The ongoing burn program launched by the Terra classic (LUNC) community is yielding positive results.
Since the initiative started, billions of Luna Classic tokens have been burnt from the total supply to revive the asset value.
LUNC Burn, an unofficial Twitter account that keeps track of all incinerations involving the cryptocurrency, shared an update about the number of Luna Classic tokens burnt since the 1.2% burn tax started and the Total LUNC destroyed so far.
According to LUNC Burn, a total of 13.7 billion Luna Classic tokens have been burnt from the total supply of the cryptocurrency. At the current exchange rate of $0.00031991, the funds were worth approximately $4.37 million, while a 1.2% burn tax has destroyed 3.76B LUNC.
🔥Total burned $Lunc: 13.73b🔥
🔥Total since 1.2% burn tax: 3.76b🔥$Lunc t/s: 6,893,645,550,985$Ustc t/s: 9,815,268,146$Lunc staked:
% total supply: 9.53% 🔐#Lunc #LUNCcommunity #ThanksCZ #luncburn #CoinbaseListLunc
— LUNC Burn (@LunaBurn_13) October 3, 2022
Binance, the world’s largest exchange by trade volume, played a pivotal role in the number of LUNC tokens that have been burnt so far. Recall that yesterday the total LUNC burns were hovering a little above 8B. As reported by TheCryptoBasic yesterday, the leading crypto exchange burnt a whopping 5.5 billion LUNC in one transaction. The tokens were obtained from fees collected by the exchange from LUNC spot and margin trading pairs helping the total burn surpass 13B.
1.2% LUNC Burn Tax
LUNC burn is a program launched by victims of the Terra ecosystem collapse to compensate for the losses they incurred after the unfortunate incident.
Investors urged themselves to voluntarily send some amount of their LUNC tokens to a burn wallet to reduce the circulating supply of the cryptocurrency.
The move saw many LUNC incinerated in weeks. However, the community believed they can accelerate LUNC burns if they implemented a 1.2% tax burn on all on-chain LUNC transactions.
The proposal was implemented last month on the Terra classic network, and the number of burns has since skyrocketed. Per LUNC burn, a total of 3.76 billion Luna Classic tokens have been burnt since the 1.2% tax burn was launched.
It is noteworthy that multiple cryptocurrency exchanges also contributed to the 13.7 billion LUNC burnt from the Luna Classic total supply. Binance and MEXC Global are the most prominent because of trading fees burned on LUNC spot and margin trading pairs.
LUNC Staking Gains Momentum
Notably, burning part of LUNC’s total supply is not the only method the Terra classic community plans to reduce Luna Classic’s circulating supply. The community has also embarked on a staking initiative for LUNC, with 657.4 billion Luna Classic tokens staked so far.