The world’s largest cryptocurrency exchange, Binance, continues to rely on Terra Classic (LUNC), the new token of the Terra ecosystem, which rose from the ashes after its dramatic collapse. In this context, it implements a burning program with the aim of reducing the supply of the altcoin project’s token LUNC. Now, Binance has changed the LUNC burning program from weekly to monthly.
Binance LUNC burns will now occur monthly
Koindeks.com As you follow, Binance, the world’s largest crypto exchange by transaction volume, contributed greatly to the revival of Terra Classic (LUNC). The exchange has been burning prices from LUNC spot and margin trading processes for over a month.
Binance has completed the burning of LUNC process prices for the fifth week. During the exercise, Binance burned a total of 1.26 billion LUNC worth $306,406. In just five weeks, the stock market burned nearly 13.7 billion LUNC. This represents more than 50% of all LUNC tokens burned.
Binance announced a new development for this burning program today. From now on, Binance will no longer burn LUNC tokens on a weekly basis. The exchange will now run all LUNC burn processes on a monthly basis. Binance gave the following statement in the announcement:
The LUNC burn setup will occur monthly, not weekly, after the fifth batch process price is burned in the LUNC spot and margin processes.
Based on this development, the sixth batch of Binance’s LUNC burn process will take place on December 1, 2022. According to Binance, starting October 30, 2022, LUNC will calculate trade prices for spot and margin processes at 00:00:00.
Binance contribution to altcoin project’s LUNC burn movement
Cryptocurrency exchange Binance has played an integral role in the revival of the LUNC asset. At the time of writing, a total of 26 billion LUNC have gone to burn wallets. The approximate cost of this is 6.3 million dollars. Of the total LUNC destroyed through the ongoing burning program, Binance is responsible for burning more than 50% of these cryptocurrencies.
At press time, LUNC has lost 1.5% in the last 24 hours, according to CoinMarketCap information. The altcoin is currently trading around $0.0002414 dollars. LUNC’s current market cap is $1.59 billion. It ranks 36th in the cryptocurrency league in terms of market price. LUNC is a continuation of the ecosystem’s legacy token LUNA. Therefore, in the current situation, its price is actually zero. LUNA hit an all-time high of $119.18 about 7 months ago.