Binance Burns 796 Million LUNC Tokens in 13th Burn Batch

• The 13th installment of the LUNC burn mechanism covers July 31st, 2023, to August 30th.
• The community on the other hand has burned 74.22 billion LUNC tokens.

Binance has burned 796 million Terra Classic (LUNC) tokens as part of its 13th LUNC burn batch. So far, the crypto exchange has burnt approximately 37 billion LUNC, while the community as a whole has burned over 74 billion LUNC.

According to the transaction details on September 1st, the exchange transferred 796,000,000 Terra Luna Classic (LUNC) tokens to the burn address in an effort to reduce the circulating quantity of LUNC. There is also a 3.98 million LUNC transaction fee included.

Significant Decline

The 13th installment of the LUNC burn mechanism covers July 31st to August 30th, 2023. Binance burned 1.41 billion LUNC tokens last month. The burn rate has significantly declined amid recent outgoing of key management and market downturn.

The community on the other hand has burned 74.22 billion LUNC tokens. This month’s LUNC burn can be primarily traced down to only two sources: the validator DFLunc and project TerraCasino. Additionally, LUNC volume has decreased as the community’s attention has shifted from LUNC to USTC repeg. Members of the community were taken by surprise when Binance’s LUNC burn fell below 1 billion.

The L1 Terra Classic Task Force (L1TF) has finished preparing for the v2.2.0 core update of the chain, which is the next major release. The update was tested by the core development team on the rebels-2 testnet for a week before going live on the mainnet sometime later this month. The price of LUNC has been hit hard amid the general market downtrend and is presently trading at $0.00006047, down 2.28% in the last 24 hours.

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