A few weeks back, Binance had proposed a burning for LUNC in order to boost the digital asset’s price. It was proposed to the Terra community to use Binance to process transactions.
Binance had proposed that a 1.2% tax would be implemented on each transaction for Terra that would be used to buy LUNC and burn it to increase its demand.
Finally, the proposal made by Binance was accepted and the burning process has been put in place.
More than 5.5 Billion LUNC Burned
The Binance officials have confirmed that ever since the LUNC burning was put in place, an enormous number of LUNC have been burned.
As confirmed by the exchange, more than 5.5 billion LUNC have been burned in the process so far. The executives were glad to reveal it was the first ever LUNC burn their exchange carried out to help the Terra community.
It is quite remarkable that almost the entire Terra community on Binance has come together to participate in the Terra Classic burning.
Other exchanges have also decided to follow the same trend in order to help boost the price of LUNC and bring it closer to its glory. The exchanges that are participating in the process include BTCEX and Huobi.
First LUNC Burn on Binance
Binance had initiated the tax burn program on LUNC back on September 21, making it the first-ever exchange to take the step.
It is hoped that LUNC would be able to experience a rise in its value from this point onwards.
First Burn on Binance
Binance officials have confirmed that the first burn they carried out for LUNC was on October 1, 2022. The burn was carried out using the fees accumulating from the trading activities.
Binance started to accumulate the trading fees for LUNC from September 21 to October 1 and used them in the October burning.
The cryptocurrency exchange also took it to Twitter to announce the successful burning of LUNC.
How was the Burn Carried Out?
As communicated by Binance, it would go on to collect the trading fees in a particular time period and then use the trading fees to purchase Terra Classic.
After purchasing Terra Classic from the accumulated trading fees, it would send the LUNC to the LUNC burning address provided by the Terra Network.
Binance has also confirmed that they would continue updating the community about the burned value of LUNC in USDT. The figure would be updated every time a burning takes place.
Binance has announced that the trading fee accumulation for the next burning would be carried out from October 2 to October 8. The burning would be carried out on October 8, which would eventually help boost LUNC’s value.
At the time of writing, LUNC’s trading price is worth $0.0003144 and it has recorded an 11.84% surge in the past 7-days.