kim says Terra Classic could become an AI chain.
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