In the 5th Week, Binance Burned 1.26 Billion Lunc, Over 50% Of All Lunc Burnt

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According to data from LUNCPenguins, a website designed to track the Terra Luna Classic (LUNC) Burn, Binance has burned 1.26 billion LUNC after the fifth week.

It’s noteworthy that a tweet from LunaBurnTracker also affirms the transaction.

Read article: Terra Rebels Team Explains Binance’s Role in the Neblio Deal

Recently, the world’s largest exchange burned another 1.3 billion LUNC. It raises the exchange’s overall burn to about 13.7 billion LUNC.

The weekly LUNC burned value has decreased significantly since the exchange experiences lower volumes.

It is important to note that Binance first made the decision to include burns on LUNC trading fees more than a month ago in response to requests from the LUNC community to introduce the burn tax parameter on off-chain transactions. These days, the exchange burns the most LUNC tokens of any burner.

In total, 26 billion LUNC tokens have been burned in the Terra Classic community. Over 50% of this is attributable to Binance alone, with 7.7 billion burned from the on-chain tax accounting for roughly 30%.

Read more: Terra LUNC Tax Burn Drops From 1.2% To 0.2% On Binance

It’s important to note that there were rumours that Binance might stop the burns after four weeks. However, the exchange has chosen to adhere to the LUNC community’s objective of reducing the supply from a staggering 6.9 trillion (currently over 6.8 trillion) to 10 billion.

Notably, Tobias Andersen AKA Zaradar, a core developer for Terra Classic, thinks that taxes alone won’t be sufficient to reach this goal. Zaradar contends that the chain must stimulate actual usage and revive lost economic activity.
Nevertheless, the LUNC community recently signalled its desire to keep ties with Binance. The community turned out in force, placing second in a Twitter vote conducted by the exchange.

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