Binance, the world’s largest crypto exchange by trading volume, has completed its monthly Terra Classic (LUNC) burn for February.
A total of 2.2 billion LUNC tokens were burned during the month, as shared by prominent crypto figure Mr. Diamondhandz1 (@MrDiamondhandz1), with a value of approximately $321,301 at the time of the burn. This signifies the continued support of the top exchange toward Terra Classic recovery.
BREAKING: #Binance burns 2.2 BILLION $LUNC for their February burn valued at $321,301 USD. 🔥#Binance is the only major exchange in #Crypto that burns #LUNC monthly. Thank you @cz_binance and @_RichardTeng for supporting the #LunaClassic community since May 2022. 💎🤲🏻 #LuncBurn pic.twitter.com/GHqsbZrwrr
— Mr. Diamondhandz1💎 (@MrDiamondhandz1) March 1, 2024
This burn mechanism is part of an ongoing effort by the Terra Classic community to reduce the LUNC supply in circulation. Binance first implemented this initiative in 2022, following the collapse of the Terra ecosystem.
Since then, Binance has consistently burned some of the LUNC trading fees collected on its platform, supporting the Terra Classic ecosystem’s recovery journey.
Data from Luncmetrics shows that 102.02 billion LUNC have been burned, with 642.03 million burned in the last 7 days. These burns have reduced the circulating supply of the digital asset from $6.81 trillion to $5.78 trillion.
The Terra Ecosystem Recovery Plan
The ongoing burns are intended to contribute to the long-term sustainability of LUNC and USTC. By reducing the supply, the theory is that the value of each remaining token will increase over time.
However, it is important to note that this is a complex economic process with various factors at play, and the future prices of LUNC and USTC cannot be determined with absolute certainty.
Binance’s commitment to the LUNC community has been acknowledged by community members, with some expressing gratitude on social media platforms.
Mr. Diamondhandz1 thanked CZ, Binance’s former CEO, and Richard Teng, the current CEO, for their support toward Terra Classic ecosystem’s recovery.
The Luna Classic burn program is one of several initiatives undertaken by the community to revive the token following the Terra ecosystem collapse of May 2022. These efforts also include the development of new use cases for the LUNC token and ongoing discussions about potential collaborations with other blockchain projects.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
The community also employs proposals and governance voting in its recovery strategy. The Terra Classic validators regularly vote on proposals to secure and enhance the ecosystem, all aimed at boosting the prices of LUNC and USTC.
Both tokens performed spectacularly in February, with LUNC climbing 47.63% to $0.0001416 and USTC surging 43.19% to $0.03556. While the long-term viability of these efforts remains to be seen, the Luna Classic community continues to demonstrate its commitment to the token’s future.
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