Binance continues to support the Terra Classic community, incinerating a whopping 1.45B LUNC in its August burn event.
LUNC’s total supply has recorded another huge decrease. The recent reduction in Terra Classic’s total supply was courtesy of Binance, the world’s largest crypto exchange by trading volume.
Binance conducted its batch 12 LUNC burn on August 1 to further reaffirm its support for the Terra Classic ecosystem. This latest burn resulted in the removal of over 1.41 billion LUNC from circulation forever in one transaction. Accordingly, the transaction reduced Terra Classic’s total supply below 6.84T.
On-chain data showed that exactly 1,412,760,563 LUNC was burned by the exchange on Tuesday at I:36 PM UTC. This burned amount represented 50% of Binance’s trading fees on LUNC spot and margin trading pairs accumulated between June 30 and July 30.
According to the updated announcement, the total trading fee during this period was equivalent to 121,850.96 USDT. The exchange further indicated that the next LUNC burn event would occur in September.
Binance LUNC Burns
Binance’s latest LUNC burn was significantly lower than the previous burn. As reported by The Crypto Basic, 2.6 billion LUNC tokens were incarcerated by the top exchange in its 11th burn campaign. Meanwhile, it burned roughly 1.044 billion LUNC in June.
The exchange has sealed its position as the top LUNC burn contributor with these hefty monthly burns. At press time, the total number of tokens burned since May 2022 stood at 71.60 billion. Of this volume, Binance accounts for 51.7%.
In particular, exactly 36,997,501,286 LUNC have been destroyed by Binance. Recall that the exchange suspended LUNC burning between December 2022 to February 2023. This happened after the Terra Classic community opted to remint burned LUNC.
However, Binance resumed its LUNC burns in March 2023, burning 8.8B tokens accordingly. Since this resumption, total burns executed by the exchange have eclipsed 16.5 billion LUNC.
Overall, community members hope that these consistent burns and the anticipated USTC repeg would help boost SHIB’s price. As reported by The Crypto Basic, the USTC Quant Team recently initiated a direct line of communication with Binance over the repegging of the supposed stablecoin.
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.
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