Binance, the largest cryptocurrency trading platform in the world, was burned. 1.7 billion Terra Luna Classic (LUNC) tokens were sold in the latest burn transaction on Monday. After the twenty-third batch of LUNC burning mechanism. Binance has burned approximately 62 billion LUNC so far.
Moreover, the total number of LUNC tokens burned by the Terra Luna Classic community has reached more than 125 billion. Binance has continued to support the community to revive Terra Luna Classic since 2022 through the monthly LUNC burn mechanism.
Binance burns 1.7 billion LUNC
The Terra Luna Classic community saw 1.7 billion Terra Luna Classic (LUNC) tokens burned by cryptocurrency exchange Binance. According to the burn treatment on July 1. The burning transaction also recorded 8.5 million LUNC in tax. The implementation of Tax2Gas expected this month is likely to reinforce the burn narrative.
The twenty-third batch was burned from the LUNC burner mechanism. A large amount of trading fees for the period from May 31 to June 29. Binance has now burned approximately 61.99 billion Terra Luna Classic (LUNC) tokens in trading fees on LUNC spot and margin trading pairs.
As a result of the recent Binance burn. The net burn by the Terra Luna Classic community has now exceeded 125 billion LUNC. Binance accounts for more than 50% of the total LUNC burned since the community took control of the chain. The reason why the amount of burn is lower in contrast to the community is because there are fewer transactions.
In the 22nd LUNC burn mechanism, Binance burned 1.35 billion Terra Luna Classic (LUNC) tokens. The trading platform burned through $1.35 billion in trading fees on LUNC spot and margin trading pairs worth $170,104.
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