Terra Classic community has managed to burn 85 billion LUNC since May 18, 2022. This represents an important phase in the community’s efforts to reduce circulating supply. Binance contributed an average of 43.6 billion tokens to the total burn, contributing over 51% to the total LUNC burned so far.
The circulating supply of LUNC tokens is 5.83 trillion and the total supply is 6.82 trillion LUNC. However, it remains quite critical that the community still leverages the utility to increase the burn rate of tokens. Terra Classic continues to be run by trusted validators and members, as well as community-approved developers, following Do Kwon’s separation of the chain from TFL.
LUNC token burning campaign, cryptocurrency It reached the 85 billion milestone as exchanges, validators, projects and members burned the token by sending it to the burn address. The community burns an average of 200 million LUNC per week, and Binance sends billions of LUNC to the burn address every month.
Binance, burned approximately 4 billion Terra Classic tokens during the 16th phase of the LUNC burn on December 1. The total amount of LUNC burned by the crypto exchange to date has reached 43.6 billion.
LUNC spot and margin trading volumes increased after Binance and other exchanges launched USTC perpetual contracts and listed new USTC and LUNC pairs.
However, LUNC and USTC prices are moving under pressure despite the recovery in the overall crypto market. Investors continue to book profits due to low trading volumes in the last few days.
LUNC price is down more than 2% in the last 24 hours and the price is currently trading at $0.00019. The 24-hour low and high price are $0.000196 and $0.000208 respectively. Trading volume decreased by 20% in the last 24 hours.
Meanwhile, USTC price is trading at $0.0437, down more than 2% in 24 hours. The 24-hour low and high are $0.0434 and $0.0457 respectively.