Binance burnt 1.193% of the total supply of Terra Luna Classic tokens on September 1st.
Nearly 65B LUNC tokens have been burnt by the exchange in the last two years.
After burning an additional 1.19 billion Terra Classic tokens, Binance’s LUNC burn totaled approximately $65 billion. In the midst of a wider crypto market selloff and discussions about validators violating chain rules, the price of Terra Classic token in spot and derivatives markets has not recovered this time.
Binance, a cryptocurrency exchange, burnt 1.193% of the total supply of Terra Luna Classic (LUNC) tokens on September 1st. Additionally, 5.96 million LUNC in taxes were reported for the burn transaction.
Collaborative Effort
The cryptocurrency exchange burnt $97,229.23 in trading fees from July 31 to August 29 in the 25th batch of the LUNC burn mechanism. Nearly 65 billion Terra Luna Classic (LUNC) tokens have been burnt by the exchange in the last two years.
As a result of projects, cryptocurrency exchanges, and investors burning LUNC tokens, the total amount of tokens burnt by the Terra Classic community is about 132 billion. But the quantity of the Binance LUNC burn mechanism has decreased dramatically over time.
Security and pull request concerns are among the factors that have slowed down the implementation of Tax2Gas. Genuine Labs has recently updated Testnet to the latest binary, which includes Tax2Gas and numerous updates. Prices fell 15% in a week as a result of traders fleeing the market.
As the community debates the validity of some validators’ violations of chain rules, the price of LUNC falls as well. The JESUSisLORD 2 (JIL2) validator was accused in a proposal to have broken the DynComm rule by running a second validator on the same chain. The market is now watching US employment statistics for any more clues about the direction of the next several days.
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