Binance, the largest crypto exchange by trading volume, continues to show its commitment toward the revival of Terra Classic (LUNC) with the monthly burn of LUNC in billions.
In the latest monthly burn schedule, Binance reportedly destroyed over 1 billion LUNC tokens worth relatively $88,000. And this latest burn contribution from the exchange has pushed total LUNC burned above 60 billion.
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1 Billion LUNC Removed from Circulating Supply
According to the data made available by Terra Finder, the whopping burn, which played out on June 1 at 14:14 (UTC) removed a total of 1,044,105,203 LUNC from the circulating supply. At the time of the transaction, the massive burn was worth $88,707.
It should be noted that this burn transaction was 50% of the fees the exchange accrued on Terra Classic (LUNC) trades for the month of May 2023.
At the time of press, the total amount of LUNC burned by Binance stands at 32.8 billion. This implies that the exchange holds the largest share in the Terra Classic tokens burned so far, which just crossed 60 billion as earlier mentioned.
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Binance Supported Upgrade to Increase LUNC Burn Tax
A few days ago, Binance, the world’s leading crypto exchange announced its support for the Terra Classic community on its upgrade targeted at boosting the LUNC burn tax from 0.2% to 0.5%, which is expected to boost the token’s chance of reclaiming $1 price spot.
It’s no longer news that Binance has been the top supporter of LUNC’s value resurgence since the historic implosion of May 2022. The exchange is determined to keep supporting the community on the obviously difficult journey to recovery.
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