Binance Burns 1.6 Billion Terra Classic (LUNC) On April 1st

Binance, the largest cryptocurrency exchange by trading volume continues its burn of LUNC tokens to assist the Terra Classic community to reduce the total supply of the digital asset.

Following the resumption of LUNC burn by Binance after halting in December 2022, the top crypto exchange disclosed when it would further burn more LUNC tokens. As published, Binance converted 50% of the trading fees generated from LUNC spot and margin trades in March to LUNC, sending billions of the Terra Classic tokens to the community burn wallet on April 1. 

Per an update from the LunaBurnTracker Twitter handle, 1,612,903,453 LUNC worth $203,000 at the time of the transaction was taken out of Terra Classic’s market supply forever on Saturday,  courtesy of Binance. This amount represents half of the March earnings derived by the top crypto exchange on LUNC spot and margin trades which amounted to 213,812.75 USDT. 

Notably, this burn volume is far lower than the quantity of LUNC burned by Binance in March. As reported, the exchange destroyed over 8.8 billion LUNC tokens in one go and its total burn contributions rose to 28.9 billion LUNC. 

However, with this recent burn, Binance remains the highest contributor to the Terra Classic burn expedition with over 30.5 billion LUNC burned. The total burned LUNC from all contributors stands at 52,689,672,065 at the time of writing. This represents only 0.77% of the total supply of the cryptocurrency, indicating that the community has more work to do if they must reach the 10 billion total supply goal set by them.

With more projects such as Terraport Finance —which went live on March 31 — being rolled out, the LUNC burn rate could surge. Recall that Terraport promises to burn billions of LUNC weekly.

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