1.34 Billion Terra Classic (LUNC) Burned by Binance

Binance Revises Terra Classic ($LUNC) Burn to Monthly Basis
  • Week after week, Binance LUNC burns have decreased.
  • Terra Rebels has now opened an official YouTube channel.

Over 1.34 billion Terra Classic (LUNC) tokens were burned in the fourth batch of Binance’s burn mechanism. Nearly 12.5 billion LUNC tokens have been delivered to the burn address by Binance as of this most recent burn. Even yet, the dip in Terra Classic prices on Binance has been seen as just a small issue. That’s why during the last day, the value of LUNC dropped by about 5%.

Binance has burnt approximately 1.34 billion Terra Classic (LUNC) tokens in its fourth weekly batch, according to a notification made on October 24. Furthermore, 2.68 million LUNC tokens were charged as the transaction fee for the burn transaction.

Burn Tax Rate Lowered

Through the use of spot and margin trading fees, the cryptocurrency exchange has burnt through approximately 12.5 billion LUNC tokens. However, week after week, Binance LUNC burns have decreased. CEO “CZ” of Binance proposed lowering the burn tax rise for both off-chain and on-chain transactions.

Proposal 5234, which seeks to lower the burning tax to 0.2% and set aside 10% cash for the community pool, was approved by the voters in the Terra Classic community. Last week, Binance reverted its tax burn adjustments. To see whether the lower tax rate really improved trade volumes, the community will have to wait until the next Binance LUNC burn.

To further inform the public about the Terra Classic blockchain, the organization behind the Revival Roadmap, Terra Rebels, has now opened an official YouTube channel. In addition, Terra Rebels has suggested the Terra Classic Grants Program oversee the communal pool’s finances.

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A devoted content writer having 3 years of crypto trading experience. Loves cooking and swimming. Stays up to date with the latest developments on blockchain technology.