Binance, a leading cryptocurrency exchange, has reaffirmed its dedication to the Terra Classic (LUNC) ecosystem by burning over 1.7 billion tokens in its May monthly burn. This significant contribution comes amidst a broader market downturn that saw LUNC fall below the crucial $0.0001 support level.
Community members view this burn as a testament to Binance’s commitment to LUNC’s revival, a project initiated after the Terra Classic ecosystem’s collapse in 2022.
Key Details of the May Burn:
- 1.4 Billion LUNC Burned: Data from Terra Classic block explorer Terra Finder confirms the burn involved 1,404,956,147 LUNC, roughly equivalent to $134,468 at current market prices.
- 50% Trading Fee Burn: This burn represents 50% of LUNC trading fees collected by Binance throughout April, reflecting a decrease from March due to lower trading activity.
- Binance Remains Largest LUNC Burner: With this latest contribution, Binance solidifies its position as the single largest LUNC burner, having burned a total of 58.93 billion tokens since joining the initiative, valued at approximately $5.6 million.
- Over 52% of Total Burned LUNC: Remarkably, Binance’s contributions account for over 52% of all LUNC tokens burned since the community-driven initiative began in May 2022.
Related: Binance Burns 1.7 Billion LUNC in May, Leading the Terra Classic Revival
Sustained Commitment Despite Challenges:
While Binance initially pledged to burn 100% of LUNC trading fees, the exchange revised its commitment to 50% following controversies surrounding the reminting of burned tokens. Despite ongoing regulatory challenges and a recent leadership change, Binance has maintained its 50% burn commitment, earning praise from prominent community members like Rexyz, leader of the TerraCVita team.
Market Downturn and LUNC Price:
The latest burn occurs amidst a broader market downturn impacting LUNC alongside other cryptocurrencies. LUNC’s price briefly dipped below the critical $0.0001 level on April 30th but currently trades at $0.00009882, reflecting a slight increase over the past 24 hours.
This ongoing commitment from Binance, despite market challenges, signifies a potential turning point for LUNC’s revival efforts. The community remains hopeful that continued support from major players like Binance will contribute to LUNC’s long-term recovery.
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