- The cryptocurrency exchange has burned more than 57 billion LUNC in total.
- There were 4.17 billion LUNC tokens burnt by Binance in the 20th LUNC burn mechanism.
On Wednesday, crypto exchange Binance completed its 21st batch of the LUNC burn mechanism, burning 1.4 billion Terra Luna Classic (LUNC) tokens. Following Binance’s most recent burn, the cryptocurrency exchange has burned more than 57 billion LUNC in total.
More than 112 billion LUNC tokens have been burnt by the Terra Luna Classic community. Since its monthly LUNC burn mechanism began in 2022, Binance has maintained its support for the community’s efforts to revive Terra Luna Classic.
Leading Contributor
According to the LUNC burn transaction that took place on May 1, cryptocurrency exchange Binance sent 1.4 billion LUNC tokens to the burn address. Of all the LUNC burnt by the community, 52% came from Binance, making it the leading contributor.
Specifically, from March 31st to April 29th, Binance burned through a substantial amount of trading fees via the 21st batch of the LUNC burn mechanism. Trading fees on the LUNC spot and margin trading pairs have caused Binance to burn over 57.66 billion Terra Luna Classic (LUNC) tokens so far.
The daily LUNC trading volume fell in April, contributing to the overall market-wide downturn in crypto prices and trading volumes. Daily trade volumes averaged $30 million in April, while prices plummeted below $0.0001. A month ago, the market valuation was over $1 billion; now, it’s around $600 million.
There were 4.17 billion Terra Luna Classic (LUNC) tokens burnt by Binance in the 20th LUNC burn mechanism. Due to the dramatic rise in trading activity in March, the exchange burned 4.17 billion in trading fees on LUNC spot and margin trading pairs, with a total value of $722,630.
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