The sixth batch of the Binance burn mechanism on trading fees has seen the largest cryptocurrency exchange in the world, Binance, burn more than 1.26 billion Terra Classic (LUNC) tokens. After Proposal 5234 was approved, the tax burn was effectively decreased from 1.2% to 0.2%. This is the first burn since that time. For the Terra Classic community, Binance has now burned more than 13.5 billion LUNC tokens overall.
Over 13.5 Billion Terra Classic (LUNC) Tokens Been Burned by Binance
The most recent burn transaction shows that the cryptocurrency exchange Binance sent more than 1.26 billion Terra Classic (LUNC) tokens. All trading costs on LUNC spot and margin trading pairs are burned as part of the Binance burn mechanism by sending them to the LUNC burn address. Also included in the deal is a charge of 2.51 million LUNC.
More than 13.5 billion Terra Classic tokens have already been burned by the cryptocurrency exchange for on-chain transactions. In the meantime, Binance and other exchanges reduced the tax burn for off-chain transactions like deposits and withdrawals from 1.2% to 0.2%. Proposal 5234 was approved by the community in an effort to boost LUNC trading activity. The number of LUNC tokens burned by Binance decreased from 1.34 billion previous week.
Binance first burnt more than 5.5 billion LUNC, but in the following weeks, this number dropped to 3 billion and 2.5 billion. The Terra Classic community is still hopeful that over time, more LUNC tokens will be burned.
The Terra Classic blockchain is being worked on by the Terra Rebels and other initiatives to reclaim its utility. David Gokhshtein, a former candidate for congress, promises to make an investment in LUNC if he succeeds in his plans and the utility is restored.
Validators Allnodes and LUNC DAO have also burned 28,82,000,000 and 9,36,000,000 LUNC tokens, respectively. In total, the community has burnt more than 26 billion LUNC tokens.
Sideways Trading for LUNC Price
The price of Terra Classic (LUNC) is still moving sideways and is unable to cross the $0.00030 threshold. The price of LUNC reached a high of $0.000255 in the previous day. As of this writing, the price of LUNC is $0.000245, down over 2%.
The neighborhood wants to achieve the $0.0005 goal once more. Additionally, it actively pursues the listing of the LUNC cryptocurrency on Robinhood and Coinbase.