- The cryptocurrency exchange accounts for more than half of all LUNC tokens burned.
- Binance has reduced its LUNC burn contribution to 50%.
During the seventh round of the LUNC burn mechanism, the biggest cryptocurrency exchange in the world, Binance, burnt a substantial number of LUNC tokens. At long last, the Terra Luna Classic community may once again enjoy Binance LUNC burns.
The burn transaction shows that 8.85 billion Terra Luna Classic (LUNC) tokens were delivered from Binance to the burn address, helping to reduce the total supply of LUNC. In all, Binance has burnt about 29 billion Terra Classic tokens from spot and margin trading fees as of the most recent burn.
Binance Contributing Major Burn Share
On the dates of November 30, 2022, through February 27, 2023, the seventh batch of the LUNC burn mechanism is intended. In an effort to better manage burn and save expenses, the cryptocurrency exchange made the transition from weekly to monthly burn in the month of November. The cryptocurrency exchange accounts for more than half of all LUNC tokens burned.
In contrast to previous years, when 100% of LUNC spot and margin trading fees were burned, this year Binance has reduced its LUNC burn contribution to 50%. As a result of the community voting in favor of Proposal 10983, half of the 0.2% burn tax is now allocated to the community pool rather than the 10% previously allocated to on-chain development.
On December 1st, Binance conducted its most recent burn, removing 6.39 billion Terra Luna Classic (LUNC) tokens. The LUNC burn mechanism on the exchange was temporarily disabled on December 28 as the community awaited the first burn of 2023. Almost 48.5 billion LUNC have been burned by the Terra Luna Classic community. Furthermore, a total of 949.17 billion LUNC have been staked.