Leading cryptocurrency exchange Binance reduces Terra Classic’s circulating supply through token burn event
Binance has burned 2.65 billion Terra Classic ($LUNC) tokens in its 11th token burn event, resulting in a small price uptick. This brings the cumulative amount of tokens burned by Binance to 35.5 billion, with the community burning an additional 68 billion tokens. The burn was conducted on July 1st, with a fee of 13.25 million LUNC. Terra Classic’s tokenomics include sending tokens to a dead address with each transaction, reducing the total token supply and potentially increasing their value.
Key Points:
- Binance burns 2.65 billion LUNC tokens in its 11th token burn event
- Cumulative amount of tokens burned by Binance reaches 35.5 billion
- Community has burned an additional 68 billion tokens
- Terra Classic’s tokenomics result in perpetual reduction of token supply
- Original Terra ecosystem collapsed, leading to rebranding as Terra Classic
The Terra Classic community is pushing for increased adoption and has created a petition to be listed on Coinbase. Recent token burns have been facilitated by community-led projects such as Terra Casino and Cremation Coin. Plans for LUNC include amendments to burn tax regulations, a minimum commission fee for validators, and collaboration with the USTC repeg team. Binance has supported LUNC’s network upgrades and token burns, destroying billions of tokens in a single transaction.
Hot Take:
The token burn event by Binance is a positive development for Terra Classic, reducing the circulating supply and potentially increasing the value of the cryptocurrency. The support from Binance and the community’s initiatives show a strong commitment to the growth and success of Terra Classic. With ongoing improvements and collaborations, Terra Classic has the potential to gain wider adoption in the cryptocurrency market.
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