Crypto exchange Binance burns over 1.34 billion Terra Classic tokens in Binance’s fourth LUNC burn mechanism. LUNC price falls 5%.
The world’s largest crypto exchange Binance burns over 1.34 billion Terra Classic (LUNC) tokens in the fourth batch of Binance burn mechanism. With the latest burn, Binance has sent nearly 12.5 billion LUNC tokens in total to the burn address. However, the Terra Classic burns by Binance dropping is a minor concern for the community. As a result, the LUNC price fell nearly 5% in the last 24 hours.
Binance Sends Over 1.34B LUNC Tokens to Burn Address
In an official announcement on October 24, Binance revealed it has burned over 1.34 billion Terra Classic (LUNC) tokens in the fourth batch of its weekly Binance burn mechanism. Also, the transaction fee for the burn transaction is 2.68 million LUNC tokens.
The crypto exchange has burned nearly 12.5 billion LUNC tokens by using the trading fees on spot and margin trading pairs. However, the Binance LUNC burns have dropped continuously every week. Binance CEO “CZ” suggested reducing the burn tax increase off-chain and on-chain transactions.
The Terra Classic community has successfully passed Proposal 5234 which aims to reduce burn tax to 0.2% and set 10% funds for the community pool. Binance has already revised changes to tax burn last week. The next Binance LUNC burn will be crucial for the community to determine if the reduced tax increased trading volumes.
LUNC Burn, an unofficial burn tracker, tweeted seeking the community’s support to trade on Binance only. The intent is to increase the burn rate by Binance. While the drop in rate is a concern, diversification has reduced its impact. Allnodes burned 30.48 million LUNC and validator LUNC DAO burned 22.2 million tokens today.
Terra Rebels, the group behind the Terra Classic Revival Roadmap, today launched its official YouTube channel for educating the community on all aspects of the Terra Classic blockchain. Terra Rebels has also proposed the Terra Classic Grants Program to manage funds in the community pool.
Terra Classic Price Falls After Burn
After the Binance burn, Terra Classic’s price fell to a low of $0.00022. In the last 24 hours, the LUNC price plunged over 5% and trading volume dropped nearly 20%.
Meanwhile, the community has burned over 24 billion LUNC tokens. The burn rate has decreased slightly to below 700 million tokens per day.