The latest update from the official LunaClassic HQ Twitter page confirms that the burn rate of Terra Classic (LUNC) is gradually inching towards 70 billion. Burning tokens is a common practice in the crypto world as it can reduce the circulating supply of a particular token, thereby increasing its value with market demand. Shiba Inu (SHIB) is one such project that has kept up with consistent burning of its tokens.
A recently approved Terra Luna Classic proposal aimed to burn all Terra Classic tokens from the community pool, as well as those reminted from the crypto exchange Binance’s LUNC burn wallet. As of now, the total LUNC burnt is 68,303,850,914, which is only 0.99% of the total supply.
Leading crypto exchange Binance has also joined the LUNC burn campaign and recently sent 2.65 billion Terra Classic tokens in the 11th batch of the burn mechanism to a dead wallet. This 11th batch attracted a transaction fee of 13.25 million LUNC, which was added to the total figure. Moreover, the total LUNC burned by Binance has now reached 35.5 billion, including trading fees on LUNC spot and margin trading pairs.
Apart from Binance, projects like DFLunc, TerraCasino, and Cremation Coin have also contributed to the LUNC burn rate which has been steadily increasing over the past few months. All of these efforts have helped restore the value of Terra Classic tokens.
