Binance, the cryptocurrency exchange that regularly burns Terra Classic (LUNC), shared the burn amount for October in its statement.
According to data obtained from Terra addresses used by Binance, the exchange burned 1,016,829,621 LUNC coins this month. This corresponds to a very low amount of approximately $59,000.
At this rate, it would take approximately 483 years for Binance to burn even half of its current LUNC supply.
However, since May 18, 2022, a total of 76 billion LUNC coins have been burned, including Binance's burns. 1 billion of these occurred in the last week, largely thanks to Binance's burns.
LUNC's market value is at $342 million at the time of writing. Following the collapse of the Terra (LUNA) ecosystem, Do Kwon decided to rename the real LUNA coins as LUNC and create a new chain with a hard fork and call them LUNA.
A similar fate was experienced by UST, the stablecoin of the Terra ecosystem, and the coin was henceforth called USTC.
*This is not investment advice.
