In a bold move, Binance has recently conducted its Terra Classic burn for the month of May, completely obliterating over 1.7 billion LUNC tokens in one fell swoop. This comes as the price of LUNC dropped below the significant $0.0001 level.
According to data from Terra Classic block explorer Terra Finder, the burn transaction involved a precise amount of 1,404,956,147 LUNC tokens, which are currently valued at $134,468 based on prevailing rates. Binance executed this transaction today at 10:33 (UTC), adhering to its customary 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 throughout April. This figure indicates a significant 66% decrease compared to the amount burned by the exchange in March, which can be attributed to lower LUNC trading activity in April.
Following this recent transaction, Binance continues to maintain its position as the largest Terra Classic burner. Through its burn campaign, the exchange has now destroyed a total of 58.93 billion LUNC tokens, which carry a monetary value of $5.6 million.
Impressively, Binance’s burns account for a staggering 52.3% of all Terra Classic tokens burned since the inception of the burn campaign in May 2022. It is important to provide context here – the community initiated this campaign as part of an effort to revive the Terra Classic ecosystem, which had collapsed two years ago.
Under the leadership of former CEO and founder Changpeng “CZ” Zhao, Binance made the decision to support the community by incinerating 100% of the fees earned from LUNC trades. However, due to controversies surrounding the reminting of burned tokens, the exchange later revised this commitment to 50%.
Despite facing global regulatory challenges and the departure of Zhao as CEO, Binance has remained steadfast in its 50% commitment. Rexyz, a prominent figure in the Terra Classic community and the lead of TerraCVita team, praised the exchange and its current CEO Richard Teng for their dedication following the latest burn.
This recent transaction comes after Binance burned 4.175 billion Terra Classic tokens last month. In March, the exchange burned 2.21 billion tokens, followed by 2.095 billion in February and 5.57 billion in January. Although this is the lowest burn of the year, it brings Binance’s total LUNC burns for 2022 to 15.75 billion.
Interestingly, this transaction coincides with a downturn in the broader cryptocurrency market, which has also affected the value of LUNC. Currently, Terra Classic is trading at $0.00009590, experiencing a 3.92% decrease over the last 24 hours, after dropping below the significant $0.0001 price level on April 30.
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