#LUNC✅ BINANCE BURN

Let me provide you with information about the Binance burn related to Terra Classic (LUNC). Here are the details:

Burning Changes:

Following recent developments outlined in Proposal 10983 and Proposal 11111, where LUNC burn is being re-minted as a development fund, Binance has made changes to the burning of LUNC trading fees.

Starting from December 2022, Binance now burns 50% of the LUNC spot and margin trading fees instead of the previous 100%.

The contribution from LUNC trading fees will be delayed until 2023-03-01 to ensure that these fees are excluded from being re-minted.

Binance has engaged with the leadership team from the Terra Grants Foundation to create a new burn wallet that prevents re-minting of the burn amount.

Validity Period: 2022-12-28 00:00:00 (UTC) until further notice1.

Funding for New Projects:

In November 2022, Binance announced the Industry Recovery Initiative (IRI), a fund to support crypto and Web3 projects.

Developers interested in continuing to build on the LUNC chain can apply for support through the IRI

Recent LUNC Burns by Binance:

Binance has been actively burning LUNC tokens. As of the last update on 2024-04-28, they have burned a total of 57.66 billion LUNC (which accounts for 51.9% of the total supply).

Additionally, Binance has burned 4.38 million USTC (equivalent to 0.0039% of the total supply) in trading fees

2.

Recent Specific Burns:

Here are some specific burn transactions from Binance:

On 2024-04-11, Binance burned 71,690 LUNC (TX Hash: terra18vnrzlzm2c4xfsx382pj2xndqtt00rvhu24sqe).

On 2024-04-03, Binance burned 29,939 LUNC (TX Hash: terra18vnrzlzm2c4xfsx382pj2xndqtt00rvhu24sqe).

On 2024-04-01, Binance burned a significant amount of 4,175,855,418 LUNC (TX Hash: terra18vnrzlzm2c4xfsx382pj2xndqtt00rvhu24sqe)2.

Remember that these burns contribute to reducing the overall supply of LUNC.