LUNC token burning achieves a new peak at 70 billion with tremendous efforts from Binance
The total LUNC burned by the Terra Luna Classic community has reached 70 billion. This marks another milestone in the community's efforts to reduce the circulating supply of LUNC since May 18, 2022. The world's largest cryptocurrency exchange, Binance, has burned nearly 36 billion LUNC, contributing more than 50% of the total LUNC burned to date.
The circulating supply of LUNC token is 5.81 trillion and the total supply is 6.84 trillion LUNC. However, the community still needs to increase the utility to increase the burn rate of LUNC.
Total LUNC burn reaches 70 billion after the Terra-LUNA crisis in May 2022. The community took over and started a burn campaign along with other features like staking last year. Terra Luna Classic is managed by community-verified developers. In addition to auditors and trusted members.
The Terra Luna Classic burn campaign has now reached 70 billion LUNC as Binance, validators, projects and members are burning LUNC by sending it to an unreachable address. The community burns an average of 400 million LUNC per week, with Binance sending billions to the burn address as part of its monthly LUNC burn mechanism.
Binance burned over 2.65 billion LUNC tokens in the 11th batch of the LUNC burn mechanism on July 1. The volume of LUNC burned by the cryptocurrency trading platform so far has reached more than 35.5 billion.
The joint L1 Task Force developer group and the Quant USTC Repeg team aim to focus on reducing LUNC and USTC circulating supply in Q3. The developers aim to re-peg USTC to $1, and are working with trading platforms for its successful completion.
Recently, the community has found a new focus for burning USTC and LUNC in other protocols. Vegas made a proposal to burn or send 800 million USTC to the community pool of the Ozone Protocol.
