Monday, December 5, 2022
HomeCrypto NewsMarketBinance Now Accounts For Over 50% Of All LUNC Burnt, Burning 1.26...

Binance Now Accounts For Over 50% Of All LUNC Burnt, Burning 1.26 Billion LUNC In The 5th Week

- Advertisement -

Binance burns 1.26 Billion LUNC.

Binance has burnt 1.26 billion LUNC after the 5th week, as data from LUNCPenguins, a website created to track the Terra Luna Classic (LUNC) Burn shows.

Notably, a tweet from LunaBurnTracker also confirms the transaction.

The latest LUNC burn from the world’s largest exchange follows the burn of about 1.3 billion LUNC last week. It brings the total burn by the exchange to roughly 13.7 billion LUNC.

Notably, the value of LUNC burned by the exchange has declined weekly as the exchange sees reduced volumes.

It bears mentioning that Binance first decided to implement burns on LUNC trading fees over a month ago, following pressure from the LUNC community to implement the burn tax parameter on off-chain transactions. Now the exchange is the single largest burner of LUNC tokens.

The Terra Classic community has seen 26 billion LUNC burnt tokens in total. Binance alone accounts for over 50% of this, burning above 13B coins in five weeks after implementing terra classic burns on trading, while the on-chain tax accounts for nearly 30%, with 7.7 billion burnt.

It is worth noting that there were speculations that Binance would discontinue the burns after four weeks. However, the exchange has decided to stick with the LUNC community’s goal of bringing down the supply from a whopping 6.9 trillion (now over 6.8 trillion) to 10 billion.

Notably, Terra Classic core developer Tobias Andersen AKA Zaradar believes that taxes alone would not be enough to achieve this target. According to Zaradar, the chain needs to resurrect lost economic activity and inspire real-world usage.

Meanwhile, the LUNC community recently showed its intentions to maintain its relationship with Binance. The community showed up en masse to rank as the second-strongest community in a Twitter poll by the exchange.

- Advertisement -
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

- Advertisment -

Recent News & Articles

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.