BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
SUBSCRIBE
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result
Home Crypto

LUNC Burn Surpasses 13 Billion As Binance Boosts Terra Classic Burns

BlockNews Team by BlockNews Team
October 8, 2022
in Crypto, DeFi, Investing
Reading Time: 3 mins read
A A
LUNC-Logo
2
SHARES
34
VIEWS
Share on TwitterShare on Reddit

Since the 1.2% burn tax started, billions of Terra Classic (LUNC) tokens have been burnt from the total supply to revive the asset value.
According to LUNC Burn, an official Twitter account that monitors LUNC burns, 13.7 billion Luna Classic tokens out of the total supply of the cryptocurrency have been burned.

You might also like

Crypto Exchange GMX Proposes Deployment to Coinbase Blockchain

Bitcoin Price Prediction: BTC Back Below $28K As US Banking Crisis Escalates

Crypto Flourishes in Vietnam with 16.6 million Holders

🔥Total burned $Lunc: 13.73b🔥
🔥Total since 1.2% burn tax: 3.76b🔥$Lunc t/s: 6,893,645,550,985$Ustc t/s: 9,815,268,146$Lunc staked:
bonded: 657,426,597,911
unbonded: 46,743,352,904
% total supply: 9.53% 🔐#Lunc #LUNCcommunity #ThanksCZ #luncburn #CoinbaseListLunc

— LUNC Burn (@LunaBurn_13) October 3, 2022
Via @LunaBurn_13 – Twitter

The funds are worth approximately $4.37 million at the current exchange rate of $0.00031588. However, 3.76 billion Luna tokens have been destroyed in the tax burn.

How Binance Influenced the Burn

Binance, the largest exchange in the world, significantly influenced the amount of LUNC tokens burned.

As of October 3, the total LUNC burns were slightly above 8 billion. Binance burned a record 5.5 billion LUNC in a single transaction.
The fees generated from the transaction from LUNC spot and margin trading pairs were used to purchase the tokens, which led to the total burn exceeding 13 billion.

Shortly after the 1.2% burn tax proposal last month, Binance CEO Changpeng “CZ” Zhao took to Twitter to comment on why the firm had opted for the burn.

“Fees will be converted to LUNC and sent to the burn address. The burn is paid at our expense, not to the users,” he wrote. “This way, we can be fair to all users. The trading experience and liquidity remain the same, and Binance can still contribute to the supply decrease of LUNC, which is what the community wants.”

1.2% LUNC Burn Tax

The program LUNC burn was started by those who lost everything in the Terra collapse to compensate for their losses. The Terra community and its central figures since the first iteration of the Terra blockchain and UST stablecoin suffered a $40 billion wipeout in May.

Investors were asked to send some of their LUNC tokens to a burning wallet to lower the total amount of the LUNC tokens in circulation. The fees are burned, making them inaccessible to users, thereby decreasing their supply.

Following the 1.2% tax burn proposal last month, burns have drastically increased.

Cryptocurrency exchanges such as Binance and MEXC Global contributed significantly to the burning of LUNC tokens due to LUNC spot and margin trading pairs.

LUNC Staking On The Rise

The Terra Classic community intends to reduce LUNC’s supply in circulation. 657.4 billion Luna Classic tokens have been staked as part of the community’s LUNC staking initiative.

Do Kwon Gets Boost

Co-founder of Terra, Do Kwon, who is now a crypto-fugitive, received a boost after a court let an executive connected to his failed Terraform Labs ecosystem avoid jail.

The surname of the person who evaded jail is Yu. The person is suspected to be Terra’s head of general affairs, Yu Mo.
On Thursday, prosecutors said that Yu had been detained on suspicion of breaking the capital markets law, committing fraud, and breach of duty related to market manipulation.

Tags: cryptoLunaLUNC
Tweet1ShareShare1

Recommended For You

Crypto Exchange GMX Proposes Deployment to Coinbase Blockchain

by BlockNews Team
March 22, 2023
0
gmx exchange

GMX, a decentralized derivatives exchange, has received community approval to deploy the protocol on Coinbase's (COIN) recently announced layer2 blockchain, Base. GMX community members have expressed support for...

Read more

Bitcoin Price Prediction: BTC Back Below $28K As US Banking Crisis Escalates

by BlockNews Team
March 22, 2023
0
bitcoin price

Bitcoin price has been on a notable uptrend, rising 43% in a span of two weeks. The US banking crisis worsens and could claim First Republic Bank as...

Read more

Crypto Flourishes in Vietnam with 16.6 million Holders

by BlockNews Team
March 22, 2023
0
vietnam crypto

Vietnam has emerged as a key player in the international cryptocurrency market, with about 17% of its population possessing digital currencies. Bitcoin is the most popular digital currency,...

Read more

Ripple-SEC Case: XRP Price Turns Bullish As Coinbase Hints At Relisting

by BlockNews Team
March 22, 2023
0
xrp

Coinbase could relist the XRP token if Ripple wins the ongoing lawsuit against the SEC. The exchange will initiate the relisting process immediately after the court pronounces itself...

Read more

Solana’s Top DEX Orca Restricts Access For American Users

by BlockNews Team
March 22, 2023
0
orca.so

US-based users will be banned from trading on Orca’s web interface beginning March 31st. Orca said the ban exempts those who trade directly using smart contracts and their...

Read more
Next Post
bitcoin.com

Bitcoin.com Announces Public Sale of VERSE Ecosystem Token

Related News

fetch.AI logo

Fetch.AI Partners With Bosch To Drive Web3 And AI Tech Adoption

February 25, 2023
got nft

Game of Thrones NFTs Sells Out Despite Scathing Reviews on Twitter

January 19, 2023
Cryptocurrencies

Macro-Conditions Continue To Dictate The Short-term Path for Cryptocurrencies

October 4, 2022

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • Crypto Exchange GMX Proposes Deployment to Coinbase Blockchain March 22, 2023
  • Bitcoin Price Prediction: BTC Back Below $28K As US Banking Crisis Escalates March 22, 2023
  • Crypto Flourishes in Vietnam with 16.6 million Holders March 22, 2023

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?