The world’s largest crypto exchange Binance has burned more than 2.5 billion Terra Classic (LUNC) tokens in the third batch of the Binance burning mechanism. With the completion of the third batch, Binance has sent a total of nearly 11 billion LUNC tokens to the brand address. As a result, the Terra Classic price saw a marginal increase of almost 1% after the burn.
Binance Burns Another 2.5 Billion Terra Classic (LUNC)
Binance sent more than 2.5 billion Terra Classic (LUNC) tokens worth more than $650k to the brand address on October 17 at 12:38 UTC. Also, the transaction fee for the burn transaction is 30 million LUNC tokens. The 3rd batch includes LUNC trading fees from spot and margin trades between October 9-15.
So far, the crypto exchange has burned nearly 11 billion LUNC tokens. Binance burned more than 5.59 billion LUNC tokens on October 3 and more than 2.99 billion LUNC tokens on October 10.
Binance CEO “CZ” pledged to help the Terra Classic community reach a target of 10 billion Terra Classic fixed supply. In addition, he believes that the 1.2% incineration tax on LUNC should be reduced to promote more off-chain and on-chain transactions.
Recently, the community came up with proposal 5234 to lower the incineration tax to 0.2% and establish a tax of 10% to fund Terra Classic blockchain developments and contributors. The proposal received a majority vote, and validators supported the changes.
Terra Rebels lead developers Edward Kim and Alex Foreshaw supported proposal 5234. However, the developers aren’t sure if the tax cut will increase LUNC trading. Meanwhile, Edward Kim proposed the Terra Classic Grants program to attract new utilities to the Terra Classic (LUNC) chain. The program will also ensure a transparent and efficient distribution of resources for new activities.
LUNC price after combustion
The price of Terra Classic (LUNC) is not attracting great price momentum after the third batch of Binance burn. The 24-hour low and high for Terra Classic are $0.0002571 and $0.0002702. In addition, the trading volume has increased by 22% in the past 24 hours. The community members are waiting for the next developments in the Terra Classic Revival Roadmap.
With Binance burning over 2.5 billion Terra Classic tokens, the total burned jumps over 22 billion LUNC. The total supply is 6.86 trillion tokens, with a burn rate skyrocketing to 704 million LUNC per day.
Currently, the community is urging Coinbase and Robinhood to relaunch Terra Classic (LUNC).
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