Through the Terra Classic burn proposal and Binance’s voluntary decision to implement the proposal on its margin and spot trading pairs, billions of LUNC tokens are burned on a weekly basis.
According to the update from LUNC BURN, the channel that tracks all Terra Classic tokens that are sent to the designated dead wallet, a total of 22.7 billion LUNC tokens have been destroyed so far.
Going by the data provided by LUNC BURN on the 17th of October, the total number of LUNC tokens permanently taken out of circulation was 19.54 billion. While LUNC Burn data showed on the 23rd of October that 22.7 billion LUNC tokens have been destroyed.
The information shared above shows that a total of 3.16 Billion LUNC tokens were Burned in the past seven days.
It’s also shown in the data that 36.23 million LUNC were removed from the Terra Classic circulating supply in 24 hours.
LUNC BURN tweeted, “Total burned $Lunc: 22.7b. Burned 24hrs 0.2% burn tax: 36.23m. T/S: 6,884,662,398,227 C/S: 6,126,567,793,665 M/C: $1,423,017,901 Vol24h: $139,426,374. $Lunc Staking bonded: 708,700,857,664 unbonded: 32,482,484,814 % t/s: 10.29%.”
It’s worth noting that a little part of the burns came from the LUNC charged from the 0.2% tax, which was voluntarily implemented by top exchanges such as Binance to burn fees for Terra Classic margin and spot trading pairs to purposely help reduce LUNC circulating supply.
So far, Binance, the world’s largest crypto exchange, has the largest share of the total LUNC burned. A week ago, the trading platform announced the burn of 2.5 billion Terra Classic tokens, bringing its total to over 11 billion in the space of 3 weeks.
It’s also worth mentioning that the LUNC burn rate has drastically dropped since the tax was officially reduced from 1.2% to 0.2%, negating the major purpose of the reduction. The large number of LUNC burned from last month came from the implementation of the 1.2% LUNC tax proposal.
Although it allowed the on-chain volume to grow, the number of tokens burned since October 19 has not been impressive. This development indicates that the Terra Classic community might still need to devise other working means for the desired result.
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