Binance Burns Over 1.2 Billion LUNC In Single Transaction as its Total Burns Exceed 31 Billion

Binance, the leading crypto exchange by trading volume and the largest blockchain ecosystem continues to support the Terra Classic community, burning billions of LUNC in the last few months.

These hefty amounts of LUNC burned by the crypto exchange at scheduled dates are the conversion of the trading fees derived by Binance from LUNC spot and margin trades on its world-class trading platform. 

Data on Terra Finder — the chain’s official explorer — shows that Binance burned exactly 1,268,122,322 LUNC at 12:13 UTC on May 1, 2023, in one transaction. This represents 50% of the trading fees gotten by Binance from all LUNC spot and margin trades in the month of April. At the time of execution, the burn transaction was worth over $135,000. 

Although Binance’s burn for April is mildly lower than that for March, the exchange remains the top contributor to the Terra Classic burn expedition. For March 2023, the exchange successfully took out 1,612,903,453 LUNC from circulation worth $203,000 at the time of the transaction. 

Notably, out of the 55,472,571,928 LUNC burned ever since the Terra Classic burn initiative began, Binance is responsible for the incineration of 31,887,638,597.6 Terra Classic tokens. 

And from the foregoing, the project community has only been able to burn 0.81% of LUNC’s total supply. This means lots of tokens need to be destroyed to reach a 10 billion LUNC total supply as self-imposed by the token community. 

The community’s commitment to the burn expedition stems from the belief that a reduced total supply coupled with increased staking and utility provision would help boost the price of the asset.

However, the community suffered a big blow last month following the hack of Terraport, a layer-2 decentralized finance project that promised to burn billions of LUNC weekly. But before the unfortunate incident, Terraport burned nearly 100 million Terra Classic tokens in its first week of operation.

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