Binance Burns 2.5B LUNC in Its Third Week of Off-Chain Burns.
Despite the low trading volume, Binance has burnt an additional 2.5B Terra Classic (LUNC) tokens ($659K+) in its third batch of weekly off-chain burns.
Binance has not relented in keeping its promise to the Terra community to implement off-chain LUNC burns by sacrificing fees realized from LUNC spot and margin trades. Following two successive weeks of sustained burns, the world’s largest exchange has made another massive burn, amounting to $659M+.
A Twitter handle dedicated to tracking LUNC burn transactions recently updated the community on the latest burn from Binance. “Burn alert! 2,500,382,131 LUNC ($659,051) burned to Luna Burn Wallet,” the handle noted in a tweet Monday, as a link to the burn transaction was shared.
— LunaBurnTracker (@LunaBurnTracker) October 17, 2022
A view of the transaction on Terra Finder indicates that the burn, which involved a whopping amount of 2,500,382,131 (2.5B) worth $659K, occurred on October 17, 1:38 PM (GMT+1). Despite not explicitly ascribing the burn to Binance, the sheer magnitude of the transaction and the time of occurrence point to the exchange.
This third batch of burns saw Binance sacrifice $659K in trading fees in its commitment towards satiating the Terra community. The latest burn brings Binance’s cumulatively off-chain burn to 11B LUNC tokens in three weeks.
As expected, Binance will update its official announcement page on the LUNC burn transactions before long, as initially promised. Despite initially indicating a reluctance to implement the off-chain burns, Binance has remained committed to keeping to its word following a change of heart.
Recall that the exchange agreed to the Terra community’s demands for implementing off-chain LUNC burns. Following an opt-in feature that was summarily rejected by the community, Binance decided to sacrifice its LUNC spot and margin trading fees by converting them to LUNC and having them burnt every week.
The Crypto Basic reported the second batch of burns last week, which involved 2.9B LUNC, worth $922k at the time. The first batch involved a whopping amount of 5.5B LUNC tokens, worth $1.8M at the time of the burn. This recent burn would bring the total amount to $3.3M.
The Terra community’s goal to revive the long-forgotten LUNC token remains on track despite some setbacks, especially with the persistent bear market. The community has seen support from several entities within the space.
Recently, Allnodes, a LUNC validator, indicated that it had burnt over 56M LUNC tokens on Monday to engage in weekly LUNC burns until year-end.