## Binance Confirms 1.7 Billion LUNC Burned
Crypto exchange Binance is making significant changes with the community app Tax2Gas. As part of this initiative, 1.7 billion Terra Luna Classic (LUNC) tokens were burned. This burn has piqued the crypto community's interest in the next target.
Binance, the world's largest crypto exchange, burned 1.7 billion Terra Luna Classic tokens in the latest wallet burn on Monday. After the 23rd batch of the LUNC burning mechanism, Binance has burned approximately 62 billion LUNC to date.
The total LUNC tokens burned by the Terra Luna Classic community have exceeded 125 billion. Binance has supported the Terra Luna Classic revival since 2022 through the monthly LUNC burn mechanism.
On July 1, the Terra Luna Classic community witnessed the incineration of 1.7 billion Terra Luna Classic tokens by Binance. This burn also included 8.5 million LUNC in taxes. The Tax2Gas implementation expected this month will likely increase the burn rate.
The 23rd batch of the LUNC burning mechanism saw Binance spend a significant amount of transaction fees for the period from May 31 to June 29. Binance has burned approximately 61.99 billion Terra Luna Classic tokens from transaction fees on the LUNC spot and margin trading pairs.
As a result of the recent burn by Binance, the net burn of the Terra Luna Classic community has now exceeded 125 billion LUNC. Binance accounts for over 50% of the total LUNC burned since the community took control of the chain. The lower burn amount compared to the community is due to less processing.