Binance Burns More Than 1.34 Billions LUNC Tokens
- Binance's 4th LUNC burn destroys over 1.34B tokens, impacting Terra Classic's price with a 5% drop amid community concerns over burn rate decline.
- Terra Classic community adapts as Binance burns nearly 12.5B LUNC tokens, though weekly burn rates show a consistent decline, sparking debate.
- Despite burn efforts, Terra Classic (LUNC) price drops 5%, with the community focusing on future trade volumes and burn tax adjustments.
Binance's 4th LUNC Burn: Over 1.34 Billion Tokens Destroyed
Bitcoin exchange Binance's fourth LUNC
burn mechanism burns more than 1.34 billion Terra Classic tokens. Price of LUNC drops by 5%.
In the fourth round of the Binance burn mechanism, the biggest cryptocurrency exchange in the world, Binance, burns more than 1.34 billion Terra Classic (LUNC) tokens. Binance has now sent over 12.5 billion LUNC tokens to the burn address with the most recent burn. However, the community is only slightly concerned about the Terra Classic burns by Binance falling. As a result, the price of LUNC decreased by almost 5% over the past day.
Over 1.34B LUNC Tokens Are Sent to a Burn Address by Binance
On October 24, Binance made a formal release revealing that it had burnt the fourth batch of its weekly Binance burn mechanism, consisting of around 1.34 billion Terra Classic (LUNC) tokens. Additionally, the burn transaction's transaction cost is 2.68 million LUNC tokens.
The trading fees from spot and margin trading pairs have been used by the cryptocurrency exchange to burn close to 12.5 billion LUNC tokens. However, every week has seen a consistent decline in Binance LUNC burning. The CEO of Binance, "CZ," suggested lowering the increase in the burn tax for off-chain and on-chain transactions.
The Terra Classic neighbourhood has adopted Proposal 5234, which intends to lower the burn tax to 0.2% and set aside 10% of funds for the neighbourhood pool. Binance has already made improvements to last week's tax burn. The community will need to know whether the reduced tax increased trade volumes at the next Binance LUNC burn.
Unofficial burn tracker LUNC Burn tweeted in favour of trading exclusively on Binance. The goal is for Binance to boost its burn rate. Although the rate drop is concerning, diversification has lessened its effects. Today, the validator LUNC DAO burnt 22.2 million tokens, while allnodes destroyed 30.48 million LUNC.
The organisation behind the Terra Classic Revival Roadmap, Terra Rebels, has opened its official YouTube channel in an effort to inform the public about every facet of the Terra Classic blockchain. The Terra Classic Grants Program has also been presented by Terra Rebels as a way to administer finances for the neighbourhood pool.
Price Drops for Terra Classic Following Burn
The price of Terra Classic hit a low of $0.00022 following the Binance burn. The price of LUNC fell more than 5% in the previous day, and trading volume decreased by around 20%.
Over 24 billion LUNC tokens have been burned in the meantime by the community. A little less than 700 million tokens are burned each day now.
