Binance, a leading cryptocurrency exchange, has completed its monthly Terra Classic (LUNC) burn for May, burning over 1.7 billion tokens amidst a broader market downturn that pushed LUNC below the crucial $0.0001 support level. The Terra Classic community sees this as a way for Binance to showcase its commitment to LUNC revival.
Details of the May Burn
As confirmed by data from Terra Classic block explorer Terra Finder, the burn transaction involved 1,404,956,147 LUNC, equivalent to roughly $134,468 at current market prices. The transaction took place on May 1st at 10:33 UTC, aligning with Binance’s established protocol for monthly LUNC burns.
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These 1.4 billion tokens represent 50% of the LUNC trading fees collected by Binance throughout April. While this figure marks a significant 66% decrease from the March burn, it reflects the lower trading activity for LUNC during that month.
Binance Remains the Top LUNC Burner
With this latest burn, Binance continues its position as the single largest LUNC burner. This exercise brings its total contribution to 58.93 billion LUNC since joining the burn initiative, representing a monetary value of approximately $5.6 million.
Remarkably, Binance’s contributions account for a substantial 52.3% of all LUNC tokens burned since the community-driven initiative began in May 2022. This campaign aims to revitalize the Terra Classic ecosystem following its collapse two years ago.
Sustained Commitment Despite Challenges
Initially, under the leadership of former CEO Changpeng “CZ” Zhao, Binance pledged to burn 100% of LUNC trading fees. However, following controversies surrounding the reminting of burned tokens, the exchange revised its commitment to 50%.
Despite ongoing global regulatory challenges and the recent leadership change with Zhao stepping down as CEO, Binance has maintained its 50% burn commitment. Following the latest burn, prominent Terra Classic community member Rexyz, leader of the TerraCVita team, commended the exchange and its current CEO, Richard Teng, for their continued support.
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Market Downturn and LUNC Price Drop
This latest burn comes amidst a broader market downturn that has impacted LUNC alongside other cryptocurrencies. The price of LUNC dropped below the critical $0.0001 level on April 30th and currently trades at $0.00009882, reflecting a 1.68 increase over the past 24 hours.
While the recent burn represents the lowest amount for Binance this year, it brings its total LUNC burns for 2024 to 15.75 billion. Despite the price decline, Binance’s consistent participation in the burn program demonstrates its ongoing commitment to supporting the Terra Classic ecosystem.
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