The biggest cryptocurrency exchange in the world, Binance, initiated a burn mechanism for LUNC in order to help the community in bringing back the asset.
The burning mechanism kicked off last two weeks, dated 2022-09-21, and it’s expected to run till further notice, according to the announcement channel. Binance revealed that every Monday at 0:00:00(UTC), the total trading costs on LUNC spot and margin trading pairs that must be burned from the previous week would be determined.
The resulting on-chain burn transaction, as well as a weekly report in the exchange’s website, will then be updated every Tuesday at 0:00:00. (UTC).
Binance’s first burn reports resulted in a massive 5.5 Billion LUNC, equivalent to $1,863,213.47, while the second burn report was a total of 2,992,563,505 LUNC (equivalent to $916,502.50). This brings the total of 8,588,471,344 LUNC burned by Binance alone in just two weeks from the burn mechanism proposal. This is equivalent to $2.7M In LUNC burnt.
Binance’s Third Burn Update, Burn Rate Drops Progressively
As seen in an updated report, the exchange has burnt exactly 2,500,382,131.16 LUNC in its third-week report, which is equivalent to 659,300.76 in USDT.
The burn rate is seen to be decreasing drastically with time. The last 2 weeks had 5.5 billion, and last week had just 2.9 billion, while this week just recorded 2.5 billion. This brings approximately 11 billion LUNC burned by the Binance exchange alone.
The LUNC community seems divided despite the help from Binance, there are votes ongoing, and rumors on the 1.2% burn rate being too much to bear as many are now clamoring for a reduction to 0.2% as seen in some tweets lately. This is because many believe the 1.2% tax burn is affecting the volume, while others are concerned the new proposal will push Binance to stop its burn plan.
https://twitter.com/SkoobyDol/status/1581680251834597380?t=F4WkYM7_P8R_P_2rZ-gN6g&s=19
I didn't mind 10 percent tax last year neither I was worried about 1.2 percent which was rushed just to please CZ. This new 0.2 percent I hope stays for long term. I hope devs and community grow up and work together.#LUNC
— Bull.BnB (@bull_bnb) October 16, 2022
https://twitter.com/LUNCDAO/status/1581760227288174592?t=isHL8ozCqldxowO2iU4eIQ&s=19
While the community is still in division, the price is seen going south as it keeps on declining since its spike last week. The current Terra Classic $LUNC price today is $0.000268, with a 24-hour trading volume of $208,348,996.
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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