Binance conducts 11th LUNC burn, 2.65 billion tokens destroyed
The Luna Classic burn mechanism works by automatically burning tokens whenever a transaction occurs on the network.
Binance, the world's largest crypto exchange, has conducted its 11th batch of the Terra Classic (LUNC) burn mechanism, resulting in the burning of 2.65 billion LUNC tokens.
The total LUNC tokens burned by Binance now exceed 35.5 billion, while the community's burn surpasses 68 billion. Traders have reacted positively to the burn, leading to a 3% increase in LUNC price.
Based on a transaction executed on July 1, Binance transferred 2.65 billion Terra Classic (LUNC) tokens to the burn address with the aim of reducing the circulating supply of LUNC. The transaction also involved a transaction fee of 13.25 million LUNC.
The Luna Classic burn mechanism works by automatically burning tokens whenever a transaction occurs on the network. The number of tokens that are burned is relative to the number of tokens in circulation. This ensures that the total supply of tokens is constantly decreasing, thus increasing their value over time.
We thank you @binance for the 2.65B #LUNC burn!
We appreciate your support to help us burn our hyperinflated supply!
I voted YES to prop #11582, to burn the funds the community wrongly re-minted.
Hopefully we can come to an agreement in our community to do the right...