{"id":176389,"date":"2023-06-02T23:39:24","date_gmt":"2023-06-02T23:39:24","guid":{"rendered":"https:\/\/precoinnews.com\/?p=176389"},"modified":"2023-06-02T23:39:24","modified_gmt":"2023-06-02T23:39:24","slug":"binance-destroys-1-04-billion-lunc-tokens-in-latest-burn-event","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/altcoins\/binance-destroys-1-04-billion-lunc-tokens-in-latest-burn-event\/","title":{"rendered":"Binance Destroys 1.04 Billion LUNC Tokens in Latest Burn Event"},"content":{"rendered":"
Leading cryptocurrency exchange Binance has recently burned a total of 1.04 billion tokens of Terra Classic ($LUNC), effectively making the 10th<\/sup> burn as part of the LUNC burn mechanism, which to date has seen a total of nearly 33 billion LUNC get burned.<\/p>\n This latest burn, covering the period from April 30 to May 30, 2023, also incorporated a transaction fee of 5.22 million LUNC tokens. To date, Binance has burned close to 33 billion Terra Classic tokens, accumulated as trading fees from LUNC spot and margin trading pairs.<\/p>\n It\u2019s worth noting that the original Terra ecosystem collapsed last year and later rebranded to Terra Classic, while a new, forked blockchain took the Terra brand with it. When\u00a0Terra\u2019s ecosystem collapsed, its circulating supply jumped from 340 million tokens to 6.9 trillion, and to combat the inflation $LUNC supporters have added a 1.2% tax burn on all transactions conducted on the network.<\/p>\n The Terra Classic community, has been battling for increased adoption and even created a\u00a0petition to get listed on cryptocurrency exchange Coinbase.<\/p>\n Interestingly, despite a reduction in the contribution of LUNC spot and margin trading fees from 100% to 50%, causing a corresponding decrease in Binance\u2019s LUNC burns, the overall burn rate of the cryptocurrency saw a significant uptick in May as decentralized finance protocol DFLunc burned an additional 2.5 billion tokens.<\/p>\n Among some of the developments on the horizon for LUNC are amendments to burn tax regulations, the implementation of a 5% minimum commission fee for validators, and collaboration with the USTC repeg team to establish a USTC test environment.<\/p>\n As CryptoGlobe reported, Binance has supported LUNC\u2019s network upgrades to date, including one that set seigniorage rewards on the network to 0%. Binance has been supporting the network\u2019s token burns, with for example its third batch of burns destroying\u00a02.5 billion tokens, permanently removing them from circulation in a single transaction.\u00a0<\/p>\n Last month, in an effort to re-peg TerraClassicUSD ($USTC) to the dollar, the LUNC community mulled over a proposal that involved a mechanism that includes divergence fees on USTC trades that deviate from the peg.<\/p>\nImage Credit<\/h2>\n