Binance Burns 760M Terra Classic, Bringing Total LUNC Burn to 39.5 Billion

Binance has burned a whopping 760 million Terra Classic (LUNC) for its 15th monthly burn, bringing total LUNC burn to 39.5 billion amid the sustained campaign.

The exchange’s latest burn exercise occurred today at 05:37 (UTC), involving exactly 760,419,955 (760.4 million) LUNC, currently worth $47,465 against prevailing rates. The amount burned represents 50% of fees collected by Binance for Terra Classic trades on its platform in October.

This indicates that a 100% fee burn, as Binance carried out at the initial stage of its contribution, would have amounted to 1.52 billion LUNC worth $94,930. Recall that the exchange made the decision to reduce its contribution to 50% of fees in November 2022 following concerns it raised about the reminting of burned tokens.

Binance had to halt its contribution until the Terra Classic community rectified the issue. However, Binance resumed burns in March after the community implemented the necessary changes in Terra Classic v1.1.0. Nonetheless, the exchange’s decision to reduce burns to 50% of fees stood.

Binance Sustains Support for LUNC Burn

Binance has continued to support the burn campaign since then, with the previous burn amounting to 1.01 billion LUNC. Interestingly, despite the exchange’s sustained support, burns have decreased with each month. This is possibly due to a reduction in fees, as investor interest declines.

However, Binance remains the biggest contributor to the LUNC burn movement. The exchange’s latest transaction brings its total burns to 39.57 billion LUNC, per data from community-driven analytical resource Luncmetrics. These 39.57 billion tokens are currently worth $2,470,060 ($2.47 million).

The exchange’s burns represent a massive 52% of the total burns for the campaign. Interestingly, the campaign has witnessed the incineration of 76 billion LUNC since it gained steam last May. Protocols such as DFLunc, LUNCDAO and Cremation Coin have continued to make their contributions.

Binance’s continued support represents its dedication to the community. As a result, the community has not been scared to ask the exchange to also extend its burn support to TerraClassicUSD (USTC), the ecosystem’s embattled stablecoin. A proposal for this request recently passed.

Terra Classic and USTC Down

Amid the latest developments, LUNC and USTC are currently down despite the bullish sentiments in the broader crypto market. LUNC has dropped 1.93% over the past 24 hours, changing hands at $0.00006267 at the time of reporting.

LUNC records a decline in 24-hour trade volume amid reduced interest, with volume dropping to $207 million. The asset maintains a market cap of $363,243,751 ($363.2 million), per data from CoinMarketCap.

Meanwhile, USTC is observing a worse decline in price, with a 3.17% slump in value over the last 24 hours. LUNC currently trades for $0.01173, with a discouraging trade volume of $3.35 million.