Binance Burns 1.7B LUNC as Devs Ramp Up Reduction Efforts

  • Top crypto exchange Binance sends $150K worth of LUNC to the incinerator.
  • Devs find a way to eliminate an extra 12B LUNC from discontinued contracts.
  • The staked Terra Luna Classic hits 1.01T, as staking ratio nears 15% of supply.

Terra Luna Classic’s (LUNC) chain revival efforts continue in full swing with Binance executing their monthly cumulative fee burn. In the 23rd batch of Terra Luna Classic’s burning ceremony, Binance incinerated a total of 1,725,990,630 LUNC coins retrieved from the relevant trading pairs on Binance’s global platform.

LUNC Burns Supercharged by Binance?

Worth nearly $150K at stamped transaction time, the July 1st LUNC burn by Binance amassed 0.35B more tokens than the previous burning on June 1. However, it’s worth noting that the cumulative fees gathered in June from the linked Spot and Margin pairs converted to a bigger total of $170K, as LUNC plunged 31.5% in 30 days.

The latest burning contribution by Binance immediately shifted Terra Luna Classic’s dynamics, as the remaining circulation is now standing at 5,472,622,453,653. The incineration was cheered on X by the LUNC community, including various stakers and validators who praised CEO Richard Teng and founder Changpeng ‘CZ’ Zhao.

The leading crypto exchange by trading volume is now held accountable for 62 billion LUNC tokens taken out of circulation. Terra Luna’s chain has recorded an all-time net burn of 125 billion, with nearly 50% of the burns ascribed to Binance.

As Terra Luna Classic blockchain’s native LUNC coin has been battered by the crypto bears since June, many volunteer community devs chimed in to suggest a faster way of reducing supply. While coordinating a plan with major exchanges has been a top priority, the devs took it into their own hands to eradicate an additional 12 billion LUNC coins.

This was announced on June 29 on X, as the 12B LUNC funds were locked in Anchor bLuna rewards and Lido rewards dispatcher smart contracts. This reduces LUNC circulation but does not impact the total supply of the coin until the aforementioned 12B are sent to a burning address.

As of press time, LUNC is priced at $0.00008114, trading in a phased consolidation mode since last week. Despite a relatively calm price performance over the past seven days, LUNC has yet to bounce back from the 31.5% price dip incurred in the latest 30-day period.

On the Flipside

  • Besides the Terra Luna Classic (LUNC) burning procedures by communities and exchanges, staking is another way of reducing the coin’s circulating supply.
  • While the staked Terra Luna Classic coins have recently surpassed the 1 trillion checkmark, the staking ratio is also nearing a record-high 15% threshold.

Why This Matters

The process of burning cryptocurrency heavily depends on network activity and trading volume, serving a positive long-term shift for the coin’s market dynamics.

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Written by on 2024-07-02 16:00:00.

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