Hassan Maishera
Binance, the world's largest cryptocurrency exchange, has completed its eleventh round of burning by destroying 2.65 billion Terra Classic (LUNC) tokens.
The total number of LUNC tokens burned by Binance has now surpassed 35.5 billion, while the community itself has burned over 68 billion tokens. Traders have generally responded positively to the burning process, leading to a 3% increase in the price of LUNC.
On July 1st, Binance conducted a transaction where 2.65 billion LUNC tokens were transferred to the burn address, thereby reducing the circulating supply. The transaction also incurred a commission of 13.25 million LUNC.
Terra Classic has an automatic burning mechanism that destroys tokens with every network transaction. The number of tokens burned is proportional to the circulating supply, ensuring a gradual decrease in the total token count, which theoretically increases its value over time.
According to Coingape's report, Binance burned 1.04 billion LUNC tokens in June.
Over the past two months, the burning rate of LUNC has improved due to various project initiatives like DFLunc, Terra Casino, and Cremation Coin. These initiatives burn millions of LUNC tokens weekly, contributing to the successful burning of 68 billion tokens by the community.
According to our Binance review, this cryptocurrency exchange is extremely stable and secure. They are known for working for the good of the entire industry.
