The number of Terra Classic (LUNC) burns continues to gain momentum.
Billions of Terra Classic tokens are burnt every week with the aid of Binance. According to data from LUNC Burn, 22.7 billion Terra Classic tokens have been burnt in total.
According to ‘LUNC BURN’ data, On Monday, 17th OCT, total LUNC burns were 19.5B, while on Sunday OCT 23rd, total burns reached 22.7B. So 3.2B LUNC were taken out of the circulating supply in the past week.
3,219,130,196 (3.21 billion) LUNC was incinerated in the past week; the burns comprise the LUNC charged from the 0.2% burn tax and the voluntary efforts made by exchanges to burn fees for Terra Classic spot and margin trading pairs. Binance has contributed tremendously to the LUNC burn program. The exchange burnt 2.5B LUNC last week and over 11 billion Terra Classic tokens in the three weeks since it started burning fees obtained via LUNC trading activities on the platform.
LUNC Burns Drop As Community Reduces Tax Burn to 0.2%
The huge amount of LUNC incinerated recently was boosted by the 1.2% tax implemented last month. However, the massive tax burn levied on LUNC on-chain transactions came with its problem. Since its 1.2% burn implementation, Terra Classic’s volume slumped heavily, prompting the community to reduce the tax burn parameters from 1.2% to 0.2%. The rationale behind the move is to boost LUNC trading volume again.
As reported by TheCryptoBasic, the community implemented the 0.2% tax burn proposal earlier this week. However, Terra Classic burns have slowed since the 0.2% tax burn proposal went live on October 29, 2022. According to stats, 168M LUNC have been burned by 0.2% tax alone till today since it went live on October 19.