Binance Total LUNC Burns Surpass 31B as Exchange Burns 1.2B+ Terra Classic
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The latest Terra Classic (LUNC) burn from Binance demonstrates the exchange’s commitment to the initiative and represents its burn for fees collected in April.
Binance remains committed to supporting the Terra Classic (LUNC) burn campaign, as it recently incinerated over 1.26 billion LUNC tokens for its latest batch of monthly burns. Notably, the burn represents 50% of the fees collected on Terra Classic trades on the exchange for the month of April.
Per data from Terra Finder, the burn transaction occurred today at 12:13 (UTC) and involved exactly 1,268,122,322 (1.268 billion) Terra Classic tokens currently valued at an excess of $135K against prevailing rates.
Following the transaction, the exchange’s cumulative LUNC burns have finally surpassed the 31 billion mark, making Binance the first single entity to hit this milestone since the burn initiative began. Binance now boasts a cumulative burn of 31.83 billion LUNC, representing 57.9% of the total Terra Classic burns of 54.92 billion tokens.
The latest 1.2 billion LUNC burn comes exactly one month after the exchange incinerated 1.6 billion tokens for the month of March. This is the third burn exercise carried out by Binance since the proposal that aimed to address its concerns passed. In total, the exchange has burned 11.6 billion Terra Classic since it resumed burns two months back on the back of the proposal.
Notably, on Feb. 28, the community passed the proposal for a chain upgrade to v.1.1.0 which would implement changes aimed at addressing concerns raised by Binance. The upgrade went live on March 1, and Binance resumed burns as promised, after suspending the exercise in September 2022.
Meanwhile, the Terra Classic burn campaign remains on track, with contributions from all angles. As previously reported by The Crypto Basic, the recently-introduced USTC re-peg proposal also seeks to contribute to the burns by purchasing LUNC with USTC divergence fees and incinerating the LUNC tokens or staking them.O
Other entities such as validator LUNC DAO and newly-launched project Cremation Coin have continued to burn millions of tokens every week to champion the cause.