Binance confirmed that 1.7 billion LUNC was burned.

Cryptocurrency exchange Binance is starting to make a major change to its community app Tax2Gas. For this purpose, 1.7 billion Terra Luna Classic (LUNC) tokens were burned. With this level of consumption, the crypto community is curious about the next target.

#Binance , the world's largest cryptocurrency exchange, burned 1.7 billion Terra Luna Classic tokens in its latest wallet burn on Monday. After the 23rd round of the LUNC burning mechanism, Binance has burned approximately 62 billion LUNC to date.

Furthermore, the total number of LUNC tokens burned by the Terra Luna Classic community has exceeded 125 billion. Binance continues to support the community for the revival of Terra Luna Classic starting in 2022 through a monthly LUNC burn mechanism.

The Terra Luna Classic community witnessed the cremation on July 1. 1.7 billion Terra Luna Classic tokens were burned by cryptocurrency exchange Binance. Garbage incineration also recorded 8.5 million LUNC in taxes. The expected implementation of Tax2Gas this month will likely increase the burn rate.

The 23rd LUNC burn mechanism saw Binance spend a significant amount of transaction fees between May 31 and June 29. Binance was now able to burn approximately 61.99 billion Terra Luna tokens Classic from trading fees on spot and margin trading #LUNC pairs.

Due to Binance's recent burn, the net burn of the Terra Luna Classic community has now exceeded 125 billion LUNC. Binance accounts for over 50% of all LUNC burned since the community took control of the chain. The reason behind the low number of burns, unlike the community, is due to less processing.