Binance Revises Terra Classic ($LUNC) Burn to Monthly Basis

Binance Revises Terra Classic ($LUNC) Burn to Monthly Basis
  • Binance has burned a total of 13.712 billion LUNC tokens so far.
  • Binance modified the rules to burn LUNC once per month from weekly once.

Binance has changed the frequency of its Terra Classic (LUNC) burn mechanism from once every week to once every month. The trading costs on LUNC spot and margin trading pairs on Binance have resulted in the burn of 13.712 billion LUNC tokens so far.

In addition, more than 26.361 billion Terra Classic (LUNC) tokens were burned by the Terra Classic community. After the sixth batch of the weekly burn mechanism destroyed 1.26 billion Terra Classic (LUNC) tokens, Binance modified the rules to burn LUNC once per month. Therefore, beginning December 1st, Binance will expend trading costs on LUNC spot and margin trading pairings for the period of October 30th through November 29th.

LUNC Burn Rate Falling

Every month, on the first, Binance will figure out how much it needs to burn in trading fees for LUNC spot and margin trading pairings from the previous month. The next day’s post will include the latest on-chain burn transactions and monthly report.

Following low trade and the passage of many proposals dampened enthusiasm, the number of LUNC burnt kept falling. The cryptocurrency exchange burned more than 5.5 billion Terra Classic (LUNC) tokens in the first batch, and 1.26 billion Terra Classic (LUNC) tokens in the fifth batch.

With the adoption of Proposal 5234, the community was able to decrease the tax burn rate from 1.2% to 0.2%. Also, the Terra Grants Program led by Terra Rebels’ primary developer Edward Kim was approved by the community thanks to Proposal 8813. The initiative is funded at a rate of 1.6 million USTC.

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