The world’s largest crypto exchange Binance burned over 2.5 billion Terra Classic (LUNC) tokens in the third batch of the Binance burn mechanism. With the completion of 3rd batch, Binance has sent nearly 11 billion LUNC tokens in total to the burn address. As a result, the Terra Classic price increased nearly 1% after the burn.
Binance Burns Another 2.5 Billion Terra Classic (LUNC)
Binance sent over 2.5 billion Terra Classic (LUNC) tokens worth over $650k to the burn address on October 17 at 12:38 PM UTC. Also, the transaction fee for the burn transaction is 30 million LUNC tokens. The 3rd batch comprises LUNC trading fees from spot and margin trades between October 9-15.
Binance CEO “CZ” promised to help the Terra Classic community reach a target of 10 billion fixed Terra Classic supply. Moreover, he believes the 1.2% burn tax on LUNC should be reduced to promote more off-chain and on-chain transactions.
Recently, the community has come up with Proposal 5234 to reduce burn tax to 0.2% and set a 10% tax to finance Terra Classic blockchain developments and contributors. The proposal received votes in the majority, with validators supporting the changes.
Terra Rebels lead developers Edward Kim and Alex Foreshaw have supported Proposal 5234. However, the developers are unsure if the tax reduction will increase LUNC trading. Meanwhile, Edward Kim proposed the Terra Classic Grants Program to attract new utility to Terra Classic (LUNC) chain. Also, the program will ensure transparent and efficient distribution of funds to new activities.
LUNC Price After Burn
Terra Classic (LUNC) price fails to attract major price momentum after the third batch of Binance burn. The 24-hour low and high for Terra Classic are $0.0002571 and $0.0002702. Moreover, the trading volume is up 22% in the last 24 hours. The community members await the next developments in the Terra Classic Revival Roadmap.
With Binance burning over 2.5 billion Terra Classic tokens, the total burned jumps over 22 billion LUNC. The total supply is 6.86 trillion tokens, with the burn rate skyrocketing to 704 million LUNC per day.
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