Binance Burns 6.39 Billion LUNC Tokens in Monthly Burn Cycle

Binance Burns 6.39 Billion LUNC Tokens in Monthly Burn Cycle
  • There was a fee associated with the deal that totaled 12.77 million LUNC.
  • In October, Binance burned 13.712 billion LUNC tokens.

Binance, the biggest cryptocurrency exchange in the world, has completed the sixth batch of the LUNC burn mechanism, burning nearly 6 billion Terra Classic (LUNC) tokens. With its most recent burn, Binance has now burned about 20 billion LUNC tokens from trading fees on LUNC spot and margin trading pairings. The consequence is an almost 12% increase in the price of Terra Classic (LUNC) in the last 24 hours as per CMC.

At about 2:35 PM UTC on December 1, Binance sent over 6.39 billion Terra Classic (LUNC) tokens to the burn address. There was a fee associated with the deal that totaled 12.77 million LUNC. The LUNC trading fees burnt in batch 6 cover the time period of October 30th to November 30th.

CosmWasm Update Proposal

After the fifth burn, the crypto exchange went from a weekly to a monthly burn process. Because of low trading activity and the adoption of Proposal 5234, the percentage of LUNC burnt has decreased from 1.2% to 0.2%.

In October, Binance burned 13.712 billion LUNC tokens. On October 31st, the cryptocurrency exchange burnt 1.26 billion Terra Classic (LUNC) tokens, the fifth batch in a series of six burned totaling more than 5.5 billion Terra Classic (LUNC) tokens. 

At the same time, the Terra Classic community is casting their votes on critical proposals to restore the chain’s functionality and validators. When version 23 is released, it will include the CosmWasm update, which will be implemented by the Terra Classic team. Additionally, IBC connectivity with the Cosmos blockchains will be restored on December 5 (at block 10,542,500).

Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.