Binance Burns 1.04 Billion Terra Classic (LUNC) Tokens, Price Jumps

 Binance Burns 1.04 Billion Terra Classic (LUNC) Tokens, Price Jumps

The world’s largest crypto exchange Binance on Thursday burned 1.04 billion LUNC tokens in the 10th batch of the LUNC burn mechanism. The total LUNC burned by the crypto exchange as part of its monthly burn mechanism reached almost 33 billion. Traders responded immediately to the latest burn by Binance and LUNC price jumped.

Binance’s Total LUNC Burn Reaches 33 Billion

Binance sent 1.04 billion Terra Luna Classic (LUNC) tokens to the burn address as part of the commitment to reducing the LUNC circulating supply, according to the burn transaction. It also includes a transaction fee of 5.22 million LUNC.

Notably, the 10th batch of the LUNC burn mechanism is for the period April 30 to May 30, 2023. With the latest burn, Binance has burned nearly 33 billion Terra Classic tokens in total from trading fees on LUNC spot and margin trading pairs.

In May, Binance burned 1.27 billion LUNC tokens. LUNC burns by Binance significantly reduced after the exchange reduced LUNC spot and margin trading fees contribution from 100% to 50%.

Despite the low Binance burn, LUNC burn rate increased massively in May as DeFi protocol DFLunc burned over 2.5 billion LUNC. The project is now burning LUNC for Edward Kim’s AI app chain “Block Entropy” testnet tokens, with 250 million LUNC burned for getting the testnet tokens.

Meanwhile, the community is focused on the CosmWasm v2.1.0 parity upgrade on June 14. It is the biggest upgrade to date that will bring Terra Classic to parity with other blockchains such as Terra 2.0 and Cosmos. After the parity upgrade, developer Edward Kim and the Joint L1 Task Force group will work on integrating the AI app chain “Block Entropy” into the Terra Classic chain.

Other developments include burn tax changes, a 5% minimum commission fee for validators, and working with USTC repeg team to set up a USTC test environment.

LUNC price jumped 2% in the last 24 hours, with the price currently trading at $0.000085. The 24-hour low and high are $0.0000829 and $0.0000852, respectively. Moreover, the trading volume has increased in the last 24 hours.

Also Read: Binance Delists Terra Classic (LUNC) Perpetual Futures Contract

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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