The burn campaign for Terra Luna Classic has reached around 98 billion LUNC.
The 100 billion LUNC goal is already within reach of the burn campaign.
In the 18th batch of the LUNC burn mechanism, crypto exchange Binance, burnt 2.1 billion Terra Luna Classic (LUNC) tokens. With almost 50 billion LUNC burnt so far, the crypto exchange accounts for 52.4% of all tokens burned by the Terra Luna Classic community.
The Terra Luna Classic community has banded together to implement LUNC burn, a strategy to eliminate LUNC tokens from circulation. The 100 billion LUNC goal is already within reach of the burn campaign.
Combined Effort of Community
As per the transaction that took place on January 1, Binance delivered 2.1 billion Terra Luna Classic (LUNC) tokens to the burn address.
Specifically, from December 31st to January 30th, the LUNC burn mechanism was in its 18th batch. Trading costs on Binance’s LUNC spot and margin trading pairs have brought the LUNC burn total to 51.27 billion Terra Classic tokens, as of the most recent burn.
Following a dramatic rise in the amount of LUNC trades on the cryptocurrency market, the burn rate accelerated dramatically. A USTC perpetual contract and new USTC and LUNC trading pairs were introduced by Binance and other cryptocurrency exchanges, which greatly enhanced the trading of the tokens.
The burn campaign for Terra Luna Classic has reached 98 billion LUNC, thanks to the combined efforts of crypto exchanges, validators, projects, and community members. The average weekly burn rate for the community is 600 million LUNC.