Binance, the largest crypto exchange in the world 2.65 billion Terra Classic (LUNC) burned in round 11
The total number of LUNC tokens burned by Binance now exceeds 35.5 billion.transactionConducted on July 1, Binance transferred 2.65 billion LUNC tokens to the burning address. This reduces the circulating supply and the transaction also involves a transaction fee of 13.25 million LUNC.
Terra Classic’s burning mechanism automatically burns tokens whenever a transaction occurs on the network. The number of tokens burned is relative to the number of tokens in the system. This ensures that the total supply of tokens is continuously reduced.
We thank you @binance for the 2.65B #LUNC burn!
We appreciate your support to help us burn our hyperinflated supply!
I voted YES to prop #11582, to burn the funds the community wrongly re-minted.
Hopefully we can come to an agreement in our community to do the right… pic.twitter.com/c9YWEj3oKt
— JESUSisLORD (@ForTheCross_CH) July 2, 2023
Binance conductBurning 1.04 Billion LUNC Tokens in June Although Binance reduced LUNC spot trading and margin trading fees from 100% to 50%, the community expressed its gratitude for the support of the crypto exchange and its CEO, Changpeng Zhao
in the past two months The burn rate for LUNC has improved thanks to initiatives from projects such as DFLunc, Terra Casino, and Cremation Coin, which burn millions of LUNC tokens every week. As a result, the community has burned 68 billion LUNC tokens.
After achieving the biggest upgrade in May It aims to chain with Terra 2.0 and other Cosmos chains. The community is currently focused on reducing the supply of LUNC and TerraClassicUSD (USTC). In addition, the Joint L1 Task Force and the “quant” team will work together on the LUNC initiative. USTC repeg
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