The world’s largest crypto exchange Binance has burned massive amounts of LUNC tokens in the 7th batch of the LUNC burn mechanism. This marks the official return of Binance LUNC burns back to the Terra Luna Classic community.
Binance sent 8.85 billion Terra Luna Classic (LUNC) tokens to the burn address, contributing to reducing the LUNC circulating supply. With the latest burn, Binance has burned almost 29 billion Terra Classic tokens in total from spot and margin trading fees.
The 7th batch of the LUNC burn mechanism is for the period November 30, 2022 to February 27, 2023. The crypto exchange switched from weekly burn to monthly burn in November to better organize burn and reduce costs. The crypto exchange is the largest burner of LUNC tokens, contributing more than 50%.
Binance requested necessary changes including a new burn wallet to prevent LUNC re-mints from burns and exempt the burn tax from internal movement between Binance-owned wallets. The community passed all proposals and successfully implemented the v1.10 network upgrade to continue Binance burns.
In the last burn on December 1, Binance burned 6.9 billionTerra Luna Classic (LUNC) tokens. While the community was waiting for the first burn of the year 2023.The total burn by the Terra Luna Classic community has now reached over 48.5 billion LUNC. Moreover, the total LUNC staked has reached 949.17 billion LUNC.
With Binance’s latest burn, the Terra Classic price has jumped over 4% in the last 24 hours. The LUNC price is currently trading at $0.00017. The 24-hour low and high are $0.000162 and $0.000178, respectively.
Furthermore, the trading volume has increased by 100% in the last 24 hours, indicating an increase in interest among traders. Binance reinstating its LUNC burn mechanism is the key moment for the Terra Luna Classic community.