Continuing its commitment to the Terra Classic (LUNC) burning efforts, Binance burned more than 1 billion LUNCs worth more than $88K in the last monthly batch. Binance's contribution was instrumental in driving total LUNC burns past the 60 billion mark.
Binance Burned Over 1 Billion Terra Classic (LUNC) in Last Burn Session
Data from Terra Finder reveals that the incineration, which took place at 5:14 pm on June 1, involved a full 1,044,105,203 (1.044 billion) LUNC worth 88,707 USD.
This burn involved 50% of the fees the exchange collected from Terra Classic transactions on its platform for the month of May.
While the total amount of LUNC burned by Binance reached 32.8 billion tokens, the exchange maintains its position as the largest contributor to the venture.
This marked the fourth and lowest burn since Binance resumed support for the campaign.
Notably, Binance resumed burning on March 2, a few hours after Terra Classic was upgraded to v1.1.0. The upgrade implemented network changes that addressed concerns raised by the exchange about LUNC burns.
Binance burned 8.8 billion on March 2. This figure represented 50% of wages from December 2022 to February 2023.
Following Binance's last burn, the total LUNC burned by all parties crossed the 60 billion mark, one year after the burn initiative garnered a lot of attention.
Data from LUNCMetrics, a community-focused Terra Classic analytics resource, shows the total amount of LUNC burned to be 62.05 billion at press time. Binance accounts for 52.9% of these burns.
*Not investment advice.