BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Play Now
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Blockchain

Binance Eliminates 2.65 Billion LUNC Tokens in Its 11th Burn Round

by Dan K
Jul 2, 2023 - 5:00 pm
in Blockchain
Graphic representation of Binance Coin (BNB) burn transaction and subsequent rise in market sentiment

Binance Burns 2.65 Billion LUNC Tokens in Its Latest Burn Round

In its 11th burn round, Binance, the largest cryptocurrency exchange globally, has effectively burned 2.65 billion Terra Classic (LUNC) tokens. The total number of LUNC tokens burned by Binance so far exceeds 35.5 billion, while the community burn surpasses 68 billion. This significant event has elicited a positive reaction from traders, leading to a 3% price increase in LUNC.

Transaction Details and Impact on Circulating Supply

Based on a transaction executed on July 1, Binance transferred 2.65 billion LUNC tokens to the burn address. This action has resulted in a decrease in the circulating supply of the tokens. Along with this, the transaction involved a fee of 13.25 million LUNC.

The Unique Terra Classic Burn Mechanism

The Terra Classic network features a unique burn mechanism that automatically destroys tokens with each transaction. The quantity of tokens burned is relative to the circulating number, ensuring a steady decrease in the total supply and, hypothetically, an increase in their value over time.

Previous Burns and Community Reaction

Binance conducted a burn of 1.04 billion LUNC tokens in June, as reported by Coingape. Despite reducing its contribution from LUNC spot and margin trading fees from 100% to 50%, the community applauded the support provided by the crypto exchange and its CEO, Changpeng Zhao.

Improvement in LUNC Burn Rate

Over the past couple of months, the LUNC burn rate has seen significant improvement. Initiatives from projects like DFLunc, Terra Casino, and Cremation Coin have contributed to this increase, resulting in the successful burning of 68 billion LUNC tokens by the community.

Current Community Focus and Future Plans

Following the successful completion of the largest upgrade in May, the community’s focus is now on reducing the supply of LUNC and TerraClassicUSD (USTC) tokens. The Joint L1 Task Force and “quant” team are also set to collaborate on the USTC repeg initiative.

Price Pressure Despite Token Burn

Despite Binance’s recent burn, the LUNC price remains under pressure and has continued its downward trend. As per CoinMarketCap, LUNC’s price has jumped 3% in the last 24 hours and is trading at $0.000087 at the time of writing.

Tags: BinanceBlockchainDeFiLUNCTerra
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

Related Posts

Shanghai cityscape with overlaying blockchain icons representing its commitment to technological growth.

Shanghai Unveils Blueprint to Boost Blockchain Progress by 2025

September 27, 2023

Shanghai announces a comprehensive strategy targeting rapid blockchain evolution by 2025, aligning with China's support for domestic blockchain...

A graph showcasing the decline in Binance's market share in 2023.

Binance’s Non-Dollar Exchange Market Share Dips by 25%

September 27, 2023

Binance's dominance in non-dollar crypto exchanges takes a hit, dropping 25% since January 2023, facing challenges from competitors...

Aerial view of Tecpetrol's new crypto mining setup, surrounded by the vast landscapes of Argentine Patagonia.

Argentinian Oil Giant Tecpetrol Turns to Crypto Mining Using Excess Gas

September 27, 2023

Tecpetrol ventures into cryptocurrency mining by converting excess gas into energy, setting an example in both sustainability and...

Binance CEO CZ engaged in a discussion regarding the recent HTX hack.

CZ Appoints Binance Security Team to Track Huobi HTX Stolen Funds

September 26, 2023

Binance's CZ extends a helping hand to Huobi HTX after a hack drained $8 million from the exchange....

Press Releases

David Ferrucci next to the Elemental Cognition brand emblem.

BM Watson’s Lead Developer Secures $60M for New AI Venture, Elemental Cognition

August 18, 2023

David Ferrucci, has raised a remarkable $60M for his AI startup. The company brings forward two pioneering chatbot solutions designed...

pulse5

Amsterdam Gets with the Dutch Blockchain Days the Biggest Event of the Benelux in the Field of Blockchain, Crypto Currencies, NFTs and Other Web3 Developments

May 8, 2023

Discover the future of blockchain, crypto, NFTs, and Web3 at Dutch Blockchain Days, the largest event in Benelux.

pulse4

Korea Blockchain Week 2023 Set to Push the Boundaries after Record-Breaking 2022 Event

May 8, 2023

Korea Blockchain Week 2023 returns after a highly successful 2022 event, featuring leading experts and the latest trends in blockchain...

pulse3

Istanbul Will Be Hosting Eurasia’s Largest Blockchain Event Once again on May 8–11, 2023

May 8, 2023

Join Eurasia's largest blockchain event, the Blockchain Economy Istanbul Summit, May 8-11, 2023, and discover the future of financial technology.

View All
BTC-Pulse LogoTransparent

© 2023 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2023 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise