The total number of LUNC tokens burned by Binance has now exceeded 35.5 billion, with community burns surpassing 68 billion. Traders have reacted positively to the burn, with LUNC experiencing a 3% price increase.
Based on a transaction executed on July 1st, Binance transferred 2.65 billion LUNC tokens to the burn address, reducing the circulating supply. The transaction also involved a transaction fee of 13.25 million LUNC tokens.
The Terra Classic burning mechanism automatically burns tokens whenever a transaction occurs on the network. The amount of tokens burned is related to the circulating supply. This ensures that the total token supply continuously decreases, which hypothetically increases their value over time.
According to a report by Coingape, Binance conducted a burn of 1.04 billion LUNC tokens in June. Despite Binance reducing the contribution from margin trading fees and spot LUNC trading from 100% to 50%, the community expressed gratitude for the support provided by the cryptocurrency exchange and its CEO, Changpeng Zhao.
In the past two months, the LUNC burning rate has been improved due to initiatives from projects such as DFLunc, Terra Casino, and Cremation Coin, which have helped burn millions of LUNC tokens on a weekly basis. As a result, the community has successfully burned 68 billion LUNC tokens.