Binance continues to burn 11.5 billion LUNA in August to promote Terra Classic's burning plan

Leading cryptocurrency exchange Binance has burned 1,149,430,203 LUNC tokens to reduce the excess supply of Terra Classic.

According to community-based tracking service Luncmetrics, Binance burned the tokens in a transaction on Thursday, August 1. In this transaction, 1.149 billion tokens were transferred from the wallet “terra18…24sqe” to an invalid address. However, this major burn has not had an impact on LUNC’s market cap, as the asset is currently trending downwards.

Binance LUNC Burn in 2024

Prior to this latest burn, Binance burned 132,316 tokens two weeks ago. Notably, the 11.49 billion LUNC tokens burned on August 1 represented half of the trading fees generated by Binance from LUNC trades on the platform in July.

Binance has pledged to destroy 50% of LUNC transaction fees every month. This effort supports ongoing burnout campaigns and revitalization efforts.

Notably, the amount burned from trading fees in July is significantly lower than the amount of LUNC that Binance burned at the end of June. Data from Luncmetrics shows that Binance burned 1.7 billion tokens on July 1, which is 551 million more LUNC tokens than the amount burned on August 1.

The last notable high volume was in April 2023, when Binance destroyed 4.17 billion LUNC tokens. The only number that will be surpassed in 2024 is the record-breaking 5.5 billion token burn on January 1, which was the second-largest number ever burned by Binance LUNC.

From Binance, 63.27 billion LUNC tokens have been destroyed since May 2022. This figure accounts for 49.3% of the total Terra LUNC Classic excess supply reduction efforts, making Binance the largest LUNC burner.

Other entities that burned Terra Classic

DFLUNC Protocol, which is close to Binance, has destroyed 4.51 billion tokens, accounting for 3.5% of the total. Together with other entities, including team members and exchanges such as KuCoin, MEXC, and Bybit, more than 128 billion LUNC tokens have been removed from circulation. However, Terra Classic still has over 67 trillion tokens in circulation.

This supply continues to weigh on its market cap, with LUNC trading at $0.00007491 at the time of reporting, showing negative growth over a significant time period.

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