The Terra Classic token burn campaign has reached massive figures since May 13, 2022, destroying 95.19 billion tokens. This marks a very important milestone in development.
Meanwhile, Binance, which supports Terra initiatives, also contributed greatly to this development by destroying a large number of LUNC coins.
Terra Classic Burns Reach a New Milestone
Latest data shows that Terra’s token burn has exceeded 95 billion. This development is driven by the community, validators, projects and cryptocurrency It shows that their exchanges confirm their commitment. For example, Terra followers destroyed 600 million tokens weekly, a significant jump since November 2023.
Binance The exchange burned more than 51% of the total destroyed LUNC by transferring billions of tokens monthly to the burn wallet. Leading trading platform gas has burned nearly 50 billion coins to date.
LUNC’s circulating supply is 5.79 trillion, while its total asset supply is $6.82 trillion. This means that the asset burning campaign will continue even after the expected Binance burning. Meanwhile, the community should work on funding, chain development, and utility to increase incineration.
The Terra community suggested burning idle USTC assets to support ecosystem recovery.
LUNC & USTC Price Outlook
LUNC and USTC exhibited a recovery mode as prices increased significantly the previous day. The former gained over 7% on its 24-hour chart, reaching $0.0001012. Additionally, USTC jumped from its daily low of $0.02508 to $0.02657 at the time of this publication.
Monthly expiry and significant shorts liquidation in the past day contributed to the upward momentum. Additionally, large increases in daily trading volume reflect the impressive interest among crypto traders.