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HomeCrypto NewsMarketBinance Burns 1B+ Terra Classic as LUNC Burns Finally Cross 60B Mark

Binance Burns 1B+ Terra Classic as LUNC Burns Finally Cross 60B Mark


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Binance burns over 1 billion Terra Classic (LUNC) in its latest incineration batch, as total LUNC burns finally cross the 60 billion thresholds.

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Binance remains committed to its Terra Classic (LUNC) burn efforts, having recently incinerated over 1 billion LUNC, worth $88K+, in the latest monthly batch. Binance’s contribution has been instrumental in pushing total LUNC burns across the 60 billion thresholds. 

Data from Terra Finder reveals that the burn, which occurred on June 1 at 14:14 (UTC), involved exactly 1,044,105,203 (1.044 billion) LUNC valued at $88,707. This burn transaction involved 50% of the fees the exchange collected on Terra Classic trades on its platform for May.

The cumulative amount of LUNC burned by Binance now totals 32.8 billion tokens, as the exchange retains its position as the largest contributor to the initiative. This represents the fourth and the lowest batch of burns carried out by Binance since it resumed support for the campaign.

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Notably, Binance recommenced burns on March 2, a few hours after the Terra Classic upgrade to v1.1.0. The upgrade implemented changes to the network that addressed concerns raised by the exchange about LUNC burns. Binance burned 8.8 billion on March 2. This figure represented 50% of fees from December 2022 to February 2023.

A month later, Binance burned 1.6 billion LUNC for fees collected in March, as The Crypto Basic previously reported. The next burn occurred on May 1 and involved 1.2 billion Terra Classic tokens. With the latest 1 billion token burn this month, Binance has burned over 12.6 billion LUNC since it resumed its support.

Total LUNC Burn Surpasses 60 Billion

Following Binance’s recent burn, the total LUNC incinerated by all parties has now surpassed the 60 billion thresholds a year after the burn initiative gained considerable attention.

Data from LUNCMetrics, a community-driven Terra Classic analytics resource, suggests that the total burned LUNC currently stands at 62.05 billion as of press time. Binance accounts for 52.9% of these burns. Projects such as DFLunc, Cremation Coin, and Terra Casino have continued to chip in their unique contributions.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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