LUNC (Terra Classic) Burn Rate Increases By 176,084% As Total Burns Exceed 18 Billion

Terra LUNC Community Approves New Measure to Reduce Tax Burn
Terra LUNC Community Approves New Measure to Reduce Tax Burn

Binance‘s participation in the ongoing LUNC burn has resulted in an increase in the number of Terra Luna Classic tokens destroyed. A total of 18.12 billion Luna Classic tokens have been burned from the total supply of the cryptocurrency, according to LUNC Burn, an unofficial Twitter account that tracks its ongoing incineration.

Read also: LUNC Core Developer’s Re-Peg Proposal Drives Terra Classic USD (USTC) Up 

Today, the Luna Burn Tracker also reported a 176,084% increase in burns over the previous day.

Rea article: CetoEX Support For Terra Classic 1.2% Burn on LUNC Trading to be Announced Soon

Luna Burns Hasten By Binance

Binance, the world’s largest cryptocurrency exchange by 24 hour trading volume, sent nearly 3 billion LUNC tokens to the official burn wallet yesterday.

According to fxcryptonews, Binance sent the wallet 2,992,563,505 LUNC worth approximately $922 million. Due to Binance’s recent burning of nearly 3 billion LUNC tokens, the Luna Classic daily burns have increased by 176,084%.

Binance announced its unique way of supporting the Luna Classic community, in addition to supporting the 1.2% tax burn for all LUNC on-chain transactions. The exchange implemented a mechanism to make Terra collapse victims whole by burning all fees earned from LUNC spot and margin trading pairs.

In support of this effort, Binance sent over 5 billion LUNC to the address last week. This week, the exchange demonstrated its commitment to the community by burning nearly 3 billion LUNC.

Binance has currently burned 8.5 billion Luna Classic tokens through the initiative.