The leading crypto exchange, Binance, has burned 1,149,430,203 LUNC tokens off the excessive supply of Terra Classic.
According to data from the community-based tracking service Luncmetrics, Binance burned the tokens in a single transaction on Thursday, August 1. In this transaction, 1.149 billion tokens were transferred from wallet “terra18…24sqe” to a dead address. However, this significant burn failed to impact LUNC’s market value, as the asset currently trades in the red.
Binance LUNC Burn in 2024
Prior to this latest burn, Binance had incinerated 132,316 tokens two weeks earlier. Notably, the 1.149 billion LUNC token burn on August 1 represents half of the transaction fees Binance accumulated from users trading LUNC tokens on its platform in July.
Binance had committed to destroying 50% of the trading fees it generates from LUNC transactions on a monthly basis. The effort supports for the ongoing burn campaign and revitalization efforts.
Notably, the amount burned from July trading fees is significantly lower than the quantity of LUNC the exchange incinerated at the end of June. Data from Luncmetrics showed that Binance burned 1.7 billion tokens on July 1, which is over 551 million LUNC tokens more than the amount burned on August 1.
The last substantially higher volume was recorded in April when Binance destroyed 4.17 billion LUNC tokens. The only figure that surpassed this in 2024 is the record 5.5 billion token burn on January 1, which is the second-largest Binance LUNC burn on record.
The most significant single transaction burn ever witnessed from Binance occurred in March 2023, when the exchange destroyed 8.8 billion tokens.
Since May 2022, Binance has eliminated 63.27 billion LUNC tokens. This figure accounts for 49.3% of the total efforts to reduce the excessive supply of Terra LUNC Classic, making Binance the largest burner of LUNC.
Other Entities Burning Terra Classic
The closest entity to Binance, DFLUNC Protocol, has destroyed 4.51 billion tokens, accounting for 3.5% of the total. Together with other entities, including team members and exchanges such as KuCoin, MEXC, and Bybit, over 128 billion LUNC tokens have been taken out of circulation. However, Terra Classic still has over 6.7 trillion tokens in circulation.
This supply continues to pressure its market value, with LUNC hovering around $0.00007491 at press time, showing negative price growth across crucial timeframes.