Binance has conducted its Terra Classic burn for the month of May, incinerating over 1.7 billion LUNC in one fell sweep amid a price drop below the structurally significant $0.0001 level.
Data from Terra Classic block explorer Terra Finder confirms that the burn transaction involved exactly 1,404,956,147 LUNC tokens currently valued at $134,468 against prevailing rates. Binance executed the transaction today at 10:33 (UTC), consistent with its usual procedure regarding monthly LUNC burns.
Notably, these 1.4 billion Terra Classic tokens represent 50% of the LUNC trading fees collected by Binance throughout April. The figure marks a massive 66% drop from the amount incinerated by the exchange for March, but this is attributable to low LUNC trading active in the month of April.
Following the latest transaction, Binance has retained its position as the single largest Terra Classic burner. This recent incineration exercise has brought its total burns to 58.93 billion LUNC since it jumped on the burn campaign. These assets carry a monetary value of $5.6 million.
Remarkably, Binance’s burns represent a massive 52.3% of all the Terra Classic tokens burned since the burn campaign went live in May 2022. For context, the community kicked off the campaign as part of the effort toward revitalizing the Terra Classic ecosystem, which went bust two years ago.
Binance Sustains Terra Classic Burns
Binance, under the leadership of former CEO and founder Changpeng “CZ” Zhao, decided to support the community by incinerating 100% of fees garnered from LUNC trades. However, the exchange reviewed this commitment to 50% following controversies surrounding the reminting of burned tokens.
Binance has sustained the 50% commitment despite its global regulatory challenges and the stepping down of Zhao as CEO. Prominent Terra Classic community figure and TerraCVita team lead Rexyz commended the exchange and its incumbent CEO Richard Teng for the sustenance following the latest burn.
Great to see @binance making their monthly burn.
Thank you @cz_binance for setting this up and @_RichardTeng for maintaining it. Big ♥️ pic.twitter.com/3yg6kGZJDj— Rexyz (@RexYellerBelly) May 1, 2024
The recent transaction comes a month after Binance incinerated 4.175 billion Terra Classic last month. The exchange also burned 2.21 billion tokens in March, 2.095 billion in February, and 5.57 billion in January. Despite the latest burn being the lowest for the year, it brings Binance’s total LUNC burns for this year to 15.75 billion.
Meanwhile, the transaction comes at a time when the broader crypto market is down, dragging down LUNC with it. Amid the downturn, Terra Classic dropped below the significant $0.0001 price level on April 30, currently trading for $0.00009590 amid a 3.92% drop over the last 24 hours.
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