Binance has announced that it will implement a burn mechanism in Terra Classic (LUNC) spot and margin trading.
After the collapse of the Terra ecosystem, there was a huge drop in the crypto market and companies started to fight against bankruptcy. On top of all this, there was a fork on the Terra side and two different networks were created. Binance also announced that it will implement a burn mechanism in Terra Classic (LUNC) transactions. With today’s incineration, two billion dollars worth of incineration took place.
High Amount of LUNC Burns Happened on Binance
According to the data shared on Terra Finder, Binance has made a burn of approximately two billion dollars today, and this is the largest burn that Binance has made so far.
In the announcement made by Binance, it was shared that a burning mechanism would be applied by sending all trading fees to the LUNC burning address. With this transaction, it was planned to gradually reduce the supply of LUNC.
This burn was the highest Binance has ever done. Mind, LUNC doubled down on this announcement, adding over $1 billion to LUNC’s market capitalization. During the burning of approximately two billion dollars, 5,590,907,838 LUNCs were burned.
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