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Kalkine Media ASX Share Market News & Research

Binance burns 2.6B LUNC tokens, reaffirming its support for the LUNA crypto

July 03, 2023 02:54 PM IST | By Invezz
Binance burns 2.6B LUNC tokens, reaffirming its support for the LUNA crypto
Image source: Invezz

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The largest cryptocurrency exchange in the world, Binance (check out its review here), has carried out its 11th LUNC burn round in an effort to reduce the supply of Terra Classic (LUNC) tokens, resulting in the destruction of 2.65 billion LUNC tokens. With this most recent burn, Binance has now burned more than 35.5 billion LUNC tokens, and the total Terra Luna crypto community burn has now surpassed 68 billion.

Binance sent the 2.65 billion LUNC tokens to the burn address, thereby lowering the total supply in circulation. Notably according to on-chain data confirms, 13.25 million LUNC tokens in the form of a transaction fee were also included in the transaction.

The Terra Classic burn mechanism is programmed to burn tokens automatically every time a transaction takes place on the network. This strategy guarantees a constant reduction in the total supply of tokens, potentially increasing their value over time.

Luna crypto tokens, LUNC and LUNA

Both LUNA and LUNC cryptocurrencies responded positively to the Binance LUNC token burn. LUNA opened the week with a 2.52% surge while LUNC surged by 3% immediately after Binance revealed the amount of tokens it has burned.

The Luna crypto community is currently focused on reducing the supply of both LUNC and TerraClassicUSD (USTC) tokens after a significant upgrade in May intended to align the chain with Terra 2.0 and other Cosmos chains.

The “quant” team and the Joint L1 Task Force are also working together on the USTC repeg initiative. These initiatives demonstrate the community’s dedication to raising the importance and stability of the LUNC ecosystem.

DFLunc, Terra Casino, and Cremation Coin, among others, recently made some improvements in the LUNC burn rate and millions of LUNC tokens have been burned on a weekly basis as a result of these initiatives.

In June, Binance burned 1.04 billion LUNC tokens while also cutting its share of spot and margin trading fees for LUNC from 100% to 50%.

The post Binance burns 2.6B LUNC tokens, reaffirming its support for the LUNA crypto appeared first on Invezz.

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