Binance, one of the largest cryptocurrency exchanges, recently completed its latest token burn. They’ve decided to burn over a billion Terra Classic (LUNC) tokens on the blockchain. This massive occurrence marks a watershed moment, as the cumulative number of LUNC burns has now surpassed 60 billion.
Binance burned exactly 1.044 billion LUNC tokens valued at around $88,000 on the first of this month. This was accomplished by utilizing 50% of the gas fees generated by Terra Classic Trasdes on its platform during the month of May.
Since renewing support earlier this year, Binance has been a big donor to the LUNC burn campaign. It is worth noting that this current burn is Binance’s fourth and smallest batch since the company’s restart of assistance.
Binance began burning LUNC coins as a result of the Terra Classic network’s update to version 1.10. The exchange raised worries about LUNC burning, which were resolved by the upgrade. If we combine all of the Binance burns related to LUNC, we can estimate that they have burned around 12.6 billion LUNCH tokens since they resumed support for the firm.
🚨🔥#Binance recently burned 1 Billion Terra Classic (LUNC) Tokens.
— Walletor (@walletorapp) June 2, 2023
The cumulative number of LUNC burns has surpassed 60 billion. Furthermore, Binance was responsible for half of all token burning. Other projects, such as Cremation Coin, have also added to that total.
The completion of this latest burn demonstrates the company’s commitment to lowering the total number of Terra Classic tokens out there. The future of LUNC tokens seems to be in safe hands as of now.
Binance has been working a lot lately. For example, they have introduced a new trading platform in Japan.
Finally, Binance’s latest burn of over 1 billion Terra Classic tokens has increased the total LUNC burning to be more than 60 billion. This achievement demonstrates Binance’s and the community’s commitment to lowering the quantity of LUNC tokens. This is highly significant for Terra Classic because it will greatly assist them on their next journey.