- Major cryptocurrency exchange Binance sends $150,000 worth of LUNC to the burn facility.
- Developers have found a way to remove 12 billion LUNC from suspended contracts.
- Staken Terra Luna Classic has reached 1.01T, bringing the staked percentage close to 15% of the supply.
The Terra Luna Classic (LUNC) chain revival effort is in full swing as Binance conducts a monthly cumulative fee burn. In the 23rd burn ceremony of Terra Luna Classic, Binance burned a total of 1,725,990,630 LUNC coins recovered from relevant trading pairs on Binance’s global platform.
Will LUNC Burns be further strengthened by Binance?
Binance’s July 1st LUNC burn, which was worth around $150K at the time of trading, collected 0.35B more tokens than the previous burn on June 1st. However, it is worth noting that the cumulative fees collected from spot and margin pairs linked in June converted into a much larger total of $170K as LUNC plummeted 31.5% over the 30-day period.
Binance’s recent burn contribution has instantly changed the dynamics of Terra Luna Classic, with the remaining circulating supply now at 5,472,622,453,653. The burn has been met with cheers from the LUNC community, including various stakers and validators who have praised CEO Richard Teng and founder Changpeng. ‘Czech Republic’ article.
The leading cryptocurrency exchange by trading volume is currently responsible for 62 billion LUNC tokens that are out of circulation. Terra Luna’s chain has recorded a net burn of 125 billion, with Binance accounting for approximately 50% of that.
With the native LUNC coin of the Terra Luna Classic blockchain being pummeled by crypto bears since June, many volunteer community developers have proposed a faster way to reduce the supply. While coordinating with major exchanges was a top priority, the developers have taken it upon themselves to eradicate 12 billion LUNC coins.
This was announced on June 29th by X, as 12B LUNC funds were locked in the Anchor bLuna Rewards and Lido Rewards Dispatcher smart contracts. This reduces the LUNC circulation, but does not affect the total supply of coins until the aforementioned 12B are transferred to the burn address.
At the time of writing, LUNC is priced at $0.00008114 and has been trading in a phased consolidation mode since last week. Despite the relatively calm price performance over the past 7 days, LUNC has yet to recover from the 31.5% price drop it experienced over the last 30 days.
On the other side
- In addition to the process of burning Terra Luna Classic (LUNC) on communities and exchanges, staking is another way to reduce the circulating supply of the coin.
- Recently, the stake of Terra Luna Classic Coin has exceeded 1 trillion, and the stake ratio is approaching the all-time high of 15%.
Why this matters
The process of burning cryptocurrencies is heavily dependent on network activity and trading volume, which leads to long-term positive changes in coin market dynamics.
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