The world’s largest crypto exchange Binance, burned more than 1.26 billion Terra Classic (LUNC) in the fifth week of the burning mechanism it created over trading fees. The event in question is the first burning event to take place after the tax burning change. Binance has burned a total of more than 13.5 billion tokens for the Terra Classic community.
Binance Burns Over 13.5 Billion Terra Classic (LUNC)
According to the latest burn, crypto exchange Binance has removed more than 1.26 billion Terra Classic (LUNC) tokens from circulation. Binance burn mechanism supports the Terra ecosystem by sending all trading fees on LUNC spot and margin trading pairs to the burn address.
Koinfinans.com As we reported, the crypto exchange has done a total of more than 13.5 billion Terra Classic burns for on-chain transactions so far. Meanwhile, Binance and other exchanges recently revised the tax burn rate for on-chain transactions from 1.2% to 0.2%. The community made such a change to increase the LUNC trading volume. However, the amount of tokens burned by Binance this week was less than the amount of 1.34 billion burned last week.
Initially, Binance burned more than 5.5 billion LUNC, the amount falling to 3 billion and 2.5 billion in the following weeks. However, the Terra Classic community remains optimistic that more tokens may be burned over time.
Finally allnodes and LUNC DAO also burned 28.82 million and 9.36 million LUNC tokens. The community has burned more than 26 billion tokens in total.
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