Binance Completed First LUNC Burn, 5.6 Billion LUNC Destroyed
Binance has announced the first phase (September 21 to October 1) of LUNC demolition content. A total of about 5.6 billion LUNCs were destroyed, worth about 1.86 million US dollars. This figure represents only 0.08% of the total LUNC supply which seems to disappoint investors.
Binance has completed burning 5.6 billion Luna Classic tokens in the first phase in response to the proposal of the LUNC community. The 5.6 billion LUNC burned is equivalent to over $1.86M in fees collected from the LUNC spot and margin trading pairs.
The world’s largest exchange by volume, has informed users that the burn will be done weekly until further notice. Binance burned all trading fees collected on LUNC spot and margin trading pairs. The specific amount of LUNC burned will vary weekly, however, Binance will continuously withdraw Terra’s Luna Classic tokens from circulation for the LUNC community.
Accordingly, in the last 7 days, the amount of fees that the exchange received from LUNC trading activities was $1.86 million, accounting for only 0.08% of the total supply. This number is many times lower than the impact many in the LUNC community had expected to be able to reap, as well as showing that LUNC trading activity on Binance has not exploded as expected.
It is estimated that with the current rate of Binance coin burning, it will take up to 15 years for Terra Classic to complete its goal of bringing the total supply of LUNC from 6.7 trillion LUNC to only 10 billion.
Faced with positive information from Binance, the price of LUNC at one point increased by 70%. However, the result of this burn seems to have fallen short of investors’ expectations, causing the LUNC price to drop by 5.34% within 24 hours, currently trading at $0.000306.
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