Binance Resumes Terra Classic Burns, Incinerates 8.8B LUNC

Binance Resumes LUNC Burn Campaign, Incinerates Nearly 8.85B Tokens In One Transaction.

The exchange burned more than 8.8B LUNC tokens in a single transaction.

Binance, the world’s largest cryptocurrency exchange by 24-hour trading volume, has burned a whopping amount of Terra Classic tokens (LUNC). According to data from LunaBurnTracker, the leading cryptocurrency exchange sent 8,849,666,174 (8.84 billion) LUNC worth $1,504,266 ($1.5 million) to the official Terra Classic burn wallet.

? Burn alert! 8,849,666,174 #LUNC ($1,504,266) burned to Luna Burn Wallet!https://t.co/BD5MDKZ13l#BurnLunc #LuncArmy

— LunaBurnTracker (@LunaBurnTracker) March 2, 2023

The development comes hours after the Terra Classic network was upgraded to v1.1.0. The upgrade was imperative, prompting Binance to resume its voluntary burn of LUNC trading fees.

Recall that Binance halted the voluntary burn of its LUNC trading fees following concerns about Terra Classic token re-mints and the burn tax.

The exchange asked Terra Classic developers to exempt its burns from token re-mints and its wallet from the on-chain burn tax. Based on Binance LUNC burns’ significance in reviving the token value, Terra Classic developers included key features in the v1.1.0 release to meet these demands.

Notably, the amount of LUNC burned recently represents 50% of all trading fees obtained from December 2022 to March 1, 2023.

The total LUNC burns now sit at 48.5 billion LUNC, with Binance incinerating more than 50% of this amount. Following today’s burn, Binance has successfully incinerated 28.95 billion LUNC tokens.

Meanwhile, Binance’s recent LUNC burn has caused the token price to record a slight gain. According to Coingecko data, LUNC is up over 4% in the past 24 hours, as it currently trades at $0.00017133.