Binance Burned 11 Billion LUNC To Fulfill Its Promise To Revive Terra Classic

In the third batch of the Binance burn mechanism, the world’s largest crypto exchange Binance burnt nearly 2.5 billion Terra Classic (LUNC) tokens. Binance has transmitted over 11 billion LUNC tokens to the burn address by the end of the third round. As a result, the Terra Classic price increased by roughly 1% following the burn.

Binance delivered approximately 2.5 billion Terra Classic (LUNC) tokens valued at more than $650,000 to the burn address on October 17 at 12:38 PM UTC, with a transaction fee of 30 million LUNC tokens. The third batch consists of LUNC trading fees from spot and margin trades made between October 9 and October 15.

The crypto exchange has already burnt approximately 11 billion LUNC tokens. On October 3, Binance burnt approximately 5.59 billion LUNC tokens, and on October 10, it destroyed over 2.99 billion LUNC tokens.

Binance CEO Changpeng Zhao has promised to assist the Terra Classic community in reaching a goal of 10 billion fixed Terra Classic supply. Furthermore, he feels that the 1.2% burn tax on LUNC should be decreased in order to encourage more off-chain and on-chain transactions.

Recently, the community proposed Proposal 5234, which would cut the burning tax to 0.2% and impose a 10% fee to fund Terra Classic blockchain development and contributors. The proposal gained a majority of votes, with validators in favor of the revisions.

Proposal 5234 has been endorsed by Terra Rebels’ principal developers Edward Kim and Alex Foreshaw. However, developers are unclear if the tax cut would stimulate LUNC trade.

In the meanwhile, Edward Kim developed the Terra Classic Grants Program in order to recruit additional utilities to the Terra Classic chain. Furthermore, the program will ensure that funds are distributed in a transparent and efficient manner to new initiatives.

At the time of writing, LUNC is trading at $0.00027.

LUNC daily chart. Source: CoinCu

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.