Binance Burns Over 1 Billion LUNC Worth $88K, Total LUNC Burns Surpass 60 Billion
Binance Burns Over 1 Billion LUNC Tokens Worth $88,707 in Latest Incineration Event According to data from Terra Finder, Binance conducted a significant burn of 1,044,105,203 LUNC tokens, equivalent to $88,707, on June 1 at 5:14 pm.
This burn represented 50% of the fees collected by the exchange from Terra Classic transactions during the month of May. With a total of 32.8 billion LUNC tokens burned, Binance remains the leading contributor to the venture.
Also Read This Related: Terra Classic Project Conducts LUNC Token Burn for Edward Kim AI Chain’s “Block Entropy” Testnet
Binance Resumes Burning LUNC Tokens after Terra Classic Upgrade
Following the upgrade of Terra Classic to v1.1.0, Binance promptly resumed its burning activities on March 2. This came after the exchange raised concerns about LUNC burns, which were addressed by the network changes implemented in the upgrade. In the first burn since the upgrade, Binance incinerated 8.8 billion LUNC tokens, equivalent to 50% of the fees collected from December 2022 to February 2023.
Binance’s Contribution Pushes Total LUNC Burns Beyond 60 Billion
The recent burn by Binance has propelled the collective amount of LUNC tokens burned by all parties to surpass the significant milestone of 60 billion. This achievement comes a year after the burn initiative gained considerable attention.
Also Read This Related: New Project on Terra Classic Sets Record for Highest LUNC Burn, Surpassing Binance
According to data from LUNCMetrics, a community-driven analytics resource for Terra Classic, the current total of LUNC burned stands at 62.05 billion. Binance alone accounts for an impressive 52.9% of these burns, underscoring its substantial contribution to the initiative.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
Join Cryptos Headlines Community: https://linktr.ee/cryptosheadlines.com
