It’s just two weeks since Binance introduced a burn mechanism as requested by the LUNC community to revive the project after the historically catastrophic fall in May. The purpose of the burn mechanism was to transmit all trading costs for LUNC spot and margin trading pairs to the LUNC burn address to burn them.
Last week, Binance released the first burn reports in a Twitter announcement, resulting in a massive 5.5 Billion LUNC. In actual figures, it stands at 5,595,907,838.67 LUNC. This amount is equivalent to $1,863,213.47.
First LUNC burn, $1.8 million ish.
https://t.co/b86RlCYqe3— CZ 🔶 BNB (@cz_binance) October 3, 2022
According to the announcement, The total trading costs on LUNC spot and margin trading pairs that need to be burned from the previous week will be determined every Monday at 0:00:00 (UTC). Then, the ensuing on-chain burn transaction and a weekly report will be updated every Tuesday at 0:00:00 (UTC).
Further confirming the validity duration of the burn mechanism, the cryptocurrency exchange states that it will last from 2022-09-21 00:00:00 (UTC) until further notice.
Binance Releases Its Second Burn Report
In an updated report today, Binance has updated the amount of LUNC burned in its second-week burn report.
Notably, a total of 2,992,563,505 LUNC (equivalent to $916,502.50) has been burned by Binance through its trading fees from spot and margin trading pairs.
This brings to a total of 8,588,471,344 LUNC burned by Binance alone in just two weeks. This is equivalent to $2.7M In LUNC burnt. The community has continued to show its love to CZ for supporting the community by initiating the burn mechanism.
Over 680 Billion LUNC Staked, 3,342,277,993 LUNC Removed From Total Supply In 7Days
According to data from the Smart Stake Analytics tool, over 680 Billion LUNC is currently staked with a significant 42.39 APR. This shows how the community shows strong faith in the project, depicting diamond hands as they intend to hodl the asset for a very long time.
The burning plans seem to be pulling off just fine, as the information from StakeBin indicates that a total of 3,342,277,993 LUNC has been removed from its total supply in just one week.
This number is relatively small compared to the total supply of 6,889,176,406,307 as the amount of LUNC burned is still not yet up to 1% of the total supply. However, this is a significant step towards restoring the asset, and Binance helping through means a lot for the community. It’s certain that once other top-tier exchanges, such as KuCoin and Gate.io, start a burn mechanism, the number will really be up.
Otherwise, staking and projects building on it is a better way to drive the asset to a better future and value increase.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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