LIVEBinance Burn 1.4 billion LUNC
Binance conducted another burn of Terra Classic (LUNC) tokens in addition to the procedure already conducted on May 1. According to the Terra Finder service, the cryptocurrency exchange transferred about 29,828 LUNC to a dead wallet with a transaction fee of 11.33 tokens.
The crypto exchange began burning Terra Classic tokens on a monthly basis following the collapse of the Terra Luna project in 2022.
Usually large-scale destruction of the asset Binance conducts the first day of each month. On May 1, for example, the cryptocurrency exchange burned about 1.4 billion LUNCs worth about $140,000. In total, the platform canceled more than 59 billion tokens in 2,965 transactions. That's 51.9% of the 113.7 billion LUNCs burned by the Terra Classic community.
The highest figure of tokens destroyed by Binance was recorded on March 2, 2023. Back then, the cryptocurrency exchange burned a whopping 8.84 billion LUNC, significantly reducing Terra Classic's supply. However, the "stock" of the asset still remains an impressive 6.79 trillion tokens.