Binance, the leading cryptocurrency exchange, has completed its monthly burn of Terra Classic (LUNC) tokens for the month of May. In a single transaction, over 1.7 billion LUNC tokens were incinerated, as the price of LUNC dropped below the important $0.0001 level.
According to data from the Terra Classic block explorer Terra Finder, the burn transaction involved exactly 1,404,956,147 LUNC tokens, which are currently valued at $134,468. Binance executed the transaction at 10:33 (UTC) today, following its usual procedure for monthly LUNC burns.
It is worth noting that these 1.4 billion Terra Classic tokens represent 50% of the LUNC trading fees collected by Binance in April. This amount is a significant decrease of 66% compared to the tokens burned in March, but it can be attributed to the low trading activity of LUNC in April.
With this latest burn, Binance solidifies its position as the largest burner of Terra Classic tokens. Since the burn campaign began, the exchange has burned a total of 58.93 billion LUNC tokens, with a total value of $5.6 million.
Impressively, Binance’s burns account for 52.3% of all Terra Classic tokens burned since the campaign started in May 2022. The community initiated the campaign to revive the Terra Classic ecosystem, which suffered a collapse two years ago.
Under the leadership of former CEO Changpeng “CZ” Zhao, Binance initially committed to burning 100% of the fees earned from LUNC trades. However, following controversies surrounding the reminting of burned tokens, the exchange revised this commitment to 50%. Despite global regulatory challenges and Zhao stepping down as CEO, Binance has upheld its 50% commitment.
Rexyz, a prominent figure in the Terra Classic community and lead of the TerraCVita team, praised Binance and its current CEO Richard Teng for their dedication to the burn campaign.
This recent burn follows last month’s incineration of 4.175 billion Terra Classic tokens by Binance. The exchange also burned 2.21 billion tokens in March, 2.095 billion in February, and 5.57 billion in January. Although the May burn is the lowest of the year, it brings Binance’s total LUNC burns for 2022 to 15.75 billion.
It is worth mentioning that the burn occurred during a downturn in the broader crypto market, which has affected the price of LUNC. Currently trading at $0.00009590, LUNC has dropped 3.92% in the last 24 hours and fell below the significant $0.0001 price level on April 30.
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