Binance Burns 760 Million LUNC Tokens in 15th Burn Program
Giant cryptocurrency exchange Binance contributed to the community-initiated token burning campaign to reduce the circulating supply of LUNC by sending 760.42 million tokens to the burn address in a transaction on November 1. The 15th burn program covers the period from September 30 to October 30. With the latest token burn, the total amount of LUNC tokens burned by Binance from trading fees on spot trading pairs and LUNC margin has reached approximately 40 billion.
Binance burned 1.01 billion LUNC tokens last month. Due to fear, uncertainty, and doubt (FUD) affecting the overall market, a decrease in developer activity, and a decrease in LUNC trading volumes on cryptocurrency exchanges, the token burn rate under this program has decreased significantly. Since taking responsibility for Blockchain following the Terra-LUNA crash in 2022, the Terra Luna Classic community has burned a total of over 76 billion LUNC tokens.
While some community members expressed their dissatisfaction with Binance's second token burn of just under 1 billion, others thanked Binance and CEO Changpeng Zhao for their contributions to the token burn program.
In 2022, Binance reduced the share of fees earned from spot trading and LUNC margin for the token burning program from 100% to 50%. The Terra Luna Classic community is now considering launching a USTC token burning program alongside LUNC on Binance.
